Katamaran Capital LLP reduced its holdings in shares of nVent Electric PLC (NYSE:NVT – Free Report) by 52.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 10,036 shares of the company’s stock after selling 11,254 shares during the period. nVent Electric accounts for approximately 1.0% of Katamaran Capital LLP’s investment portfolio, making the stock its 26th largest holding. Katamaran Capital LLP’s holdings in nVent Electric were worth $1,187,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NVT. Manchester Capital Management LLC lifted its holdings in shares of nVent Electric by 128.1% in the fourth quarter. Manchester Capital Management LLC now owns 308 shares of the company’s stock valued at $31,000 after purchasing an additional 173 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of nVent Electric during the 4th quarter worth approximately $32,000. Elyxium Wealth LLC purchased a new position in shares of nVent Electric during the 4th quarter worth approximately $36,000. Advisory Services Network LLC acquired a new position in shares of nVent Electric during the 3rd quarter worth approximately $35,000. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of nVent Electric during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 90.05% of the company’s stock.
nVent Electric Trading Up 2.2%
Shares of NVT stock opened at $161.52 on Wednesday. The firm’s 50-day simple moving average is $166.07 and its 200-day simple moving average is $134.82. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.70 and a quick ratio of 1.21. nVent Electric PLC has a 1-year low of $72.94 and a 1-year high of $184.64. The firm has a market cap of $26.12 billion, a P/E ratio of 53.66, a PEG ratio of 1.49 and a beta of 1.36.
nVent Electric declared that its board has authorized a stock repurchase plan on Saturday, May 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
nVent Electric Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 24th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, July 24th. nVent Electric’s dividend payout ratio is presently 27.91%.
Insider Buying and Selling at nVent Electric
In related news, CMO Martha Claire Bennett sold 3,778 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $170.00, for a total value of $642,260.00. Following the transaction, the chief marketing officer directly owned 225 shares of the company’s stock, valued at approximately $38,250. This trade represents a 94.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Aravind Padmanabhan sold 15,942 shares of nVent Electric stock in a transaction on Monday, May 11th. The shares were sold at an average price of $174.00, for a total value of $2,773,908.00. Following the completion of the transaction, the executive vice president owned 23,243 shares in the company, valued at $4,044,282. The trade was a 40.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 87,685 shares of company stock worth $14,961,768. 1.70% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
NVT has been the topic of a number of analyst reports. The Goldman Sachs Group increased their target price on nVent Electric from $150.00 to $187.00 and gave the company a “buy” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $187.00 price objective on shares of nVent Electric in a research report on Monday, May 4th. Wolfe Research reaffirmed an “outperform” rating and set a $191.00 price objective on shares of nVent Electric in a research note on Thursday, July 9th. Zacks Research raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 4th. Finally, Roth Capital reiterated a “buy” rating and set a $185.00 price target on shares of nVent Electric in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $189.77.
Get Our Latest Analysis on NVT
nVent Electric Company Profile
nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.
The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.
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