Quantinno Capital Management LP increased its holdings in shares of nVent Electric PLC (NYSE:NVT – Free Report) by 184.7% in the first quarter, Holdings Channel reports. The firm owned 313,679 shares of the company’s stock after buying an additional 203,486 shares during the period. Quantinno Capital Management LP’s holdings in nVent Electric were worth $37,102,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of NVT. Geode Capital Management LLC boosted its stake in nVent Electric by 7.5% during the fourth quarter. Geode Capital Management LLC now owns 3,125,289 shares of the company’s stock worth $318,752,000 after buying an additional 217,485 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of nVent Electric by 361.9% in 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 acquiring an additional 2,019,483 shares during the period. Norges Bank purchased a new stake in shares of nVent Electric in the 4th quarter valued at approximately $245,955,000. Bank of New York Mellon Corp lifted its holdings in shares of nVent Electric by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 2,018,579 shares of the company’s stock worth $238,758,000 after acquiring an additional 68,818 shares during the last quarter. Finally, Merewether Investment Management LP lifted its holdings in shares of nVent Electric by 59.2% in the 3rd quarter. Merewether Investment Management LP now owns 1,699,674 shares of the company’s stock worth $167,656,000 after acquiring an additional 631,800 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.
nVent Electric Trading Up 8.5%
NYSE NVT opened at $144.96 on Friday. The firm has a 50 day simple moving average of $162.22 and a 200-day simple moving average of $138.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.21 and a current ratio of 1.70. nVent Electric PLC has a one year low of $78.11 and a one year high of $184.64. The firm has a market cap of $23.44 billion, a price-to-earnings ratio of 48.16, a PEG ratio of 1.26 and a beta of 1.36.
nVent Electric announced that its Board of Directors has authorized a stock buyback program on Saturday, May 16th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
nVent Electric Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, July 24th. nVent Electric’s dividend payout ratio (DPR) is currently 27.91%.
Insider Buying and Selling
In other 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 sale, the chief marketing officer directly owned 225 shares in the company, valued at approximately $38,250. This trade represents a 94.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lynnette R. Heath sold 27,471 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $167.59, for a total value of $4,603,864.89. Following the completion of the sale, the executive vice president owned 37,089 shares in the company, valued at approximately $6,215,745.51. The trade was a 42.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 87,685 shares of company stock worth $14,961,768 over the last three months. 1.70% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on NVT shares. Zacks Research raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. Evercore reissued an “outperform” rating and issued a $190.00 target price on shares of nVent Electric in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $187.00 price target on shares of nVent Electric in a research note on Monday, May 4th. Sanford C. Bernstein set a $220.00 price objective on nVent Electric in a research note on Thursday, July 9th. Finally, Citigroup lifted their price objective on nVent Electric from $152.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Four investment 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. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $190.57.
Get Our Latest Research Report on NVT
nVent Electric 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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