Praxis Investment Management Inc. Boosts Stock Position in nVent Electric PLC (NYSE:NVT)

Praxis Investment Management Inc. grew its stake in nVent Electric PLC (NYSE:NVTFree Report) by 33.8% in the first quarter, Holdings Channel.com reports. The firm owned 5,350 shares of the company’s stock after acquiring an additional 1,350 shares during the quarter. Praxis Investment Management Inc.’s holdings in nVent Electric were worth $280,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in shares of nVent Electric in the fourth quarter valued at approximately $27,000. Park Square Financial Group LLC purchased a new position in nVent Electric in the fourth quarter worth approximately $38,000. Whipplewood Advisors LLC grew its position in nVent Electric by 467.3% in the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock worth $32,000 after acquiring an additional 500 shares during the period. SBI Securities Co. Ltd. purchased a new position in nVent Electric in the fourth quarter worth approximately $65,000. Finally, Huntington National Bank grew its position in nVent Electric by 60.9% in the fourth quarter. Huntington National Bank now owns 985 shares of the company’s stock worth $67,000 after acquiring an additional 373 shares during the period. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Royal Bank Of Canada increased their price objective on nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Citigroup lowered their price objective 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. Barclays increased their price objective on nVent Electric from $70.00 to $74.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. KeyCorp increased their price objective on nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group lowered their price objective 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. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $70.67.

Get Our Latest Research Report on NVT

Insider Activity at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the transaction, the executive vice president now directly owns 32,665 shares in the company, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.50% of the stock is currently owned by company insiders.

nVent Electric Trading Down 0.3%

NVT opened at $70.26 on Monday. nVent Electric PLC has a 52 week low of $41.71 and a 52 week high of $81.55. The business has a fifty day simple moving average of $62.32 and a 200-day simple moving average of $63.09. The firm has a market cap of $11.57 billion, a P/E ratio of 20.07, a P/E/G ratio of 1.41 and a beta of 1.30. The company has a quick ratio of 2.42, a current ratio of 2.87 and a debt-to-equity ratio of 0.48.

nVent Electric (NYSE:NVTGet Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The business had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. During the same period last year, the business posted $0.78 earnings per share. The company’s quarterly revenue was up 10.5% on a year-over-year basis. On average, equities analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

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 $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. nVent Electric’s dividend payout ratio (DPR) is presently 22.86%.

nVent Electric Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for nVent Electric (NYSE:NVT)

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