Gabelli Funds LLC Sells 2,500 Shares of nVent Electric plc (NYSE:NVT)

Gabelli Funds LLC reduced its stake in nVent Electric plc (NYSE:NVT) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,000 shares of the company’s stock after selling 2,500 shares during the period. Gabelli Funds LLC’s holdings in nVent Electric were worth $4,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of nVent Electric during the 4th quarter valued at $197,434,000. Franklin Resources Inc. raised its stake in nVent Electric by 22.1% in the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after purchasing an additional 1,269,335 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in nVent Electric by 3,186.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 711,343 shares of the company’s stock worth $48,485,000 after purchasing an additional 689,701 shares during the period. Impax Asset Management Group plc grew its stake in nVent Electric by 2,764.1% during the fourth quarter. Impax Asset Management Group plc now owns 647,304 shares of the company’s stock worth $43,626,000 after buying an additional 624,703 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in nVent Electric by 113.7% in the 4th quarter. JPMorgan Chase & Co. now owns 1,075,409 shares of the company’s stock valued at $73,300,000 after buying an additional 572,086 shares during the period. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Trading Up 0.4 %

Shares of NVT stock opened at $49.79 on Friday. nVent Electric plc has a twelve month low of $41.71 and a twelve month high of $86.57. The stock’s fifty day simple moving average is $56.32 and its 200 day simple moving average is $66.73. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $8.20 billion, a P/E ratio of 25.40, a P/E/G ratio of 1.48 and a beta of 1.21.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. As a group, sell-side analysts predict that nVent Electric plc will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric’s payout ratio is currently 40.82%.

Wall Street Analyst Weigh In

NVT has been the subject of a number of recent analyst reports. Seaport Res Ptn raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Citigroup cut their target price on nVent Electric from $85.00 to $59.00 and set a “buy” rating for the company in a research note on Monday. Royal Bank of Canada lifted their price target on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Monday, March 17th. Finally, Barclays decreased their target price on nVent Electric from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, nVent Electric presently has an average rating of “Buy” and an average price target of $69.00.

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.