Eventide Asset Management LLC Decreases Stake in nVent Electric plc (NYSE:NVT)

Eventide Asset Management LLC lowered its holdings in nVent Electric plc (NYSE:NVT) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 716,925 shares of the company’s stock after selling 3,713 shares during the quarter. Eventide Asset Management LLC owned 0.43% of nVent Electric worth $50,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Fiduciary Trust Co raised its stake in shares of nVent Electric by 79.4% in the third quarter. Fiduciary Trust Co now owns 8,296 shares of the company’s stock worth $583,000 after purchasing an additional 3,672 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of nVent Electric by 125.7% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 27,721 shares of the company’s stock worth $1,948,000 after purchasing an additional 15,438 shares during the last quarter. Bridgewater Associates LP purchased a new position in shares of nVent Electric in the third quarter worth $1,781,000. Thematics Asset Management raised its stake in shares of nVent Electric by 11.6% in the third quarter. Thematics Asset Management now owns 864,708 shares of the company’s stock worth $60,754,000 after purchasing an additional 90,000 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. raised its stake in shares of nVent Electric by 2,194.2% in the third quarter. Transamerica Financial Advisors Inc. now owns 2,386 shares of the company’s stock worth $168,000 after purchasing an additional 2,282 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NVT. Barclays decreased their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. KeyCorp upped their price objective on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada reduced their price objective on nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $85.33.

nVent Electric Stock Performance

NYSE:NVT opened at $76.54 on Friday. The stock has a 50-day simple moving average of $73.42 and a two-hundred day simple moving average of $73.22. nVent Electric plc has a 52-week low of $52.26 and a 52-week high of $86.57. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83. The firm has a market capitalization of $12.62 billion, a PE ratio of 22.45, a P/E/G ratio of 3.94 and a beta of 1.26.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The company had revenue of $782.00 million for the quarter, compared to the consensus estimate of $937.37 million. During the same period in the prior year, the firm posted $0.84 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. Analysts forecast that nVent Electric plc will post 2.5 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.99%. The ex-dividend date was Friday, October 18th. nVent Electric’s dividend payout ratio is presently 22.29%.

Insider Buying and Selling at nVent Electric

In other news, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the transaction, the chief accounting officer now owns 25,993 shares of the company’s stock, valued at $1,972,088.91. This represents a 23.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sara E. Zawoyski sold 14,505 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total value of $1,113,403.80. Following the completion of the transaction, the chief financial officer now directly owns 62,215 shares of the company’s stock, valued at approximately $4,775,623.40. This trade represents a 18.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,382 shares of company stock valued at $7,365,956. Company 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.