Oppenheimer Asset Management Inc. Boosts Position in nVent Electric plc (NYSE:NVT)

Oppenheimer Asset Management Inc. boosted its position in nVent Electric plc (NYSE:NVT) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,665 shares of the company’s stock after purchasing an additional 2,419 shares during the period. Oppenheimer Asset Management Inc.’s holdings in nVent Electric were worth $2,886,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new position in shares of nVent Electric in the first quarter worth approximately $26,000. ORG Partners LLC bought a new stake in shares of nVent Electric during the 2nd quarter valued at $31,000. Rise Advisors LLC bought a new stake in shares of nVent Electric during the 1st quarter valued at $32,000. First Foundation Advisors purchased a new stake in shares of nVent Electric in the 2nd quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in nVent Electric in the 2nd quarter worth $34,000. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Performance

NYSE:NVT opened at $65.75 on Tuesday. The stock has a 50-day moving average price of $68.15 and a 200 day moving average price of $73.39. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53. nVent Electric plc has a 12-month low of $45.60 and a 12-month high of $86.57. The stock has a market capitalization of $10.92 billion, a P/E ratio of 19.17, a P/E/G ratio of 1.22 and a beta of 1.27.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). The company had revenue of $880.30 million for the quarter, compared to the consensus estimate of $892.89 million. nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS. Equities research analysts forecast that nVent Electric plc will post 3.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Herbert K. Parker bought 7,566 shares of nVent Electric stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the acquisition, the director now owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. The transaction was disclosed in a legal filing with the SEC, 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 on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the sale, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Herbert K. Parker acquired 7,566 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now directly owns 34,524 shares in the company, valued at $2,268,572.04. The disclosure for this purchase can be found here. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on NVT shares. KeyCorp raised nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price target for the company in a report on Wednesday, September 4th. Barclays boosted their price objective on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Finally, Royal Bank of Canada lowered their price target 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. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $86.50.

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.