CX Institutional Invests $54,000 in nVent Electric PLC (NYSE:NVT)

CX Institutional acquired a new position in nVent Electric PLC (NYSE:NVT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,030 shares of the company’s stock, valued at approximately $54,000.

A number of other hedge funds have also made changes to their positions in NVT. Rhumbline Advisers lifted its holdings in nVent Electric by 0.5% in the 4th quarter. Rhumbline Advisers now owns 447,404 shares of the company’s stock valued at $30,495,000 after purchasing an additional 2,221 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of nVent Electric by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 5,078 shares of the company’s stock valued at $346,000 after purchasing an additional 255 shares in the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of nVent Electric by 179.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 9,854 shares of the company’s stock valued at $672,000 after purchasing an additional 6,331 shares during the last quarter. Callahan Advisors LLC acquired a new position in nVent Electric during the fourth quarter worth $445,000. Finally, Good Life Advisors LLC increased its stake in shares of nVent Electric by 5.2% in the 4th quarter. Good Life Advisors LLC now owns 40,892 shares of the company’s stock worth $2,787,000 after acquiring an additional 2,004 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on NVT. Barclays lifted their target price on shares of nVent Electric from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, March 17th. Citigroup reduced their price target on shares of nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Finally, KeyCorp increased their target price on nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, nVent Electric currently has a consensus rating of “Buy” and a consensus price target of $70.67.

nVent Electric Stock Down 0.8%

nVent Electric stock opened at $69.86 on Wednesday. nVent Electric PLC has a twelve month low of $41.71 and a twelve month high of $81.55. The firm has a market capitalization of $11.50 billion, a P/E ratio of 19.96, a P/E/G ratio of 1.41 and a beta of 1.30. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48. The stock’s fifty day simple moving average is $61.11 and its 200-day simple moving average is $63.35.

nVent Electric (NYSE:NVT) last released its earnings results on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $809.30 million for the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share. As a group, equities analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be issued a $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.15%. nVent Electric’s payout ratio is currently 22.86%.

Insider Buying and Selling

In other news, EVP Lynnette R. Heath sold 4,041 shares of the company’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the transaction, the executive vice president now owns 32,665 shares in the company, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.50% of the stock is owned by company insiders.

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.