nVent Electric plc (NYSE:NVT) Position Reduced by HighTower Advisors LLC

HighTower Advisors LLC decreased its position in nVent Electric plc (NYSE:NVT) by 10.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,178 shares of the company’s stock after selling 3,599 shares during the quarter. HighTower Advisors LLC’s holdings in nVent Electric were worth $2,188,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in shares of nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Clean Energy Transition LLP boosted its holdings in nVent Electric by 56.5% during the third quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock worth $158,411,000 after buying an additional 813,909 shares in the last quarter. Principal Financial Group Inc. grew its position in nVent Electric by 1.7% in the third quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company’s stock worth $123,891,000 after buying an additional 28,876 shares during the last quarter. Swedbank AB acquired a new position in nVent Electric in the third quarter worth approximately $110,663,000. Finally, Millennium Management LLC increased its holdings in shares of nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock valued at $103,161,000 after buying an additional 828,425 shares in the last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NVT. Barclays lifted their target price on nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Royal Bank of Canada cut their price objective on nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. KeyCorp upped their price objective on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, Citigroup lifted their target price on shares of nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $85.50.

Insiders Place Their Bets

In related news, CFO Sara E. Zawoyski sold 14,505 shares of nVent Electric stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $76.76, for a total value of $1,113,403.80. Following the completion of the sale, the chief financial officer now owns 62,215 shares of the company’s stock, valued at approximately $4,775,623.40. The trade was a 18.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total transaction of $608,629.14. Following the transaction, the chief accounting officer now directly owns 25,993 shares in the company, valued at $1,972,088.91. The trade was a 23.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,382 shares of company stock valued at $7,365,956 in the last three months. Insiders own 2.50% of the company’s stock.

nVent Electric Trading Down 0.7 %

NYSE:NVT opened at $75.03 on Friday. The stock’s 50-day moving average is $74.96 and its two-hundred day moving average is $72.71. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The stock has a market cap of $12.37 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 3.88 and a beta of 1.25. nVent Electric plc has a fifty-two week low of $55.19 and a fifty-two week high of $86.57.

nVent Electric (NYSE:NVT) last released its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). The company had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. As a group, equities research analysts forecast 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 paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 1.01%. nVent Electric’s dividend payout ratio (DPR) is currently 22.29%.

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.