Envestnet Asset Management Inc. lifted its holdings in nVent Electric plc (NYSE:NVT – Free Report) by 12.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 312,326 shares of the company’s stock after purchasing an additional 33,879 shares during the period. Envestnet Asset Management Inc. owned 0.19% of nVent Electric worth $13,411,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Altshuler Shaham Ltd acquired a new stake in shares of nVent Electric in the 1st quarter valued at $28,000. Ameritas Advisory Services LLC bought a new position in nVent Electric in the 1st quarter worth $66,000. Global Retirement Partners LLC raised its holdings in nVent Electric by 1,430.8% in the 1st quarter. Global Retirement Partners LLC now owns 1,791 shares of the company’s stock worth $76,000 after acquiring an additional 1,674 shares during the period. Captrust Financial Advisors raised its holdings in nVent Electric by 16.2% in the 2nd quarter. Captrust Financial Advisors now owns 5,375 shares of the company’s stock worth $168,000 after acquiring an additional 751 shares during the period. Finally, Point72 Middle East FZE bought a new position in nVent Electric in the 4th quarter worth $182,000. Institutional investors and hedge funds own 87.76% of the company’s stock.
Insider Buying and Selling at nVent Electric
In other nVent Electric news, CAO Randolph A. Wacker sold 1,519 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $55.21, for a total value of $83,863.99. Following the transaction, the chief accounting officer now directly owns 20,366 shares in the company, valued at $1,124,406.86. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Randolph A. Wacker sold 1,519 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $55.21, for a total transaction of $83,863.99. Following the transaction, the chief accounting officer now directly owns 20,366 shares in the company, valued at $1,124,406.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph A. Ruzynski sold 4,711 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $54.66, for a total transaction of $257,503.26. Following the sale, the insider now directly owns 38,440 shares in the company, valued at $2,101,130.40. The disclosure for this sale can be found here. Insiders have sold a total of 8,879 shares of company stock worth $473,817 over the last ninety days. Corporate insiders own 2.40% of the company’s stock.
nVent Electric Price Performance
nVent Electric (NYSE:NVT – Get Free Report) last released its quarterly earnings results on Friday, July 28th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.09. The firm had revenue of $803.00 million for the quarter, compared to analyst estimates of $809.05 million. nVent Electric had a net margin of 15.14% and a return on equity of 16.85%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. As a group, research analysts expect that nVent Electric plc will post 2.9 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on NVT shares. Seaport Res Ptn reiterated a “neutral” rating on shares of nVent Electric in a report on Monday, August 7th. The Goldman Sachs Group boosted their price objective on shares of nVent Electric from $55.00 to $58.00 in a report on Tuesday, May 30th. Barclays boosted their price objective on shares of nVent Electric from $55.00 to $69.00 and gave the stock an “overweight” rating in a report on Monday, July 31st. Royal Bank of Canada lifted their target price on shares of nVent Electric from $57.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, July 31st. Finally, William Blair assumed coverage on shares of nVent Electric in a research report on Thursday, July 27th. They set an “outperform” rating on the stock. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, nVent Electric presently has a consensus rating of “Moderate Buy” and an average price target of $55.25.
About nVent Electric
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products worldwide. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management. The Enclosures segment provides solutions to connect and protect critical electronics, communication, control, and power equipment; physical infrastructure solutions to host, connect, and protect server and network equipment; indoor and outdoor protection for test and measurement and aerospace and defense applications in industrial, infrastructure, commercial, and energy verticals; and metallic and non-metallic enclosures, cabinets, sub racks, and backplanes.
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