Van ECK Associates Corp acquired a new position in shares of nVent Electric PLC (NYSE:NVT – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 16,353 shares of the company’s stock, valued at approximately $2,774,000.
Several other institutional investors and hedge funds have also recently modified their holdings of NVT. Swedbank AB purchased a new position in nVent Electric during the 4th quarter worth $59,312,000. Katamaran Capital LLP bought a new position in shares of nVent Electric during the fourth quarter valued at about $2,171,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of nVent Electric by 103.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,139 shares of the company’s stock valued at $1,952,000 after purchasing an additional 9,734 shares in the last quarter. Alua Capital Management LP purchased a new position in nVent Electric during the first quarter worth about $27,394,000. Finally, Flputnam Investment Management Co. boosted its holdings in nVent Electric by 16.9% during the fourth quarter. Flputnam Investment Management Co. now owns 66,297 shares of the company’s stock worth $6,760,000 after purchasing an additional 9,570 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.
nVent Electric Stock Performance
Shares of NVT stock opened at $151.88 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.33 and a current ratio of 1.80. The firm has a market cap of $24.58 billion, a price-to-earnings ratio of 41.50, a P/E/G ratio of 1.24 and a beta of 1.36. nVent Electric PLC has a 52 week low of $89.34 and a 52 week high of $184.64. The firm’s 50-day simple moving average is $157.24 and its two-hundred day simple moving average is $147.06.
nVent Electric declared that its Board of Directors has authorized a share repurchase program on Saturday, May 16th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 1.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Roth Capital reaffirmed a “buy” rating and issued a $210.00 price objective (up from $195.00) on shares of nVent Electric in a research report on Tuesday, August 25th. Royal Bank Of Canada boosted their target price on nVent Electric from $193.00 to $200.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Seaport Research Partners reaffirmed a “buy” rating and issued a $215.00 target price on shares of nVent Electric in a report on Monday, August 3rd. Wolfe Research reaffirmed an “outperform” rating and set a $191.00 price target on shares of nVent Electric in a research report on Thursday, July 9th. Finally, Evercore reiterated an “outperform” rating and set a $210.00 price target on shares of nVent Electric in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $199.86.
Read Our Latest Stock Analysis on nVent Electric
Insiders Place Their Bets
In other nVent Electric news, CAO Randolph Wacker sold 22,525 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $164.62, for a total value of $3,708,065.50. Following the completion of the sale, the chief accounting officer directly owned 27,441 shares of the company’s stock, valued at $4,517,337.42. This trade represents a 45.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Beth Wozniak sold 46,261 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $164.42, for a total value of $7,606,233.62. Following the completion of the sale, the chief executive officer owned 55,612 shares in the company, valued at approximately $9,143,725.04. The trade was a 45.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 74,644 shares of company stock valued at $12,276,886 over the last ninety days. 1.70% of the stock is currently owned by insiders.
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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