Zweig DiMenna Associates LLC Purchases Shares of 56,000 nVent Electric plc (NYSE:NVT)

Zweig DiMenna Associates LLC purchased a new stake in nVent Electric plc (NYSE:NVT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 56,000 shares of the company’s stock, valued at approximately $3,935,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NVT. UMB Bank n.a. increased its position in shares of nVent Electric by 280.0% during the third quarter. UMB Bank n.a. now owns 418 shares of the company’s stock worth $29,000 after purchasing an additional 308 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of nVent Electric during the third quarter worth about $29,000. ORG Partners LLC acquired a new stake in shares of nVent Electric during the second quarter worth about $31,000. First Foundation Advisors acquired a new stake in shares of nVent Electric during the second quarter worth about $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of nVent Electric during the second quarter worth about $34,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Price Performance

Shares of NVT opened at $74.14 on Friday. nVent Electric plc has a twelve month low of $45.60 and a twelve month high of $86.57. The stock’s 50 day moving average is $68.45 and its two-hundred day moving average is $73.18. The firm has a market capitalization of $12.31 billion, a PE ratio of 21.62, a P/E/G ratio of 1.50 and a beta of 1.27. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. During the same quarter in the previous year, the business posted $0.77 earnings per share. nVent Electric’s revenue was up 9.6% on a year-over-year basis. Research analysts anticipate that nVent Electric plc will post 3.26 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.03%. nVent Electric’s payout ratio is 22.16%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. KeyCorp raised their price target on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Barclays lowered their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada lowered their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $85.67.

Insider Buying and Selling

In related news, Director Herbert K. Parker acquired 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the transaction, the director now directly owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Herbert K. Parker acquired 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the transaction, the director now directly owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

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.