nVent Electric plc (NYSE:NVT) Shares Purchased by Millennium Management LLC

Millennium Management LLC raised its position in nVent Electric plc (NYSE:NVT) by 159.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,346,576 shares of the company’s stock after acquiring an additional 828,425 shares during the quarter. Millennium Management LLC owned 0.81% of nVent Electric worth $103,161,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Balyasny Asset Management L.P. boosted its position in nVent Electric by 201.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock valued at $82,802,000 after buying an additional 937,149 shares during the last quarter. Schroder Investment Management Group acquired a new position in nVent Electric during the 4th quarter worth $51,781,000. Massachusetts Financial Services Co. MA increased its position in shares of nVent Electric by 16.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after purchasing an additional 673,990 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of nVent Electric by 50.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock valued at $96,519,000 after purchasing an additional 547,624 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its position in shares of nVent Electric by 2,475.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 558,714 shares of the company’s stock worth $33,014,000 after purchasing an additional 537,020 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Insider Activity at nVent Electric

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays upped 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. Royal Bank of Canada dropped their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, KeyCorp raised shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective for the company in a report on Wednesday, September 4th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $86.50.

nVent Electric Stock Performance

NVT stock opened at $70.92 on Friday. nVent Electric plc has a 1 year low of $45.60 and a 1 year high of $86.57. The stock has a market capitalization of $11.77 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 1.35 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. The stock’s fifty day moving average is $66.77 and its two-hundred day moving average is $73.37.

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

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Friday, October 18th. nVent Electric’s dividend payout ratio (DPR) is 22.16%.

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.