Baker Avenue Asset Management LP Buys 5,227 Shares of nVent Electric PLC (NYSE:NVT)

Baker Avenue Asset Management LP increased its stake in nVent Electric PLC (NYSE:NVT) by 25.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,648 shares of the company’s stock after purchasing an additional 5,227 shares during the period. Baker Avenue Asset Management LP’s holdings in nVent Electric were worth $1,344,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Capital Research Global Investors bought a new position in shares of nVent Electric in the fourth quarter worth approximately $384,749,000. Millennium Management LLC increased its position in shares of nVent Electric by 743.7% in the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock worth $151,017,000 after purchasing an additional 1,953,026 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of nVent Electric by 1.7% in the first quarter. Bank of New York Mellon Corp now owns 1,747,395 shares of the company’s stock worth $91,598,000 after purchasing an additional 29,027 shares during the last quarter. Invesco Ltd. increased its position in shares of nVent Electric by 15.0% in the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company’s stock worth $117,499,000 after purchasing an additional 224,657 shares during the last quarter. Finally, Johnson Investment Counsel Inc. increased its position in shares of nVent Electric by 8.1% in the first quarter. Johnson Investment Counsel Inc. now owns 1,704,025 shares of the company’s stock worth $89,325,000 after purchasing an additional 128,023 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NVT. Citigroup upped their price objective on shares of nVent Electric from $69.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Roth Capital assumed coverage on nVent Electric in a research note on Wednesday, July 23rd. They issued a “buy” rating and a $89.00 target price for the company. The Goldman Sachs Group upped their target price on nVent Electric from $78.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Wall Street Zen raised nVent Electric from a “hold” rating to a “buy” rating in a research note on Saturday, July 12th. Finally, Royal Bank Of Canada upped their target price on nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, nVent Electric has an average rating of “Buy” and an average target price of $81.57.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president owned 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.

nVent Electric Stock Performance

NYSE:NVT opened at $89.69 on Friday. The firm has a market cap of $14.77 billion, a PE ratio of 25.63, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two week high of $89.91. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The business has a 50 day moving average price of $72.50 and a 200-day moving average price of $64.14.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.07. The firm had revenue of $963.10 million during the quarter, compared to analyst estimates of $906.96 million. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The business’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.82 earnings per share. Equities research analysts predict that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Saturday, January 1st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, July 18th. nVent Electric’s dividend payout ratio is 22.86%.

nVent Electric 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.