Corebridge Financial Inc. Sells 10,053 Shares of nVent Electric plc (NYSE:NVT)

Corebridge Financial Inc. reduced its stake in nVent Electric plc (NYSE:NVT) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,496 shares of the company’s stock after selling 10,053 shares during the period. Corebridge Financial Inc. owned 0.11% of nVent Electric worth $12,712,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Crews Bank & Trust bought a new position in shares of nVent Electric in the 4th quarter worth approximately $26,000. Larson Financial Group LLC grew its stake in nVent Electric by 91.9% in the third quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after purchasing an additional 181 shares during the period. Brooklyn Investment Group bought a new position in nVent Electric in the third quarter worth $44,000. Tsfg LLC purchased a new position in nVent Electric during the fourth quarter valued at $51,000. Finally, Raleigh Capital Management Inc. boosted its holdings in shares of nVent Electric by 547.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 751 shares of the company’s stock valued at $51,000 after buying an additional 635 shares in the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

nVent Electric Stock Performance

NVT stock opened at $58.41 on Wednesday. The stock’s 50 day simple moving average is $63.20 and its 200 day simple moving average is $69.01. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. nVent Electric plc has a 12-month low of $51.99 and a 12-month high of $86.57. The stock has a market capitalization of $9.64 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 1.48 and a beta of 1.31.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. As a group, research analysts forecast that nVent Electric plc will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric’s payout ratio is presently 40.82%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NVT shares. CL King raised shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Monday, March 17th. Royal Bank of Canada lifted their target price on shares of nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Barclays cut their price target on nVent Electric from $88.00 to $83.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. Citigroup lowered their price objective on nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $83.33.

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.