Capital Research Global Investors Buys New Shares in nVent Electric plc (NYSE:NVT)

Capital Research Global Investors purchased a new position in shares of nVent Electric plc (NYSE:NVT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 5,644,798 shares of the company’s stock, valued at approximately $384,749,000.

Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP increased its holdings in nVent Electric by 40.4% in the fourth quarter. First Trust Advisors LP now owns 996,714 shares of the company’s stock worth $67,936,000 after purchasing an additional 286,861 shares in the last quarter. Champlain Investment Partners LLC acquired a new position in shares of nVent Electric during the 4th quarter valued at $86,738,000. Farringdon Capital Ltd. bought a new position in nVent Electric during the fourth quarter worth $212,000. NewEdge Advisors LLC increased its stake in nVent Electric by 1,010.8% in the fourth quarter. NewEdge Advisors LLC now owns 23,505 shares of the company’s stock valued at $1,602,000 after purchasing an additional 21,389 shares in the last quarter. Finally, Seeds Investor LLC raised its holdings in shares of nVent Electric by 9.3% during the fourth quarter. Seeds Investor LLC now owns 5,058 shares of the company’s stock valued at $345,000 after purchasing an additional 430 shares during the period. 90.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NVT. The Goldman Sachs Group decreased their target price on nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Citigroup cut their target price on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 14th. KeyCorp lowered their price objective on shares of nVent Electric from $75.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Finally, Barclays dropped their price target on shares of 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 equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $69.00.

nVent Electric Price Performance

nVent Electric stock opened at $49.79 on Friday. nVent Electric plc has a 52 week low of $41.71 and a 52 week high of $86.57. The company’s 50 day moving average price is $55.98 and its two-hundred day moving average price is $66.59. The stock has a market cap 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. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data 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%. On average, equities analysts predict that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, April 25th. nVent Electric’s dividend payout ratio is 40.82%.

nVent Electric Company 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.