nVent Electric plc (NYSE:NVT) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp increased its stake in shares of nVent Electric plc (NYSE:NVT) by 19.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,722 shares of the company’s stock after buying an additional 10,955 shares during the quarter. Van ECK Associates Corp’s holdings in nVent Electric were worth $5,265,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in nVent Electric during the 4th quarter valued at about $109,630,000. Balyasny Asset Management L.P. lifted its holdings in shares of nVent Electric by 201.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock worth $82,802,000 after purchasing an additional 937,149 shares during the period. Schroder Investment Management Group purchased a new stake in nVent Electric in the fourth quarter valued at approximately $51,781,000. Goldman Sachs Group Inc. increased its holdings in nVent Electric by 50.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock worth $96,519,000 after buying an additional 547,624 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in nVent Electric by 2,475.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 558,714 shares of the company’s stock worth $33,014,000 after buying an additional 537,020 shares during the last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Herbert K. Parker purchased 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $65.71 per share, with a total value of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at $2,268,572.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Lynnette R. Heath sold 8,242 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the sale, the executive vice president now owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Herbert K. Parker acquired 7,566 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $65.71 per share, with a total value of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. The disclosure for this purchase can be found here. 2.50% of the stock is owned by insiders.

nVent Electric Price Performance

Shares of nVent Electric stock opened at $63.39 on Wednesday. The firm has a market cap of $10.54 billion, a PE ratio of 18.48, a P/E/G ratio of 1.30 and a beta of 1.31. nVent Electric plc has a twelve month low of $45.60 and a twelve month high of $86.57. The company has a quick ratio of 1.49, a current ratio of 2.17 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $70.46 and a 200 day moving average price of $73.51.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). The company had revenue of $880.30 million during the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. nVent Electric’s revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 EPS. Sell-side analysts predict that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NVT. Royal Bank of Canada dropped their price objective on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Barclays upped their price target on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric currently has an average rating of “Buy” and a consensus price target of $87.80.

nVent Electric 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.