Squarepoint Ops LLC acquired a new position in shares of nVent Electric plc (NYSE:NVT – Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 10,326 shares of the company’s stock, valued at approximately $704,000.
A number of other hedge funds have also recently made changes to their positions in NVT. Capital Research Global Investors purchased a new stake in shares of nVent Electric during the 4th quarter worth $384,749,000. Norges Bank purchased a new stake in nVent Electric in the fourth quarter valued at about $197,434,000. Millennium Management LLC raised its stake in nVent Electric by 743.7% in the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock valued at $151,017,000 after buying an additional 1,953,026 shares during the last quarter. Champlain Investment Partners LLC purchased a new stake in nVent Electric in the fourth quarter valued at about $86,738,000. Finally, Balyasny Asset Management L.P. raised its stake in nVent Electric by 16,062.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 875,197 shares of the company’s stock valued at $59,653,000 after buying an additional 869,782 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have commented on NVT shares. Royal Bank of Canada increased their price target on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Monday, March 17th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Citigroup decreased their price target on nVent Electric from $85.00 to $59.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Barclays increased their price target on nVent Electric from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, nVent Electric currently has an average rating of “Buy” and an average target price of $70.00.
Insider Buying and Selling
In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the sale, the executive vice president now directly owns 32,665 shares of the company’s stock, valued at $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.
nVent Electric Stock Down 1.7%
Shares of NVT stock opened at $64.68 on Tuesday. The stock’s 50-day simple moving average is $57.09 and its 200-day simple moving average is $63.92. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. The firm has a market capitalization of $10.65 billion, a PE ratio of 33.00, a P/E/G ratio of 1.48 and a beta of 1.24. nVent Electric plc has a fifty-two week low of $41.71 and a fifty-two week high of $82.05.
nVent Electric (NYSE:NVT – Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million for the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The company’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 earnings per share. Equities analysts expect that nVent Electric plc will post 3.04 earnings per share for the current year.
nVent Electric Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric’s dividend payout ratio (DPR) is 22.86%.
nVent Electric Profile
nVent Electric plc, together with its subsidiaries, designs, manufactures, markets, installs, and services electrical connection and protection solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.
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