Moors & Cabot Inc. decreased its holdings in shares of nVent Electric PLC (NYSE:NVT) by 9.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 8,493 shares of the company’s stock after selling 875 shares during the period. Moors & Cabot Inc.’s holdings in nVent Electric were worth $229,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Truvestments Capital LLC purchased a new position in nVent Electric during the 1st quarter valued at about $57,000. Oregon Public Employees Retirement Fund increased its position in nVent Electric by 2,187.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,457,025 shares of the company’s stock valued at $65,000 after purchasing an additional 1,393,323 shares during the period. ERTS Wealth Advisors LLC purchased a new position in nVent Electric during the 4th quarter valued at about $93,000. Investors Research Corp purchased a new position in nVent Electric during the 1st quarter valued at about $101,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in nVent Electric during the 4th quarter valued at about $156,000. 86.87% of the stock is currently owned by institutional investors and hedge funds.
NVT has been the topic of a number of research reports. ValuEngine downgraded shares of nVent Electric from a “hold” rating to a “sell” rating in a research report on Monday, April 1st. Buckingham Research assumed coverage on shares of nVent Electric in a report on Tuesday, March 26th. They issued a “buy” rating and a $30.00 price target on the stock. Zacks Investment Research upgraded shares of nVent Electric from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Thursday, May 16th. Finally, KeyCorp restated a “buy” rating and issued a $30.00 price target (up from $29.00) on shares of nVent Electric in a report on Wednesday, February 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $28.67.
nVent Electric (NYSE:NVT) last released its quarterly earnings results on Thursday, April 25th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. nVent Electric had a net margin of 10.62% and a return on equity of 11.66%. The business had revenue of $538.00 million for the quarter, compared to analysts’ expectations of $546.43 million. The firm’s quarterly revenue was down .2% compared to the same quarter last year. As a group, equities research analysts forecast that nVent Electric PLC will post 1.87 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Friday, July 19th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Thursday, July 18th. nVent Electric’s dividend payout ratio is currently 40.23%.
In related news, Director Trian Fund Management, L.P. sold 366,901 shares of nVent Electric stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $26.03, for a total value of $9,550,433.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Ducker bought 2,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was bought at an average price of $24.07 per share, with a total value of $48,140.00. The disclosure for this purchase can be found here. Insiders sold a total of 4,015,786 shares of company stock worth $101,315,702 over the last 90 days. Company insiders own 1.60% of the company’s stock.
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nVent Electric Profile
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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