Artisan Partners Limited Partnership Sells 60,987 Shares of nVent Electric plc (NYSE:NVT)

Artisan Partners Limited Partnership decreased its position in nVent Electric plc (NYSE:NVT) by 4.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,328,408 shares of the company’s stock after selling 60,987 shares during the period. Artisan Partners Limited Partnership’s holdings in nVent Electric were worth $68,639,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Cetera Advisors LLC boosted its holdings in nVent Electric by 4.0% in the second quarter. Cetera Advisors LLC now owns 5,368 shares of the company’s stock valued at $277,000 after acquiring an additional 208 shares during the last quarter. Inspire Investing LLC boosted its holdings in nVent Electric by 1.9% in the second quarter. Inspire Investing LLC now owns 12,371 shares of the company’s stock valued at $639,000 after acquiring an additional 236 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in nVent Electric by 2.8% in the second quarter. Coldstream Capital Management Inc. now owns 9,122 shares of the company’s stock valued at $471,000 after acquiring an additional 248 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in nVent Electric by 10.8% in the first quarter. NewEdge Advisors LLC now owns 2,897 shares of the company’s stock valued at $124,000 after acquiring an additional 283 shares during the last quarter. Finally, First Manhattan Co. boosted its holdings in nVent Electric by 0.3% in the first quarter. First Manhattan Co. now owns 127,346 shares of the company’s stock valued at $4,429,000 after acquiring an additional 400 shares during the last quarter. Institutional investors own 87.76% of the company’s stock.

nVent Electric Trading Up 1.0 %

NYSE:NVT opened at $53.16 on Friday. nVent Electric plc has a fifty-two week low of $36.70 and a fifty-two week high of $58.98. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.97 and a quick ratio of 1.27. The stock has a market capitalization of $8.82 billion, a PE ratio of 18.99 and a beta of 1.33. The business’s 50-day simple moving average is $51.85 and its 200-day simple moving average is $50.44.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Friday, October 27th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.11. nVent Electric had a return on equity of 17.44% and a net margin of 14.98%. The business had revenue of $859.00 million for the quarter, compared to analysts’ expectations of $881.99 million. During the same quarter in the previous year, the business posted $0.66 EPS. nVent Electric’s revenue for the quarter was up 15.3% on a year-over-year basis. Sell-side analysts expect that nVent Electric plc will post 3.02 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 3rd. Stockholders of record on Friday, October 20th were issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Thursday, October 19th. nVent Electric’s dividend payout ratio (DPR) is presently 25.00%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Citigroup assumed coverage on nVent Electric in a research note on Tuesday, October 3rd. They issued a “buy” rating and a $62.00 target price on the stock. William Blair assumed coverage on nVent Electric in a research note on Thursday, July 27th. They issued an “outperform” rating on the stock. Seaport Res Ptn reissued a “neutral” rating on shares of nVent Electric in a research note on Monday, August 7th. Royal Bank of Canada cut their target price on nVent Electric from $60.00 to $57.00 and set an “outperform” rating on the stock in a research note on Monday, October 30th. Finally, Barclays cut their target price on nVent Electric from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, October 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, nVent Electric currently has an average rating of “Moderate Buy” and an average price target of $60.50.

nVent Electric 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.