Allspring Global Investments Holdings LLC Sells 87,302 Shares of nVent Electric plc (NYSE:NVT)

Allspring Global Investments Holdings LLC reduced its stake in shares of nVent Electric plc (NYSE:NVT) by 17.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 412,117 shares of the company’s stock after selling 87,302 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in nVent Electric were worth $31,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Quent Capital LLC increased its holdings in shares of nVent Electric by 123.2% during the 4th quarter. Quent Capital LLC now owns 424 shares of the company’s stock worth $25,000 after purchasing an additional 234 shares during the period. Banque Cantonale Vaudoise bought a new position in nVent Electric during the first quarter valued at about $26,000. Livelsberger Financial Advisory acquired a new position in nVent Electric in the 4th quarter valued at approximately $28,000. Pacific Center for Financial Services bought a new stake in shares of nVent Electric in the 3rd quarter worth approximately $32,000. Finally, Rise Advisors LLC bought a new stake in shares of nVent Electric in the 1st quarter worth approximately $32,000. 90.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NVT has been the subject of a number of recent research reports. The Goldman Sachs Group upped their target price on nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Barclays raised their price objective on shares of nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Citigroup upped their target price on shares of nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Royal Bank of Canada cut their price target on shares of nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a research note on Monday, May 6th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on nVent Electric in a research note on Monday, March 11th. They issued a “buy” rating and a $83.00 price objective on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, nVent Electric currently has an average rating of “Moderate Buy” and a consensus price target of $89.00.

nVent Electric Trading Up 2.2 %

Shares of nVent Electric stock opened at $77.32 on Friday. The stock has a market capitalization of $12.84 billion, a P/E ratio of 22.54, a price-to-earnings-growth ratio of 1.65 and a beta of 1.31. nVent Electric plc has a 12-month low of $45.60 and a 12-month high of $86.57. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54. The company has a 50-day simple moving average of $78.92 and a 200 day simple moving average of $70.23.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.04. The company had revenue of $874.60 million during the quarter, compared to analyst estimates of $864.14 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The company’s revenue was up 18.0% on a year-over-year basis. During the same quarter last year, the business posted $0.67 earnings per share. Research analysts expect that nVent Electric plc will post 3.27 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Friday, July 19th. nVent Electric’s dividend payout ratio is currently 22.16%.

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.