nVent Electric (NYSE:NVT) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of nVent Electric (NYSE:NVT) from a hold rating to a sell rating in a research note issued to investors on Saturday morning, Zacks.com reports.

According to Zacks, “nVent Electric plc provider of electrical connection and protection solutions which design, manufacture, market, install and service that connect and protect equipment, buildings and critical processes. The company’s operating segments consists of Enclosures, Thermal Management and Electrical & Fastening Solutions. nVent Electric plc is based in London, the United Kingdom. “

NVT has been the subject of a number of other reports. ValuEngine cut shares of nVent Electric from a sell rating to a strong sell rating in a research report on Thursday, July 11th. Vertical Research cut shares of nVent Electric from a buy rating to a hold rating in a research report on Thursday, August 1st. Finally, Buckingham Research set a $31.00 price target on shares of nVent Electric and gave the company a buy rating in a research report on Friday, April 26th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. nVent Electric has an average rating of Hold and an average price target of $27.33.

Shares of NVT stock opened at $21.04 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.25 and a debt-to-equity ratio of 0.41. The stock’s fifty day moving average price is $24.34. The firm has a market capitalization of $3.77 billion, a P/E ratio of 12.09 and a beta of 1.54. nVent Electric has a 12 month low of $19.71 and a 12 month high of $29.84.

nVent Electric (NYSE:NVT) last issued its earnings results on Thursday, August 1st. The company reported $0.44 EPS for the quarter, hitting analysts’ consensus estimates of $0.44. The firm had revenue of $539.50 million during the quarter, compared to the consensus estimate of $550.75 million. nVent Electric had a net margin of 11.43% and a return on equity of 11.69%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share. As a group, equities analysts expect that nVent Electric will post 1.79 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Friday, July 19th were given a $0.175 dividend. The ex-dividend date was Thursday, July 18th. This represents a $0.70 dividend on an annualized basis and a yield of 3.33%. nVent Electric’s dividend payout ratio (DPR) is presently 40.23%.

In related news, Director Michael L. Ducker purchased 2,000 shares of nVent Electric stock in a transaction that occurred on Wednesday, May 22nd. The stock was purchased at an average cost of $24.07 per share, with a total value of $48,140.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Trian Fund Management, L.P. sold 3,000,000 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $24.53, for a total transaction of $73,590,000.00. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN grew its position in nVent Electric by 314.7% during the second quarter. Wells Fargo & Company MN now owns 1,146,100 shares of the company’s stock worth $28,412,000 after buying an additional 869,741 shares during the period. GSA Capital Partners LLP grew its position in nVent Electric by 350.8% during the second quarter. GSA Capital Partners LLP now owns 71,773 shares of the company’s stock worth $1,779,000 after buying an additional 55,850 shares during the period. Stone Ridge Asset Management LLC grew its position in nVent Electric by 4.0% during the second quarter. Stone Ridge Asset Management LLC now owns 46,453 shares of the company’s stock worth $1,152,000 after buying an additional 1,800 shares during the period. Murphy Pohlad Asset Management LLC grew its position in nVent Electric by 4.0% during the second quarter. Murphy Pohlad Asset Management LLC now owns 90,960 shares of the company’s stock worth $2,254,000 after buying an additional 3,500 shares during the period. Finally, Eos Focused Equity Management L.P. grew its position in nVent Electric by 6.0% during the second quarter. Eos Focused Equity Management L.P. now owns 83,870 shares of the company’s stock worth $2,079,000 after buying an additional 4,755 shares during the period. 86.20% of the stock is owned by hedge funds and other institutional investors.

About nVent Electric

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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