Bank of New York Mellon Corp Decreases Stake in nVent Electric plc (NYSE:NVT)

Bank of New York Mellon Corp decreased its holdings in shares of nVent Electric plc (NYSE:NVT) by 0.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,409,047 shares of the company’s stock after selling 8,459 shares during the quarter. Bank of New York Mellon Corp’s holdings in nVent Electric were worth $107,947,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Addison Capital Co boosted its position in nVent Electric by 8.7% during the second quarter. Addison Capital Co now owns 11,200 shares of the company’s stock worth $858,000 after acquiring an additional 900 shares during the last quarter. Calamos Wealth Management LLC acquired a new position in shares of nVent Electric during the 2nd quarter worth approximately $745,000. Ceredex Value Advisors LLC boosted its holdings in shares of nVent Electric by 37.0% during the 2nd quarter. Ceredex Value Advisors LLC now owns 497,550 shares of the company’s stock worth $38,117,000 after purchasing an additional 134,400 shares during the last quarter. Bank Pictet & Cie Europe AG purchased a new stake in shares of nVent Electric in the second quarter valued at approximately $878,000. Finally, Banque Pictet & Cie SA acquired a new stake in shares of nVent Electric in the second quarter valued at approximately $230,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the completion of the transaction, the insider now owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the transaction, the insider now owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the completion of the transaction, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at $1,833,832.32. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

NVT has been the topic of a number of recent research reports. Citigroup boosted their price objective on nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Barclays boosted their price target on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. Royal Bank of Canada dropped their price objective on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group lifted their target price on shares of nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and an average target price of $87.80.

nVent Electric Price Performance

NVT stock opened at $66.30 on Wednesday. nVent Electric plc has a 52-week low of $45.60 and a 52-week high of $86.57. The business has a fifty day moving average of $71.69 and a two-hundred day moving average of $73.40. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 1.52 and a beta of 1.31. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. During the same period in the previous year, the business posted $0.77 earnings per share. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, research analysts anticipate that nVent Electric plc will post 3.27 earnings per share for the current year.

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.