Ameriprise Financial Inc. Reduces Position in nVent Electric plc (NYSE:NVT)

Ameriprise Financial Inc. lowered its holdings in nVent Electric plc (NYSE:NVT) by 14.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 989,329 shares of the company’s stock after selling 163,684 shares during the period. Ameriprise Financial Inc. owned about 0.60% of nVent Electric worth $67,433,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Quadrant Capital Group LLC lifted its position in shares of nVent Electric by 4.1% during the fourth quarter. Quadrant Capital Group LLC now owns 3,807 shares of the company’s stock worth $259,000 after purchasing an additional 150 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in nVent Electric by 26.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company’s stock worth $53,000 after buying an additional 162 shares during the last quarter. Calamos Advisors LLC grew its position in shares of nVent Electric by 1.6% in the 4th quarter. Calamos Advisors LLC now owns 11,468 shares of the company’s stock worth $782,000 after acquiring an additional 176 shares in the last quarter. Utah Retirement Systems increased its holdings in shares of nVent Electric by 2.3% in the 4th quarter. Utah Retirement Systems now owns 8,923 shares of the company’s stock valued at $608,000 after acquiring an additional 200 shares during the last quarter. Finally, Hancock Whitney Corp raised its position in shares of nVent Electric by 1.4% during the 4th quarter. Hancock Whitney Corp now owns 15,031 shares of the company’s stock valued at $1,025,000 after acquiring an additional 206 shares in the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

Insider Activity at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the transaction, the executive vice president now directly owns 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This trade represents a 11.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Royal Bank of Canada increased their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Barclays increased their price target on nVent Electric from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Finally, CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, March 17th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $70.00.

nVent Electric Stock Up 1.3 %

NVT opened at $61.54 on Friday. The stock’s 50 day moving average price is $53.86 and its 200 day moving average price is $64.93. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The stock has a market cap of $10.13 billion, a P/E ratio of 31.40, a P/E/G ratio of 1.48 and a beta of 1.24. nVent Electric plc has a 12 month low of $41.71 and a 12 month high of $86.57.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million for the quarter, compared to analysts’ expectations of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The company’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 earnings per share. As a group, research analysts predict that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 9th. Stockholders of record on Friday, April 25th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Friday, April 25th. nVent Electric’s dividend payout ratio (DPR) is presently 22.86%.

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.