nVent Electric plc (NYSE:NVT) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN increased its stake in nVent Electric plc (NYSE:NVT) by 1.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 936,568 shares of the company’s stock after buying an additional 16,911 shares during the period. Wells Fargo & Company MN’s holdings in nVent Electric were worth $55,342,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new stake in shares of nVent Electric in the fourth quarter worth approximately $2,492,000. Citigroup Inc. lifted its position in nVent Electric by 73.9% during the third quarter. Citigroup Inc. now owns 71,372 shares of the company’s stock valued at $3,782,000 after buying an additional 30,325 shares in the last quarter. Jump Financial LLC lifted its position in nVent Electric by 194.1% during the fourth quarter. Jump Financial LLC now owns 39,432 shares of the company’s stock valued at $2,330,000 after buying an additional 26,024 shares in the last quarter. Mariner LLC lifted its position in nVent Electric by 10.1% during the third quarter. Mariner LLC now owns 24,649 shares of the company’s stock valued at $1,306,000 after buying an additional 2,263 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in nVent Electric during the fourth quarter valued at approximately $1,221,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

nVent Electric Trading Up 3.7 %

NVT opened at $85.43 on Friday. The firm has a market capitalization of $14.18 billion, a P/E ratio of 24.91, a P/E/G ratio of 1.97 and a beta of 1.35. The firm’s 50 day moving average is $76.21 and its 200-day moving average is $65.35. nVent Electric plc has a 52-week low of $42.00 and a 52-week high of $85.75. 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 issued its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. The business had revenue of $874.60 million during the quarter, compared to analyst estimates 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 was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 earnings per share. Analysts expect that nVent Electric plc will post 3.27 EPS for the current fiscal year.

nVent Electric Announces Dividend

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

Insider Buying and Selling

In related news, insider Michael B. Faulconer sold 10,961 shares of nVent Electric stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $67.33, for a total value of $738,004.13. Following the completion of the sale, the insider now owns 33,109 shares in the company, valued at $2,229,228.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.50% of the company’s stock.

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.