Midwest Trust Co bought a new position in nVent Electric PLC (NYSE:NVT – Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 3,825 shares of the company’s stock, valued at approximately $452,000.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of nVent Electric during the 4th quarter valued at approximately $245,955,000. Price T Rowe Associates Inc. MD grew its holdings in nVent Electric by 361.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,577,555 shares of the company’s stock valued at $262,835,000 after buying an additional 2,019,483 shares in the last quarter. Balyasny Asset Management L.P. raised its position in shares of nVent Electric by 3,467.1% during the third quarter. Balyasny Asset Management L.P. now owns 1,326,100 shares of the company’s stock valued at $130,807,000 after buying an additional 1,288,924 shares during the last quarter. Merewether Investment Management LP purchased a new position in shares of nVent Electric in the second quarter worth $78,222,000. Finally, Swedbank AB purchased a new position in shares of nVent Electric in the fourth quarter worth $59,312,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.
nVent Electric Stock Performance
Shares of NYSE:NVT opened at $161.52 on Wednesday. The firm has a fifty day simple moving average of $166.07 and a two-hundred day simple moving average of $134.82. nVent Electric PLC has a 52 week low of $72.94 and a 52 week high of $184.64. The company has a quick ratio of 1.21, a current ratio of 1.70 and a debt-to-equity ratio of 0.41. The stock has a market capitalization 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 share buyback plan on Saturday, May 16th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 1.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
nVent Electric Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, July 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.5%. nVent Electric’s dividend payout ratio is 27.91%.
Insider Buying and Selling at nVent Electric
In other news, insider Sara E. Zawoyski sold 29,412 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $172.49, for a total value of $5,073,275.88. Following the completion of the sale, the insider directly owned 97,068 shares of the company’s stock, valued at $16,743,259.32. This trade represents a 23.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Martha Claire Bennett sold 3,778 shares of nVent Electric stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer owned 225 shares of the company’s stock, valued at approximately $38,250. This trade represents a 94.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 87,685 shares of company stock valued at $14,961,768. Corporate insiders own 1.70% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently weighed in on NVT shares. Evercore reaffirmed an “outperform” rating and set a $190.00 target price on shares of nVent Electric in a research note on Monday, May 4th. Sanford C. Bernstein set a $220.00 price target on shares of nVent Electric in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $187.00 price objective on shares of nVent Electric in a report on Monday, May 4th. UBS Group restated a “buy” rating on shares of nVent Electric in a research report on Thursday, June 11th. Finally, Barclays lifted their target price on nVent Electric from $150.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, nVent Electric has an average rating of “Buy” and a consensus target price of $189.77.
Check Out Our Latest Report on NVT
About nVent Electric
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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