State of Alaska Department of Revenue Has $1.01 Million Stock Position in nVent Electric PLC (NYSE:NVT)

State of Alaska Department of Revenue lessened its position in shares of nVent Electric PLC (NYSE:NVT) by 42.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,301 shares of the company’s stock after selling 14,261 shares during the quarter. State of Alaska Department of Revenue’s holdings in nVent Electric were worth $1,011,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Mountain Pacific Investment Advisers LLC lifted its position in nVent Electric by 8.4% in the first quarter. Mountain Pacific Investment Advisers LLC now owns 208,188 shares of the company’s stock worth $10,913,000 after purchasing an additional 16,138 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of nVent Electric by 6.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 27,252 shares of the company’s stock valued at $1,429,000 after buying an additional 1,591 shares in the last quarter. Good Life Advisors LLC lifted its holdings in shares of nVent Electric by 1.2% during the 1st quarter. Good Life Advisors LLC now owns 41,369 shares of the company’s stock worth $2,169,000 after acquiring an additional 477 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of nVent Electric by 11.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 37,612 shares of the company’s stock worth $1,972,000 after acquiring an additional 3,880 shares during the period. Finally, Krilogy Financial LLC acquired a new stake in shares of nVent Electric during the 1st quarter valued at about $2,550,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

Analyst Ratings Changes

NVT has been the subject of several recent research reports. The Goldman Sachs Group dropped their price target on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. KeyCorp increased their target price on nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Royal Bank Of Canada raised their target price on nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Barclays upped their price target on nVent Electric from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, March 17th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, nVent Electric presently has an average rating of “Buy” and an average price target of $70.67.

nVent Electric Stock Performance

NYSE:NVT opened at $73.27 on Friday. The stock has a market capitalization of $12.06 billion, a P/E ratio of 20.93, a price-to-earnings-growth ratio of 1.44 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. nVent Electric PLC has a 1 year low of $41.71 and a 1 year high of $81.55. The firm has a 50 day moving average of $64.09 and a 200-day moving average of $63.16.

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

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors 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 1.09%. nVent Electric’s dividend payout ratio is 22.86%.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 32,665 shares of the company’s stock, valued at $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.80% of the stock is owned by corporate 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.