OneAscent Wealth Management LLC raised its holdings in shares of nVent Electric plc (NYSE:NVT – Free Report) by 17.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,706 shares of the company’s stock after purchasing an additional 1,620 shares during the quarter. OneAscent Wealth Management LLC’s holdings in nVent Electric were worth $553,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in NVT. FMR LLC grew its position in shares of nVent Electric by 130.5% in the 1st quarter. FMR LLC now owns 3,276,257 shares of the company’s stock worth $140,682,000 after acquiring an additional 1,854,955 shares in the last quarter. Norges Bank acquired a new stake in shares of nVent Electric during the fourth quarter worth $65,666,000. Thematics Asset Management bought a new position in shares of nVent Electric in the 4th quarter worth about $32,230,000. Two Sigma Investments LP lifted its position in shares of nVent Electric by 2,296.0% in the 4th quarter. Two Sigma Investments LP now owns 647,165 shares of the company’s stock worth $24,896,000 after buying an additional 620,155 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in shares of nVent Electric by 286.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 716,478 shares of the company’s stock valued at $30,766,000 after buying an additional 530,984 shares during the last quarter. Institutional investors own 87.76% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. Royal Bank of Canada lifted their target price on nVent Electric from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. William Blair assumed coverage on nVent Electric in a research note on Thursday, July 27th. They set an “outperform” rating for the company. Seaport Res Ptn reiterated a “neutral” rating on shares of nVent Electric in a research note on Monday, August 7th. Barclays boosted their price target on shares of nVent Electric from $55.00 to $69.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Finally, The Goldman Sachs Group lifted their price objective on shares of nVent Electric from $55.00 to $58.00 in a research report on Tuesday, May 30th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.25.
Insider Activity at nVent Electric
In other nVent Electric news, insider Joseph A. Ruzynski sold 4,711 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $54.66, for a total value of $257,503.26. Following the completion of the sale, the insider now directly owns 38,440 shares in the company, valued at $2,101,130.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other nVent Electric news, insider Joseph A. Ruzynski sold 4,711 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $54.66, for a total value of $257,503.26. Following the sale, the insider now directly owns 38,440 shares in the company, valued at $2,101,130.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Randolph A. Wacker sold 1,519 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $55.21, for a total transaction of $83,863.99. Following the completion of the sale, the chief accounting officer now directly owns 20,366 shares of the company’s stock, valued at $1,124,406.86. The disclosure for this sale can be found here. Insiders have sold 8,879 shares of company stock worth $473,817 over the last quarter. 2.40% of the stock is currently owned by company insiders.
nVent Electric Stock Performance
NVT stock traded down $1.16 during trading on Friday, reaching $55.57. 3,541,225 shares of the company’s stock were exchanged, compared to its average volume of 1,178,818. The firm has a market cap of $9.21 billion, a PE ratio of 20.44 and a beta of 1.32. The company has a quick ratio of 1.32, a current ratio of 2.09 and a debt-to-equity ratio of 0.67. nVent Electric plc has a 1-year low of $30.48 and a 1-year high of $58.98. The company’s fifty day moving average price is $54.16 and its 200-day moving average price is $47.80.
nVent Electric (NYSE:NVT – Get Free Report) last posted its quarterly earnings data on Friday, July 28th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.09. The business had revenue of $803.00 million during the quarter, compared to the consensus estimate of $809.05 million. nVent Electric had a net margin of 15.14% and a return on equity of 16.85%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 earnings per share. On average, research analysts expect that nVent Electric plc will post 2.9 EPS for the current fiscal year.
nVent Electric Company Profile
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products worldwide. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management. The Enclosures segment provides solutions to connect and protect critical electronics, communication, control, and power equipment; physical infrastructure solutions to host, connect, and protect server and network equipment; indoor and outdoor protection for test and measurement and aerospace and defense applications in industrial, infrastructure, commercial, and energy verticals; and metallic and non-metallic enclosures, cabinets, sub racks, and backplanes.
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