Citigroup Inc. Grows Stake in nVent Electric plc (NYSE:NVT)

Citigroup Inc. lifted its stake in shares of nVent Electric plc (NYSE:NVT) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,044 shares of the company’s stock after purchasing an additional 1,959 shares during the period. Citigroup Inc.’s holdings in nVent Electric were worth $4,359,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. UMB Bank n.a. grew its stake in nVent Electric by 280.0% during the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $29,000 after acquiring an additional 308 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in nVent Electric in the 3rd quarter valued at about $29,000. ORG Partners LLC acquired a new position in nVent Electric in the 2nd quarter valued at about $31,000. First Foundation Advisors acquired a new position in shares of nVent Electric in the 2nd quarter worth approximately $34,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of nVent Electric in the 2nd quarter worth approximately $34,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Insider Activity

In other nVent Electric news, EVP Jon D. Lammers sold 67,297 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the completion of the sale, the executive vice president now owns 58,121 shares of the company’s stock, valued at $4,421,264.47. This represents a 53.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the sale, the chief accounting officer now directly 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 disclosure for this sale can be found here. Insiders have sold 96,382 shares of company stock worth $7,365,956 in the last 90 days. Company insiders own 2.50% of the company’s stock.

nVent Electric Stock Performance

NVT stock opened at $78.18 on Wednesday. The company has a market capitalization of $12.89 billion, a P/E ratio of 22.93, a PEG ratio of 3.99 and a beta of 1.25. The company has a 50-day simple moving average of $73.89 and a 200 day simple moving average of $73.04. nVent Electric plc has a fifty-two week low of $53.49 and a fifty-two week high of $86.57. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). The business had revenue of $782.00 million during the quarter, compared to analyst estimates of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. nVent Electric’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 earnings per share. Sell-side analysts predict that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were issued a $0.19 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.97%. nVent Electric’s dividend payout ratio is 22.29%.

Wall Street Analyst Weigh In

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

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.