Envestnet Asset Management Inc. Has $23.19 Million Stake in nVent Electric PLC (NYSE:NVT)

Envestnet Asset Management Inc. lowered its position in nVent Electric PLC (NYSE:NVT) by 5.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 442,332 shares of the company’s stock after selling 24,994 shares during the quarter. Envestnet Asset Management Inc. owned 0.27% of nVent Electric worth $23,187,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NVT. Capital A Wealth Management LLC bought a new position in shares of nVent Electric in the fourth quarter worth $27,000. Whipplewood Advisors LLC increased its holdings in nVent Electric by 467.3% during the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares in the last quarter. Park Square Financial Group LLC bought a new stake in nVent Electric during the 4th quarter worth approximately $38,000. First Horizon Advisors Inc. grew its holdings in shares of nVent Electric by 58.0% in the first quarter. First Horizon Advisors Inc. now owns 817 shares of the company’s stock valued at $43,000 after acquiring an additional 300 shares in the last quarter. Finally, CX Institutional bought a new position in nVent Electric during the first quarter valued at $54,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NVT. Seaport Res Ptn raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. Royal Bank Of Canada upped their price target on shares of nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 5th. Barclays increased their price objective on shares of nVent Electric from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. The Goldman Sachs Group increased their target price on shares of nVent Electric from $78.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Finally, Wall Street Zen raised shares of nVent Electric from a “hold” rating to a “buy” rating in a report on Saturday. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $80.33.

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric 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 owned 32,665 shares in the company, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.50% of the company’s stock.

nVent Electric Price Performance

NYSE:NVT opened at $74.59 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The stock has a fifty day moving average of $69.12 and a 200 day moving average of $63.32. nVent Electric PLC has a 52-week low of $41.71 and a 52-week high of $81.55. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 1.49 and a beta of 1.31.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $790.74 million. During the same period last year, the business posted $0.78 EPS. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, research analysts expect that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Friday, July 18th. nVent Electric’s dividend payout ratio is presently 22.86%.

About nVent Electric

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.