Allspring Global Investments Holdings LLC Increases Holdings in nVent Electric PLC $NVT

Allspring Global Investments Holdings LLC increased its stake in nVent Electric PLC (NYSE:NVT) by 1,904.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,131 shares of the company’s stock after purchasing an additional 53,331 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in nVent Electric were worth $5,996,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in NVT. USA Financial Formulas bought a new stake in nVent Electric during the fourth quarter valued at $135,000. Dakota Wealth Management boosted its stake in nVent Electric by 70.6% during the fourth quarter. Dakota Wealth Management now owns 11,407 shares of the company’s stock valued at $1,163,000 after buying an additional 4,719 shares during the period. LVM Capital Management Ltd. MI boosted its stake in nVent Electric by 0.6% during the fourth quarter. LVM Capital Management Ltd. MI now owns 165,427 shares of the company’s stock valued at $16,869,000 after buying an additional 1,018 shares during the period. Assenagon Asset Management S.A. bought a new stake in nVent Electric during the fourth quarter valued at $2,462,000. Finally, TABR Capital Management LLC bought a new stake in nVent Electric during the fourth quarter valued at $3,284,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Beth Wozniak sold 7,597 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $116.47, for a total value of $884,822.59. Following the completion of the sale, the chief executive officer owned 52,990 shares of the company’s stock, valued at approximately $6,171,745.30. The trade was a 12.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan M. Cameron sold 5,000 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total value of $572,600.00. Following the completion of the sale, the director directly owned 13,405 shares of the company’s stock, valued at approximately $1,535,140.60. This trade represents a 27.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 17,841 shares of company stock valued at $2,046,166. Insiders own 1.80% of the company’s stock.

nVent Electric Trading Down 0.5%

Shares of NVT stock opened at $117.42 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.41. The business has a 50-day moving average price of $115.64 and a two-hundred day moving average price of $108.22. nVent Electric PLC has a 12-month low of $41.71 and a 12-month high of $129.94. The firm has a market cap of $18.99 billion, a P/E ratio of 27.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.28.

nVent Electric (NYSE:NVT) last issued its quarterly earnings results on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.01. nVent Electric had a return on equity of 15.18% and a net margin of 18.25%.The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. The company’s revenue was up 41.9% compared to the same quarter last year. Equities analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Friday, April 24th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, April 24th. nVent Electric’s payout ratio is 19.53%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NVT shares. Barclays lifted their price objective on nVent Electric from $141.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, April 1st. KeyCorp lifted their price objective on nVent Electric from $125.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Royal Bank Of Canada lifted their price objective on nVent Electric from $138.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, March 19th. Wolfe Research raised nVent Electric to an “outperform” rating in a research note on Monday, February 9th. Finally, Zacks Research lowered nVent Electric from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $139.63.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.