Swedbank AB Acquires New Stake in nVent Electric plc (NYSE:NVT)

Swedbank AB acquired a new stake in nVent Electric plc (NYSE:NVT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,575,045 shares of the company’s stock, valued at approximately $110,663,000. Swedbank AB owned 0.95% of nVent Electric as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of NVT. Millennium Management LLC increased its holdings in nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock valued at $103,161,000 after purchasing an additional 828,425 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in nVent Electric by 16.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after purchasing an additional 673,990 shares during the period. Jennison Associates LLC acquired a new stake in nVent Electric in the first quarter valued at $22,784,000. DigitalBridge Group Inc. acquired a new stake in nVent Electric in the second quarter valued at $21,291,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in nVent Electric by 47.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 783,462 shares of the company’s stock valued at $60,021,000 after purchasing an additional 253,871 shares during the period. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at nVent Electric

In related news, insider Michael B. Faulconer sold 20,004 shares of the firm’s 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 transaction, the insider now owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Lynnette R. Heath sold 8,242 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael B. Faulconer sold 20,004 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 19,766 shares in the company, valued at approximately $1,251,978.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NVT. Barclays cut their price target on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. KeyCorp upped their price target on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Royal Bank of Canada cut their price target on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, nVent Electric presently has a consensus rating of “Buy” and a consensus target price of $85.67.

nVent Electric Price Performance

NVT stock opened at $73.37 on Wednesday. The stock has a market capitalization of $12.18 billion, a PE ratio of 21.39, a price-to-earnings-growth ratio of 1.47 and a beta of 1.27. The company’s 50-day moving average is $67.07 and its 200-day moving average is $73.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49. nVent Electric plc has a 1 year low of $45.60 and a 1 year high of $86.57.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The company had revenue of $880.30 million for the quarter, compared to the consensus estimate of $892.89 million. nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. nVent Electric’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the company earned $0.77 EPS. Equities research analysts expect that nVent Electric plc will post 3.26 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.04%. nVent Electric’s dividend payout ratio (DPR) is presently 22.16%.

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.