PNC Financial Services Group Inc. Buys 6,858 Shares of nVent Electric plc (NYSE:NVT)

PNC Financial Services Group Inc. grew its stake in shares of nVent Electric plc (NYSE:NVT) by 7.9% during the fourth quarter, HoldingsChannel reports. The firm owned 93,334 shares of the company’s stock after purchasing an additional 6,858 shares during the quarter. PNC Financial Services Group Inc.’s holdings in nVent Electric were worth $5,515,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Quent Capital LLC grew its holdings in shares of nVent Electric by 123.2% during the 4th quarter. Quent Capital LLC now owns 424 shares of the company’s stock worth $25,000 after acquiring an additional 234 shares during the period. HM Payson & Co. bought a new stake in shares of nVent Electric during the third quarter valued at approximately $26,000. Pacific Center for Financial Services purchased a new stake in nVent Electric in the third quarter worth $32,000. Headlands Technologies LLC bought a new position in nVent Electric in the third quarter worth $35,000. Finally, Smithfield Trust Co lifted its position in nVent Electric by 650.0% during the fourth quarter. Smithfield Trust Co now owns 630 shares of the company’s stock valued at $36,000 after buying an additional 546 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Insider Transactions at nVent Electric

In other nVent Electric news, insider Michael B. Faulconer sold 10,961 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $67.33, for a total transaction of $738,004.13. Following the sale, the insider now owns 33,109 shares of the company’s stock, valued at approximately $2,229,228.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

nVent Electric Price Performance

NVT stock opened at $85.43 on Friday. nVent Electric plc has a 52 week low of $42.00 and a 52 week high of $85.75. The firm has a market capitalization of $14.18 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 1.90 and a beta of 1.35. The company has a fifty day simple moving average of $76.21 and a two-hundred day simple moving average of $65.25. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54.

nVent Electric (NYSE:NVT) last announced its earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.04. The business had revenue of $874.60 million for the quarter, compared to the consensus estimate of $864.14 million. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 earnings per share. Analysts anticipate that nVent Electric plc will post 3.27 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Friday, July 19th. nVent Electric’s dividend payout ratio (DPR) is presently 22.16%.

Analyst Ratings Changes

A number of research firms have recently weighed in on NVT. Barclays upped their target price on shares of nVent Electric from $74.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Citigroup raised their target price on shares of nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, May 6th. The Goldman Sachs Group boosted their price target on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Deutsche Bank Aktiengesellschaft began coverage on nVent Electric in a research report on Monday, March 11th. They set a “buy” rating and a $83.00 price objective for the company. Finally, Royal Bank of Canada dropped their target price on nVent Electric from $89.00 to $88.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.00.

nVent Electric 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.