Allspring Global Investments Holdings LLC Sells 24,655 Shares of nVent Electric plc (NYSE:NVT)

Allspring Global Investments Holdings LLC cut its holdings in nVent Electric plc (NYSE:NVT) by 6.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 387,462 shares of the company’s stock after selling 24,655 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in nVent Electric were worth $29,684,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NVT. Boston Partners raised its stake in nVent Electric by 3.2% during the 1st quarter. Boston Partners now owns 3,325,834 shares of the company’s stock valued at $250,770,000 after buying an additional 102,643 shares during the last quarter. Clean Energy Transition LLP raised its stake in nVent Electric by 1.6% during the 4th quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock valued at $150,121,000 after buying an additional 39,169 shares during the last quarter. Congress Asset Management Co. MA raised its stake in nVent Electric by 1.2% during the 1st quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock valued at $167,338,000 after buying an additional 26,897 shares during the last quarter. Norges Bank purchased a new stake in nVent Electric during the 4th quarter valued at $109,630,000. Finally, Fiduciary Management Inc. WI raised its stake in nVent Electric by 1.8% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,772,270 shares of the company’s stock valued at $104,723,000 after buying an additional 31,621 shares during the last quarter. 90.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NVT shares. Barclays boosted their target price on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. The Goldman Sachs Group upped their price objective on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Citigroup increased their price target on nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Royal Bank of Canada cut their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, nVent Electric presently has an average rating of “Buy” and an average target price of $87.80.

Insider Buying and Selling

In related news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total value of $1,267,053.36. Following the sale, the insider now directly owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Michael B. Faulconer sold 20,004 shares of nVent Electric stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the completion of the sale, the insider now owns 19,766 shares of the company’s stock, valued at $1,251,978.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the sale, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

nVent Electric Stock Up 0.3 %

NVT opened at $66.30 on Wednesday. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54. nVent Electric plc has a 52 week low of $45.60 and a 52 week high of $86.57. The firm has a 50-day simple moving average of $71.69 and a two-hundred day simple moving average of $73.40. The company has a market capitalization of $11.01 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 1.52 and a beta of 1.31.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The business had revenue of $880.30 million during the quarter, compared to the consensus estimate of $892.89 million. During the same period in the previous year, the business posted $0.77 EPS. The firm’s revenue was up 9.6% on a year-over-year basis. Analysts forecast that nVent Electric plc will post 3.27 earnings per share for the current fiscal year.

nVent Electric Company 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.