Rakuten Investment Management Inc. bought a new stake in shares of nVent Electric PLC (NYSE:NVT – Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,515 shares of the company’s stock, valued at approximately $1,700,000.
Several other hedge funds have also bought and sold shares of the stock. Provenance Wealth Advisors LLC purchased a new stake in nVent Electric in the third quarter worth about $36,000. Oregon Public Employees Retirement Fund lifted its position in shares of nVent Electric by 0.3% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 33,521 shares of the company’s stock valued at $5,376,000 after buying an additional 100 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of nVent Electric by 961.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 335,231 shares of the company’s stock valued at $53,761,000 after acquiring an additional 303,656 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of nVent Electric during the 3rd quarter valued at approximately $10,691,000. Finally, Vise Technologies Inc. grew its stake in shares of nVent Electric by 80.1% during the 3rd quarter. Vise Technologies Inc. now owns 5,542 shares of the company’s stock valued at $889,000 after acquiring an additional 2,465 shares during the period. Institutional investors own 90.05% of the company’s stock.
Insiders Place Their Bets
In other nVent Electric news, insider Robert van der Kolk sold 5,858 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $164.32, for a total value of $962,586.56. Following the completion of the transaction, the insider directly owned 27,387 shares in the company, valued at $4,500,231.84. This represents a 17.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.70% of the stock is owned by insiders.
nVent Electric Price Performance
Shares of nVent Electric stock opened at $106.10 on Friday. The stock’s 50-day simple moving average is $148.90 and its 200-day simple moving average is $144.49. nVent Electric PLC has a 52 week low of $93.22 and a 52 week high of $184.64. The company has a market capitalization of $17.15 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 0.54 and a beta of 1.39. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53.
nVent Electric (NYSE:NVT – Get Free Report) last released its earnings results on Friday, October 30th. The company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.12. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the business posted $0.91 earnings per share. The firm’s revenue was up 43.7% on a year-over-year basis. As a group, analysts expect that nVent Electric PLC will post 5.36 earnings per share for the current fiscal year.
nVent Electric Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 6th. Investors of record on Friday, October 23rd were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, October 23rd. This represents a $0.84 dividend on an annualized basis and a yield of 0.8%. nVent Electric’s payout ratio is currently 20.24%.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on NVT shares. Wall Street Zen lowered shares of nVent Electric from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 17th. Weiss Ratings lowered shares of nVent Electric from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Wells Fargo & Company upped their price target on shares of nVent Electric from $182.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Monday, November 2nd. Clear Str raised shares of nVent Electric to a “strong-buy” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. began coverage on shares of nVent Electric in a research report on Tuesday, October 20th. They set an “overweight” rating and a $167.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $197.82.
Check Out Our Latest Analysis on NVT
nVent Electric Profile
nVent Electric plc designs and manufactures products and solutions that protect and connect electrical systems. Its offerings include electrical enclosures, cable management and fastening products, grounding and bonding solutions, and systems for managing heat in electrical and industrial applications.
The company serves customers across industries such as data centers, energy, infrastructure, commercial construction and manufacturing. Its products are marketed under brands including Hoffman, ERICO, CADDY, Raychem and Schroff, and it serves customers in markets around the world.
nVent became an independent, publicly traded company in 2018 after its separation from Pentair.
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