Fulton Bank N.A. Increases Stake in nVent Electric plc (NYSE:NVT)

Fulton Bank N.A. raised its holdings in nVent Electric plc (NYSE:NVT) by 10.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,487 shares of the company’s stock after buying an additional 877 shares during the period. Fulton Bank N.A.’s holdings in nVent Electric were worth $647,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NVT. Federated Hermes Inc. boosted its holdings in nVent Electric by 6.6% in 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 during the period. Geode Capital Management LLC boosted its stake in shares of nVent Electric by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after buying an additional 29,794 shares during the period. AQR Capital Management LLC grew its position in shares of nVent Electric by 101.2% during the second quarter. AQR Capital Management LLC now owns 358,757 shares of the company’s stock worth $27,484,000 after buying an additional 180,488 shares in the last quarter. MQS Management LLC acquired a new stake in nVent Electric in the second quarter valued at approximately $606,000. Finally, Seven Eight Capital LP purchased a new position in nVent Electric in the second quarter worth approximately $1,119,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on NVT shares. Barclays increased their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Royal Bank of Canada raised their price target on nVent Electric from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Citigroup upped their price objective on nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, KeyCorp raised their target price on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric currently has an average rating of “Buy” and a consensus target price of $86.33.

nVent Electric Stock Performance

NYSE NVT opened at $69.85 on Friday. The company has a fifty day moving average of $73.54 and a two-hundred day moving average of $71.51. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. nVent Electric plc has a 1 year low of $55.19 and a 1 year high of $86.57. The company has a market capitalization of $11.51 billion, a PE ratio of 20.48, a P/E/G ratio of 3.86 and a beta of 1.27.

nVent Electric (NYSE:NVT) last released its quarterly 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 firm had revenue of $782.00 million for 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 company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 EPS. As a group, analysts expect that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.15%. This is a boost from nVent Electric’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, January 17th. nVent Electric’s payout ratio is presently 23.46%.

Insider Activity at nVent Electric

In other nVent Electric news, CFO Sara E. Zawoyski sold 14,505 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the completion of the sale, the chief financial officer now directly owns 62,215 shares of the company’s stock, valued at $4,775,623.40. This represents a 18.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 96,382 shares of company stock worth $7,365,956 in the last 90 days. 2.50% of the stock is owned by insiders.

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.