State of Tennessee Department of Treasury Sells 1,923 Shares of nVent Electric plc (NYSE:NVT)

State of Tennessee Department of Treasury reduced its stake in shares of nVent Electric plc (NYSE:NVT) by 2.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 68,158 shares of the company’s stock after selling 1,923 shares during the period. State of Tennessee Department of Treasury’s holdings in nVent Electric were worth $4,646,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. lifted its stake in nVent Electric by 13.1% during the fourth quarter. TD Waterhouse Canada Inc. now owns 13,554 shares of the company’s stock worth $924,000 after purchasing an additional 1,573 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of nVent Electric by 222.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,710 shares of the company’s stock valued at $1,003,000 after buying an additional 10,142 shares in the last quarter. MetLife Investment Management LLC lifted its position in nVent Electric by 8.2% in the 4th quarter. MetLife Investment Management LLC now owns 92,915 shares of the company’s stock worth $6,333,000 after buying an additional 7,027 shares during the last quarter. Capital Research Global Investors purchased a new stake in nVent Electric in the fourth quarter worth approximately $384,749,000. Finally, First Trust Advisors LP grew its position in nVent Electric by 40.4% during the fourth quarter. First Trust Advisors LP now owns 996,714 shares of the company’s stock valued at $67,936,000 after acquiring an additional 286,861 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

nVent Electric Stock Up 0.4 %

NYSE NVT opened at $54.86 on Friday. The business’s 50-day moving average is $54.37 and its 200 day moving average is $65.99. The stock has a market capitalization of $9.03 billion, a PE ratio of 27.99, a PEG ratio of 1.48 and a beta of 1.21. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. nVent Electric plc has a 1 year low of $41.71 and a 1 year high of $86.57.

nVent Electric (NYSE:NVT) last posted its earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. Sell-side analysts forecast that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.80 annualized dividend and a dividend yield of 1.46%. nVent Electric’s dividend payout ratio is 40.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. CL King raised shares of 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. KeyCorp cut their price target on shares of nVent Electric from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada raised their price objective on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Barclays reduced their price target on nVent Electric from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, nVent Electric has a consensus rating of “Buy” and a consensus price target of $69.00.

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.