1832 Asset Management L.P. Sells 57,898 Shares of nVent Electric plc (NYSE:NVT)

1832 Asset Management L.P. cut its stake in shares of nVent Electric plc (NYSE:NVT) by 35.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,725 shares of the company’s stock after selling 57,898 shares during the period. 1832 Asset Management L.P. owned about 0.06% of nVent Electric worth $8,176,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NVT. Banque Cantonale Vaudoise bought a new position in shares of nVent Electric in the first quarter worth approximately $26,000. Livelsberger Financial Advisory bought a new position in nVent Electric in the 4th quarter worth $28,000. ORG Partners LLC bought a new stake in nVent Electric during the second quarter valued at about $31,000. Rise Advisors LLC purchased a new position in shares of nVent Electric in the first quarter valued at about $32,000. Finally, First Foundation Advisors bought a new position in shares of nVent Electric in the second quarter worth about $34,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Barclays lifted their target price on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. KeyCorp upgraded shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 target price for the company in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada cut their target price on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $86.50.

nVent Electric Stock Performance

Shares of NYSE:NVT opened at $69.52 on Wednesday. The firm has a fifty day simple moving average of $67.02 and a two-hundred day simple moving average of $73.39. nVent Electric plc has a 52 week low of $45.60 and a 52 week 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 stock has a market capitalization of $11.54 billion, a P/E ratio of 20.27, a PEG ratio of 1.22 and a beta of 1.27.

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). The company had revenue of $880.30 million for the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the company earned $0.77 earnings per share. On average, analysts expect that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 19,766 shares in the company, valued at approximately $1,251,978.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other nVent Electric news, EVP Lynnette R. Heath sold 8,242 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was 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 in the company, valued at $1,833,832.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael B. Faulconer sold 20,004 shares of the business’s 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 completion of the transaction, the insider now owns 19,766 shares of the company’s stock, valued at $1,251,978.44. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

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.