KLP Kapitalforvaltning AS Makes New $2.28 Million Investment in nVent Electric plc (NYSE:NVT)

KLP Kapitalforvaltning AS purchased a new stake in shares of nVent Electric plc (NYSE:NVT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 33,500 shares of the company’s stock, valued at approximately $2,283,000.

A number of other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. raised its stake in nVent Electric by 22.1% in the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after acquiring an additional 1,269,335 shares during the period. State Street Corp boosted its position in nVent Electric by 0.9% during the third quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after purchasing an additional 42,465 shares during the period. Geode Capital Management LLC increased its stake in shares of nVent Electric by 1.1% in the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after purchasing an additional 29,794 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of nVent Electric by 8.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company’s stock valued at $176,630,000 after purchasing an additional 210,690 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of nVent Electric by 23.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock valued at $171,492,000 after buying an additional 466,042 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Price Performance

NVT stock opened at $54.61 on Friday. The firm has a 50 day simple moving average of $62.58 and a two-hundred day simple moving average of $68.82. The stock has a market cap of $9.01 billion, a PE ratio of 27.86, a P/E/G ratio of 1.48 and a beta of 1.31. nVent Electric plc has a one year low of $51.99 and a one year high of $86.57. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. On average, analysts predict that nVent Electric plc will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 25th will be given a $0.20 dividend. The ex-dividend date is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a yield of 1.46%. nVent Electric’s payout ratio is 40.82%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NVT. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, March 17th. Barclays reduced their price target on nVent Electric from $83.00 to $75.00 and set an “overweight” rating for the company in a research report on Wednesday. Citigroup dropped their price objective on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Royal Bank of Canada upped their price target on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $82.00.

About nVent Electric

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.