Assetmark Inc. Lowers Stake in nVent Electric plc (NYSE:NVT)

Assetmark Inc. lowered its position in shares of nVent Electric plc (NYSE:NVT) by 89.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,253 shares of the company’s stock after selling 19,361 shares during the period. Assetmark Inc.’s holdings in nVent Electric were worth $158,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Federated Hermes Inc. lifted its holdings in nVent Electric by 6.6% during the second quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock valued at $31,479,000 after purchasing an additional 25,482 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of nVent Electric by 18.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock valued at $23,099,000 after buying an additional 46,748 shares during the last quarter. Cetera Investment Advisers raised its position in shares of nVent Electric by 143.8% during the first quarter. Cetera Investment Advisers now owns 46,103 shares of the company’s stock valued at $3,476,000 after buying an additional 27,196 shares during the last quarter. Gateway Investment Advisers LLC bought a new stake in shares of nVent Electric during the second quarter valued at approximately $1,608,000. Finally, Virtu Financial LLC bought a new stake in shares of nVent Electric during the first quarter valued at approximately $1,125,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analysts Set New Price Targets

NVT has been the topic of several recent analyst reports. KeyCorp lifted their price objective on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Barclays reduced their price objective on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reduced 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, November 4th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $85.33.

Insiders Place Their Bets

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of nVent Electric stock in a transaction 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 transaction, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at $1,972,088.91. The trade was a 23.58 % 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. Also, EVP Jon D. Lammers sold 67,297 shares of nVent Electric stock in a transaction 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 transaction, the executive vice president now directly owns 58,121 shares of the company’s stock, valued at $4,421,264.47. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,824 shares of company stock valued at $6,841,316 over the last three months. 2.50% of the stock is owned by company insiders.

nVent Electric Trading Down 1.5 %

Shares of NVT opened at $72.82 on Monday. The company’s fifty day moving average is $71.40 and its 200 day moving average is $73.23. nVent Electric plc has a fifty-two week low of $52.26 and a fifty-two week high of $86.57. The stock has a market capitalization of $12.00 billion, a PE ratio of 21.35, a P/E/G ratio of 3.75 and a beta of 1.26. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results 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 return on equity of 15.66% and a net margin of 16.95%. The business had revenue of $782.00 million during the quarter, compared to the consensus estimate of $937.37 million. During the same quarter in the prior year, the firm posted $0.84 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts expect that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s payout ratio is 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.