ProShare Advisors LLC Decreases Stake in nVent Electric plc (NYSE:NVT)

ProShare Advisors LLC cut its position in nVent Electric plc (NYSE:NVT) by 3.3% during the second quarter, HoldingsChannel reports. The firm owned 7,829 shares of the company’s stock after selling 265 shares during the quarter. ProShare Advisors LLC’s holdings in nVent Electric were worth $600,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Nordea Investment Management AB increased its holdings in nVent Electric by 15.5% in the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock valued at $5,684,000 after buying an additional 10,135 shares during the last quarter. Federated Hermes Inc. raised its position in shares of nVent Electric by 6.6% during the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after acquiring an additional 25,482 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID lifted its stake in nVent Electric by 85.1% during the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock worth $8,794,000 after purchasing an additional 53,633 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in nVent Electric by 4.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock valued at $14,344,000 after purchasing an additional 8,489 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in nVent Electric by 18.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock valued at $23,099,000 after purchasing an additional 46,748 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. 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 report on Wednesday, September 4th. Royal Bank of Canada dropped their price objective on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Barclays boosted their target price on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $86.50.

Insider Buying and Selling

In other news, Director Herbert K. Parker acquired 7,566 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $65.71 per share, with a total value of $497,161.86. Following the purchase, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the sale, the executive vice president now directly 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, Director Herbert K. Parker acquired 7,566 shares of the company’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 acquisition, the director now directly owns 34,524 shares of the company’s stock, 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.

nVent Electric Stock Up 0.2 %

Shares of NYSE:NVT opened at $70.92 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49. The stock has a market cap of $11.77 billion, a P/E ratio of 20.68, a P/E/G ratio of 1.35 and a beta of 1.27. nVent Electric plc has a 1-year low of $45.60 and a 1-year high of $86.57. The firm has a fifty day moving average price of $66.77 and a 200 day moving average price of $73.41.

nVent Electric (NYSE:NVT) last released its quarterly earnings results 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 return on equity of 17.21% and a net margin of 16.59%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.77 EPS. Sell-side analysts predict that nVent Electric plc will post 3.26 EPS for the current year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, October 18th. nVent Electric’s dividend payout ratio (DPR) is presently 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.