Fmr LLC Trims Stock Holdings in nVent Electric plc (NYSE:NVT)

Fmr LLC lessened its stake in shares of nVent Electric plc (NYSE:NVT) by 39.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,418,531 shares of the company’s stock after selling 4,147,830 shares during the quarter. Fmr LLC owned approximately 3.89% of nVent Electric worth $450,966,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. grew its holdings in shares of nVent Electric by 6.6% during the second quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after buying an additional 25,482 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in nVent Electric by 18.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock valued at $23,099,000 after acquiring an additional 46,748 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of nVent Electric by 143.8% during the 1st quarter. Cetera Investment Advisers now owns 46,103 shares of the company’s stock worth $3,476,000 after purchasing an additional 27,196 shares during the period. Gateway Investment Advisers LLC acquired a new stake in shares of nVent Electric during the second quarter worth $1,608,000. Finally, Fifth Third Bancorp increased its stake in nVent Electric by 43.5% in the second quarter. Fifth Third Bancorp now owns 1,951 shares of the company’s stock valued at $149,000 after purchasing an additional 591 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the sale, the chief accounting officer now owns 25,993 shares of the company’s stock, valued at $1,972,088.91. This trade represents a 23.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jon D. Lammers sold 67,297 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the transaction, the executive vice president now directly owns 58,121 shares in the company, valued at approximately $4,421,264.47. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,382 shares of company stock valued at $7,365,956 over the last three months. 2.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on NVT shares. Barclays decreased their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Royal Bank of Canada decreased their target price on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Finally, KeyCorp upped their price target on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric has a consensus rating of “Buy” and an average target price of $85.33.

nVent Electric Stock Performance

nVent Electric stock opened at $78.31 on Friday. The company has a market cap of $12.91 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 3.94 and a beta of 1.26. nVent Electric plc has a 12 month low of $52.70 and a 12 month high of $86.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The stock’s 50-day moving average is $73.57 and its 200-day moving average is $73.21.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The business had revenue of $782.00 million for the quarter, compared to analyst estimates of $937.37 million. During the same period last year, the firm earned $0.84 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts anticipate that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s dividend payout ratio (DPR) is presently 22.29%.

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.