PFG Investments LLC Cuts Holdings in nVent Electric PLC (NYSE:NVT)

PFG Investments LLC decreased its holdings in nVent Electric PLC (NYSE:NVT) by 4.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,888 shares of the company’s stock after selling 249 shares during the quarter. PFG Investments LLC’s holdings in nVent Electric were worth $256,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of NVT. Atria Wealth Solutions Inc. raised its position in nVent Electric by 179.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 9,854 shares of the company’s stock worth $672,000 after acquiring an additional 6,331 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of nVent Electric by 15.3% in the 4th quarter. Private Advisor Group LLC now owns 8,383 shares of the company’s stock valued at $571,000 after purchasing an additional 1,111 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of nVent Electric by 22.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,718,368 shares of the company’s stock valued at $117,124,000 after purchasing an additional 312,982 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of nVent Electric by 7.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 22,848 shares of the company’s stock valued at $1,557,000 after purchasing an additional 1,607 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in nVent Electric in the fourth quarter valued at about $3,986,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. KeyCorp increased their target price on shares of nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Royal Bank Of Canada raised their price objective on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Monday, March 17th. Finally, Barclays raised their price target on nVent Electric from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $70.67.

nVent Electric Trading Down 0.4%

Shares of nVent Electric stock opened at $72.06 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42. The business has a 50 day moving average price of $63.62 and a 200 day moving average price of $63.17. The company has a market capitalization of $11.86 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.45 and a beta of 1.30. nVent Electric PLC has a 1 year low of $41.71 and a 1 year high of $81.55.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. nVent Electric’s revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.78 earnings per share. Sell-side analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be issued a $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a yield of 1.11%. nVent Electric’s dividend payout ratio is currently 22.86%.

Insider Activity at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president now owns 32,665 shares in the company, valued at $2,003,997.75. This trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by insiders.

About nVent Electric

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.