Blueshift Asset Management LLC Lowers Stock Position in nVent Electric plc (NYSE:NVT)

Blueshift Asset Management LLC trimmed its holdings in shares of nVent Electric plc (NYSE:NVT) by 43.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,660 shares of the company’s stock after selling 2,815 shares during the period. Blueshift Asset Management LLC’s holdings in nVent Electric were worth $257,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NVT. Price T Rowe Associates Inc. MD lifted its holdings in nVent Electric by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 100,384 shares of the company’s stock valued at $7,569,000 after acquiring an additional 5,305 shares during the period. Silvercrest Asset Management Group LLC increased its holdings in shares of nVent Electric by 18.3% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 7,539 shares of the company’s stock valued at $568,000 after purchasing an additional 1,167 shares in the last quarter. Tidal Investments LLC boosted its holdings in nVent Electric by 80.0% during the first quarter. Tidal Investments LLC now owns 27,050 shares of the company’s stock worth $2,040,000 after buying an additional 12,021 shares in the last quarter. Virtu Financial LLC purchased a new stake in nVent Electric during the first quarter worth about $1,125,000. Finally, LRI Investments LLC acquired a new position in nVent Electric during the first quarter worth about $47,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on NVT. Barclays decreased their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. KeyCorp upped their target price on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, Royal Bank of Canada cut their price target on nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $85.33.

nVent Electric Stock Performance

NYSE NVT opened at $76.54 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. nVent Electric plc has a fifty-two week low of $52.26 and a fifty-two week high of $86.57. The business has a fifty day moving average of $73.42 and a 200-day moving average of $73.22. The stock has a market cap of $12.62 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 3.94 and a beta of 1.26.

nVent Electric (NYSE:NVT) last released its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. During the same quarter last year, the company posted $0.84 earnings per share. nVent Electric’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts predict that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 0.99%. nVent Electric’s dividend payout ratio (DPR) is currently 22.29%.

Insiders Place Their Bets

In related news, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total transaction of $608,629.14. Following the completion of the transaction, the chief accounting officer now owns 25,993 shares of the company’s stock, valued at approximately $1,972,088.91. This represents a 23.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jerry W. Burris sold 6,558 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.00, for a total transaction of $524,640.00. Following the transaction, the director now directly owns 45,040 shares in the company, valued at approximately $3,603,200. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 96,382 shares of company stock valued at $7,365,956. Company insiders own 2.50% of the company’s stock.

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.