Norden Group LLC Sells 7,712 Shares of nVent Electric PLC (NYSE:NVT)

Norden Group LLC cut its stake in shares of nVent Electric PLC (NYSE:NVT) by 35.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,893 shares of the company’s stock after selling 7,712 shares during the quarter. Norden Group LLC’s holdings in nVent Electric were worth $728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Capital Research Global Investors bought a new stake in nVent Electric during the fourth quarter valued at approximately $384,749,000. Millennium Management LLC lifted its position in nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock valued at $151,017,000 after purchasing an additional 1,953,026 shares during the last quarter. Bank of New York Mellon Corp lifted its position in nVent Electric by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 1,747,395 shares of the company’s stock valued at $91,598,000 after purchasing an additional 29,027 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of nVent Electric by 15.0% in the 4th quarter. Invesco Ltd. now owns 1,723,868 shares of the company’s stock worth $117,499,000 after acquiring an additional 224,657 shares during the last quarter. Finally, Johnson Investment Counsel Inc. lifted its holdings in shares of nVent Electric by 8.1% in the 1st quarter. Johnson Investment Counsel Inc. now owns 1,704,025 shares of the company’s stock worth $89,325,000 after acquiring an additional 128,023 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Up 0.8%

Shares of NYSE NVT opened at $79.74 on Wednesday. The company has a quick ratio of 2.42, a current ratio of 2.87 and a debt-to-equity ratio of 0.48. nVent Electric PLC has a 52 week low of $41.71 and a 52 week high of $81.20. The firm’s fifty day moving average is $71.44 and its 200 day moving average is $63.83. The company has a market cap of $13.13 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 1.57 and a beta of 1.31.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) 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 the consensus estimate of $790.74 million. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.78 EPS. On average, equities research analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Friday, July 18th. nVent Electric’s payout ratio is currently 22.86%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NVT shares. KeyCorp boosted their price objective on shares of nVent Electric from $78.00 to $84.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. Royal Bank Of Canada boosted their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Citigroup boosted their price objective on shares of nVent Electric from $69.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Roth Capital started coverage on shares of nVent Electric in a report on Wednesday, July 23rd. They issued a “buy” rating and a $89.00 price objective for the company. Finally, Wall Street Zen upgraded shares of nVent Electric from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $81.57.

Insider Transactions at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the business’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the transaction, the executive vice president directly owned 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.