Legacy Wealth Asset Management LLC Sells 2,755 Shares of nVent Electric plc (NYSE:NVT)

Legacy Wealth Asset Management LLC trimmed its holdings in nVent Electric plc (NYSE:NVT) by 32.6% in the 1st quarter, HoldingsChannel reports. The firm owned 5,694 shares of the company’s stock after selling 2,755 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in nVent Electric were worth $429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC boosted its stake in nVent Electric by 123.2% in 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 in the 1st quarter worth approximately $26,000. Livelsberger Financial Advisory bought a new position in nVent Electric in the 4th quarter worth approximately $28,000. Pacific Center for Financial Services bought a new position in shares of nVent Electric during the 3rd quarter valued at approximately $32,000. Finally, Rise Advisors LLC bought a new position in shares of nVent Electric during the 1st quarter valued at approximately $32,000. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Performance

NYSE:NVT opened at $77.32 on Friday. The stock’s fifty day moving average is $78.92 and its 200 day moving average is $70.23. nVent Electric plc has a fifty-two week low of $45.60 and a fifty-two week high of $86.57. The firm has a market capitalization of $12.84 billion, a PE ratio of 22.54, a PEG ratio of 1.69 and a beta of 1.31. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.35 and a current ratio of 1.99.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.04. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The company had revenue of $874.60 million for the quarter, compared to analyst estimates of $864.14 million. During the same quarter in the prior year, the firm posted $0.67 EPS. nVent Electric’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, sell-side analysts anticipate that nVent Electric plc will post 3.27 earnings per share for the current year.

nVent Electric Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a yield of 0.98%. nVent Electric’s payout ratio is 22.16%.

Analyst Ratings Changes

A number of research firms have recently commented on NVT. The Goldman Sachs Group increased their target price on nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Deutsche Bank Aktiengesellschaft began coverage on nVent Electric in a research report on Monday, March 11th. They set a “buy” rating and a $83.00 target price for the company. Citigroup increased their target price on nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Royal Bank of Canada lowered their target price on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a research report on Monday, May 6th. Finally, Barclays increased their target price on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, nVent Electric presently has an average rating of “Moderate Buy” and a consensus target price of $89.00.

About nVent Electric

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.