nVent Electric (NYSE:NVT) Stock Price Up 4.7% Following Insider Buying Activity

Shares of nVent Electric plc (NYSE:NVT – Get Rating) rose 4.7% during trading on Thursday following insider buying activity. The company traded as high as $43.01 and last traded at $42.88. Approximately 225,482 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,036,121 shares. The stock had previously closed at $40.96.

Specifically, insider Joseph A. Ruzynski sold 3,200 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $43.41, for a total value of $138,912.00. Following the completion of the transaction, the insider now directly owns 36,022 shares of the company’s stock, valued at $1,563,715.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Greg Scheu bought 4,700 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was bought at an average price of $43.23 per share, with a total value of $203,181.00. Following the completion of the acquisition, the director now owns 16,828 shares of the company’s stock, valued at $727,474.44. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Joseph A. Ruzynski sold 3,200 shares of nVent Electric stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $43.41, for a total value of $138,912.00. Following the sale, the insider now directly owns 36,022 shares of the company’s stock, valued at approximately $1,563,715.02. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NVT shares. Barclays boosted their price target on nVent Electric from $53.00 to $55.00 in a research note on Monday, May 1st. Royal Bank of Canada boosted their target price on nVent Electric from $50.00 to $53.00 in a research note on Monday.

nVent Electric Price Performance

The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 17.23 and a beta of 1.31. The business’s 50-day simple moving average is $42.21 and its two-hundred day simple moving average is $41.28. The company has a current ratio of 2.08, a quick ratio of 1.47 and a debt-to-equity ratio of 0.38.

nVent Electric (NYSE:NVT – Get Rating) last announced its quarterly earnings data on Friday, April 28th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. nVent Electric had a net margin of 14.41% and a return on equity of 16.08%. The company had revenue of $741.00 million during the quarter, compared to the consensus estimate of $740.70 million. During the same quarter last year, the firm posted $0.50 EPS. The company’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, research analysts expect that nVent Electric plc will post 2.75 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 4th. Shareholders of record on Friday, July 21st will be paid a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, July 20th. nVent Electric’s dividend payout ratio (DPR) is presently 27.67%.

Hedge Funds Weigh In On nVent Electric

Several large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in nVent Electric by 850.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 599 shares of the company’s stock worth $26,000 after acquiring an additional 536 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in nVent Electric in the 1st quarter worth approximately $28,000. Fifth Third Bancorp lifted its position in nVent Electric by 56.4% in the 4th quarter. Fifth Third Bancorp now owns 818 shares of the company’s stock worth $31,000 after buying an additional 295 shares during the last quarter. BOKF NA bought a new stake in nVent Electric in the 1st quarter worth approximately $41,000. Finally, Ameritas Advisory Services LLC bought a new stake in nVent Electric in the first quarter valued at approximately $66,000. 87.12% of the stock is currently owned by institutional investors.

About nVent Electric

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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.