Arizona State Retirement System Has $4.54 Million Holdings in nVent Electric PLC $NVT

Arizona State Retirement System cut its stake in shares of nVent Electric PLC (NYSE:NVT) by 8.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,512 shares of the company’s stock after selling 4,205 shares during the period. Arizona State Retirement System’s holdings in nVent Electric were worth $4,539,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in nVent Electric during the fourth quarter worth approximately $45,000. HB Wealth Management LLC lifted its position in nVent Electric by 2.8% during the fourth quarter. HB Wealth Management LLC now owns 9,008 shares of the company’s stock worth $919,000 after acquiring an additional 248 shares during the last quarter. TABR Capital Management LLC acquired a new stake in shares of nVent Electric during the fourth quarter worth $3,284,000. Evergreen Capital Management LLC lifted its holdings in shares of nVent Electric by 2.1% during the fourth quarter. Evergreen Capital Management LLC now owns 5,349 shares of the company’s stock worth $545,000 after buying an additional 109 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of nVent Electric by 44.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 77,456 shares of the company’s stock worth $7,898,000 after buying an additional 23,823 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Stock Down 0.1%

NVT stock opened at $142.09 on Tuesday. The company has a market cap of $22.98 billion, a PE ratio of 33.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.28. The business has a 50-day simple moving average of $121.59 and a 200 day simple moving average of $112.00. nVent Electric PLC has a 52 week low of $53.03 and a 52 week high of $145.31. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.41.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Saturday, February 7th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. nVent Electric had a return on equity of 15.18% and a net margin of 18.25%.nVent Electric’s revenue for the quarter was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 earnings per share. Sell-side analysts anticipate that nVent Electric PLC will post 4.15 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Friday, April 24th will be given a $0.21 dividend. The ex-dividend date is Friday, April 24th. This represents a $0.84 annualized dividend and a dividend yield of 0.6%. nVent Electric’s payout ratio is presently 19.53%.

Analyst Upgrades and Downgrades

NVT has been the subject of a number of research reports. Citigroup lifted their target price on nVent Electric from $133.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Barclays lifted their target price on nVent Electric from $141.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, April 1st. Weiss Ratings raised nVent Electric from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 11th. Wolfe Research raised nVent Electric to an “outperform” rating in a report on Monday, February 9th. Finally, UBS Group reissued a “buy” rating and set a $135.00 target price on shares of nVent Electric in a report on Friday, March 13th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, nVent Electric currently has an average rating of “Moderate Buy” and an average price target of $144.00.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, Director Jerry W. Burris sold 5,244 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $112.27, for a total transaction of $588,743.88. Following the completion of the transaction, the director directly owned 46,371 shares in the company, valued at $5,206,072.17. The trade was a 10.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Beth Wozniak sold 7,597 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $116.47, for a total transaction of $884,822.59. Following the transaction, the chief executive officer owned 52,990 shares of the company’s stock, valued at approximately $6,171,745.30. This represents a 12.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,841 shares of company stock worth $2,046,166 over the last three months. Corporate insiders own 1.70% of the company’s stock.

About nVent Electric

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.