State Board of Administration of Florida Retirement System decreased its holdings in shares of nVent Electric plc (NYSE:NVT – Get Rating) by 8.4% in the 4th quarter, HoldingsChannel reports. The firm owned 190,240 shares of the company’s stock after selling 17,370 shares during the period. State Board of Administration of Florida Retirement System’s holdings in nVent Electric were worth $7,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also added to or reduced their stakes in the business. Fifth Third Bancorp lifted its holdings in shares of nVent Electric by 56.4% during the fourth quarter. Fifth Third Bancorp now owns 818 shares of the company’s stock worth $31,000 after buying an additional 295 shares in the last quarter. Wipfli Financial Advisors LLC acquired a new stake in shares of nVent Electric during the third quarter worth $50,000. Affiance Financial LLC acquired a new stake in shares of nVent Electric during the fourth quarter worth $90,000. CWM LLC lifted its holdings in shares of nVent Electric by 395.4% during the fourth quarter. CWM LLC now owns 2,824 shares of the company’s stock worth $109,000 after buying an additional 2,254 shares in the last quarter. Finally, Mendota Financial Group LLC acquired a new stake in shares of nVent Electric during the fourth quarter worth $157,000. Institutional investors and hedge funds own 87.12% of the company’s stock.
Analyst Upgrades and Downgrades
NVT has been the subject of a number of research reports. Royal Bank of Canada dropped their target price on nVent Electric from $52.00 to $50.00 in a report on Monday, May 1st. Barclays boosted their price target on nVent Electric from $53.00 to $55.00 in a research note on Monday, May 1st.
nVent Electric Stock Performance
nVent Electric (NYSE:NVT – Get Rating) last released its quarterly earnings results on Friday, April 28th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. nVent Electric had a return on equity of 16.08% and a net margin of 14.41%. The company had revenue of $741.00 million for the quarter, compared to analysts’ expectations of $740.70 million. During the same period in the previous year, the business posted $0.50 earnings per share. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities research analysts anticipate that nVent Electric plc will post 2.75 earnings per share for the current year.
nVent Electric Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, May 12th. Stockholders of record on Friday, April 28th will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, April 27th. nVent Electric’s payout ratio is 27.67%.
Insider Transactions at nVent Electric
In related news, insider Joseph A. Ruzynski sold 3,500 shares of the company’s stock in a transaction on Monday, February 13th. The stock was sold at an average price of $45.07, for a total transaction of $157,745.00. Following the completion of the sale, the insider now owns 22,130 shares in the company, valued at $997,399.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is owned by insiders.
About nVent Electric
nVent Electric Plc engages in the provision of electrical connection and protection solutions. It operates through the following segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions. The Enclosures segment offers solutions that protect, connect, and manage heat in critical electronics, communication, control, and power equipment.
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