Van ECK Associates Corp Boosts Holdings in nVent Electric plc (NYSE:NVT)

Van ECK Associates Corp lifted its stake in nVent Electric plc (NYSE:NVT) by 40.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 96,214 shares of the company’s stock after acquiring an additional 27,492 shares during the period. Van ECK Associates Corp’s holdings in nVent Electric were worth $7,026,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. grew its position in 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 purchasing an additional 25,482 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in nVent Electric by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock worth $14,344,000 after purchasing an additional 8,489 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in nVent Electric by 18.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock worth $23,099,000 after purchasing an additional 46,748 shares during the last quarter. SG Americas Securities LLC grew its position in nVent Electric by 250.4% during the 1st quarter. SG Americas Securities LLC now owns 62,384 shares of the company’s stock worth $4,704,000 after purchasing an additional 44,582 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in nVent Electric by 143.8% during the 1st quarter. Cetera Investment Advisers now owns 46,103 shares of the company’s stock worth $3,476,000 after purchasing an additional 27,196 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NVT has been the topic of several research reports. Royal Bank of Canada lowered their price objective on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday. Barclays reduced their price objective on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Finally, KeyCorp raised 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. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $85.33.

nVent Electric Stock Performance

Shares of NYSE NVT opened at $77.79 on Friday. The company has a market cap of $12.82 billion, a PE ratio of 22.81, a price-to-earnings-growth ratio of 1.83 and a beta of 1.26. nVent Electric plc has a 12 month low of $49.90 and a 12 month high of $86.57. 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 company has a 50-day simple moving average of $69.83 and a 200-day simple moving average of $73.12.

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

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were issued 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 0.98%. nVent Electric’s payout ratio is 22.29%.

Insider Activity at nVent Electric

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total transaction of $608,629.14. Following the completion of the sale, the chief accounting officer now directly owns 25,993 shares in the company, valued at $1,972,088.91. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Jon D. Lammers sold 67,297 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the transaction, the executive vice president now directly owns 58,121 shares of the company’s stock, valued at approximately $4,421,264.47. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Randolph A. Wacker sold 8,022 shares of the business’s 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 approximately $1,972,088.91. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,323 shares of company stock worth $6,994,965. 2.50% of the stock is 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.