Van ECK Associates Corp Acquires New Stake in nVent Electric plc (NYSE:NVT)

Van ECK Associates Corp bought a new position in shares of nVent Electric plc (NYSE:NVT) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 42,317 shares of the company’s stock, valued at approximately $2,501,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Congress Asset Management Co. MA acquired a new position in shares of nVent Electric during the third quarter worth about $116,908,000. FMR LLC boosted its position in nVent Electric by 41.8% during the 3rd quarter. FMR LLC now owns 6,556,055 shares of the company’s stock worth $347,405,000 after acquiring an additional 1,932,142 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of nVent Electric by 68.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,952,040 shares of the company’s stock worth $209,419,000 after acquiring an additional 1,604,534 shares in the last quarter. Robeco Schweiz AG raised its holdings in shares of nVent Electric by 3,911.6% in the third quarter. Robeco Schweiz AG now owns 1,315,800 shares of the company’s stock valued at $69,724,000 after purchasing an additional 1,283,000 shares during the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of nVent Electric in the third quarter worth $36,106,000. Institutional investors own 90.05% of the company’s stock.

Wall Street Analysts Forecast Growth

NVT has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup increased their price target on nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Monday. Barclays boosted their price target on nVent Electric from $74.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada cut their price objective on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of nVent Electric in a report on Monday, March 11th. They set a “buy” rating and a $83.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.00.

Insider Buying and Selling

In other nVent Electric news, Director Randall J. Hogan sold 184,572 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $64.03, for a total value of $11,818,145.16. Following the transaction, the director now directly owns 8,277 shares of the company’s stock, valued at approximately $529,976.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Beth Wozniak sold 198,211 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $64.29, for a total value of $12,742,985.19. Following the completion of the sale, the chief executive officer now directly owns 342 shares in the company, valued at approximately $21,987.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Randall J. Hogan sold 184,572 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $64.03, for a total value of $11,818,145.16. Following the completion of the transaction, the director now directly owns 8,277 shares in the company, valued at $529,976.31. The disclosure for this sale can be found here. In the last 90 days, insiders sold 397,752 shares of company stock valued at $25,553,202. Company insiders own 2.50% of the company’s stock.

nVent Electric Price Performance

NYSE:NVT opened at $77.59 on Wednesday. nVent Electric plc has a 12-month low of $40.22 and a 12-month high of $78.98. The firm has a market capitalization of $12.88 billion, a price-to-earnings ratio of 22.62, a P/E/G ratio of 1.63 and a beta of 1.35. The stock’s 50 day moving average price is $72.84 and its two-hundred day moving average price is $62.39. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business had revenue of $874.60 million for the quarter, compared to analysts’ expectations of $864.14 million. During the same quarter in the prior year, the business earned $0.67 EPS. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. On average, analysts anticipate that nVent Electric plc will post 3.25 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 26th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Thursday, April 25th. nVent Electric’s dividend payout ratio is presently 22.16%.

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.