Bridgewater Associates LP Takes Position in nVent Electric plc (NYSE:NVT)

Bridgewater Associates LP acquired a new stake in shares of nVent Electric plc (NYSE:NVT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 25,353 shares of the company’s stock, valued at approximately $1,781,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Thematics Asset Management boosted its stake in nVent Electric by 11.6% during the 3rd quarter. Thematics Asset Management now owns 864,708 shares of the company’s stock valued at $60,754,000 after acquiring an additional 90,000 shares during the last quarter. Transamerica Financial Advisors Inc. raised its holdings in shares of nVent Electric by 2,194.2% during the third quarter. Transamerica Financial Advisors Inc. now owns 2,386 shares of the company’s stock worth $168,000 after purchasing an additional 2,282 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of nVent Electric by 1.2% during the third quarter. BNP Paribas Financial Markets now owns 73,369 shares of the company’s stock worth $5,155,000 after purchasing an additional 874 shares during the period. Brooklyn Investment Group acquired a new stake in shares of nVent Electric during the third quarter worth $44,000. Finally, Quantbot Technologies LP raised its holdings in shares of nVent Electric by 5.2% during the third quarter. Quantbot Technologies LP now owns 37,947 shares of the company’s stock worth $2,666,000 after purchasing an additional 1,861 shares during the period. 90.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NVT shares. Barclays dropped their target price on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Royal Bank of Canada dropped their price objective on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Finally, KeyCorp increased their price objective on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, nVent Electric currently has a consensus rating of “Buy” and a consensus price target of $85.33.

nVent Electric Stock Performance

Shares of NVT opened at $78.31 on Monday. nVent Electric plc has a 52-week low of $52.70 and a 52-week high of $86.57. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. The firm has a 50-day moving average price of $73.57 and a 200 day moving average price of $73.07. The firm has a market capitalization of $12.91 billion, a PE ratio of 22.96, a P/E/G ratio of 4.03 and a beta of 1.26.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The business had revenue of $782.00 million for the quarter, compared to the consensus estimate of $937.37 million. During the same quarter last year, the business posted $0.84 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Friday, October 18th. nVent Electric’s payout ratio is 22.29%.

Insiders Place Their Bets

In other news, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the sale, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at $1,972,088.91. This represents a 23.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jon D. Lammers sold 67,297 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the completion of the sale, the executive vice president now directly owns 58,121 shares of the company’s stock, valued at $4,421,264.47. This trade represents a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,382 shares of company stock worth $7,365,956 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

About nVent Electric

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.