Assenagon Asset Management S.A. Trims Stock Holdings in nVent Electric plc (NYSE:NVT)

Assenagon Asset Management S.A. reduced its stake in nVent Electric plc (NYSE:NVT) by 36.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 125,308 shares of the company’s stock after selling 71,128 shares during the period. Assenagon Asset Management S.A. owned approximately 0.08% of nVent Electric worth $6,569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NVT. Capital A Wealth Management LLC purchased a new stake in nVent Electric in the 4th quarter valued at about $27,000. Whipplewood Advisors LLC raised its holdings in nVent Electric by 467.3% in the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the period. Park Square Financial Group LLC purchased a new stake in nVent Electric in the 4th quarter valued at about $38,000. MassMutual Private Wealth & Trust FSB grew its position in nVent Electric by 43.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,112 shares of the company’s stock valued at $58,000 after acquiring an additional 339 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in nVent Electric in the 4th quarter valued at about $65,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NVT has been the subject of several research reports. Citigroup dropped their target price on nVent Electric from $85.00 to $59.00 and set a “buy” rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group dropped their target price on nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. KeyCorp lifted their target price on nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Barclays lifted their target price on nVent Electric from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $70.67.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president now owns 32,665 shares in the company, valued at $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

nVent Electric Stock Performance

Shares of NVT opened at $68.11 on Friday. The stock has a 50-day simple moving average of $60.24 and a 200-day simple moving average of $63.46. 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 stock has a market capitalization of $11.21 billion, a PE ratio of 34.75, a PEG ratio of 1.48 and a beta of 1.30. nVent Electric plc has a 1 year low of $41.71 and a 1 year high of $81.55.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. The business had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.78 EPS. On average, analysts predict that nVent Electric plc will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric’s payout ratio is 22.86%.

nVent Electric Company 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.