4,380,286 Shares in nVent Electric PLC (NYSE:NVT) Acquired by Nuveen LLC

Nuveen LLC bought a new stake in shares of nVent Electric PLC (NYSE:NVT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 4,380,286 shares of the company’s stock, valued at approximately $229,615,000.

Several other institutional investors have also added to or reduced their stakes in NVT. O Shaughnessy Asset Management LLC boosted its stake in nVent Electric by 11.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,273 shares of the company’s stock valued at $223,000 after purchasing an additional 341 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in nVent Electric by 28.0% during the 4th quarter. Russell Investments Group Ltd. now owns 111,092 shares of the company’s stock valued at $7,572,000 after purchasing an additional 24,333 shares during the last quarter. Invesco Ltd. boosted its stake in nVent Electric by 15.0% during the 4th quarter. Invesco Ltd. now owns 1,723,868 shares of the company’s stock valued at $117,499,000 after purchasing an additional 224,657 shares during the last quarter. Bessemer Group Inc. boosted its stake in nVent Electric by 199.8% during the 4th quarter. Bessemer Group Inc. now owns 1,313 shares of the company’s stock valued at $89,000 after purchasing an additional 875 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in nVent Electric by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 72,632 shares of the company’s stock valued at $4,951,000 after purchasing an additional 450 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

nVent Electric Price Performance

Shares of nVent Electric stock opened at $88.57 on Monday. The stock has a market cap of $14.26 billion, a P/E ratio of 25.23, a P/E/G ratio of 1.52 and a beta of 1.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.67. The stock’s fifty day moving average is $74.83 and its 200 day moving average is $64.59. nVent Electric PLC has a one year low of $41.71 and a one year high of $91.55.

nVent Electric (NYSE:NVT) last released its earnings results on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.07. The company had revenue of $963.10 million for the quarter, compared to the consensus estimate of $906.96 million. nVent Electric had a return on equity of 13.36% and a net margin of 17.72%. nVent Electric’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 earnings per share. Sell-side analysts anticipate that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Saturday, January 1st were given a dividend of $0.20 per share. The ex-dividend date was Friday, July 18th. This represents a $0.80 annualized dividend and a yield of 0.9%. nVent Electric’s payout ratio is 22.79%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NVT. Barclays reiterated an “overweight” rating on shares of nVent Electric in a research note on Monday, August 4th. Wall Street Zen raised nVent Electric from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. Citigroup raised their price target on nVent Electric from $69.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. The Goldman Sachs Group raised their price target on nVent Electric from $78.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Finally, KeyCorp raised their price target on nVent Electric from $78.00 to $84.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $87.00.

Insider Activity at nVent Electric

In related news, insider Der Kolk Robert J. Van sold 10,993 shares of nVent Electric stock in a transaction on Monday, August 4th. The stock was sold at an average price of $89.14, for a total transaction of $979,916.02. Following the transaction, the insider directly owned 40,772 shares in the company, valued at approximately $3,634,416.08. The trade was a 21.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sara E. Zawoyski sold 22,109 shares of nVent Electric stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $89.54, for a total value of $1,979,639.86. Following the transaction, the insider owned 66,640 shares in the company, valued at $5,966,945.60. This trade represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 194,246 shares of company stock valued at $17,383,112 in the last ninety days. Corporate insiders own 2.50% of the company’s stock.

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.