Allianz Asset Management GmbH Purchases 239,203 Shares of nVent Electric PLC $NVT

Allianz Asset Management GmbH grew its position in nVent Electric PLC (NYSE:NVT) by 239.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 339,185 shares of the company’s stock after purchasing an additional 239,203 shares during the period. Allianz Asset Management GmbH owned approximately 0.21% of nVent Electric worth $33,457,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Global Trust Asset Management LLC bought a new stake in nVent Electric in the 3rd quarter valued at approximately $30,000. Root Financial Partners LLC bought a new stake in shares of nVent Electric in the third quarter worth $31,000. True Wealth Design LLC boosted its holdings in nVent Electric by 1,202.9% during the second quarter. True Wealth Design LLC now owns 443 shares of the company’s stock worth $32,000 after purchasing an additional 409 shares during the last quarter. Manchester Capital Management LLC grew its position in nVent Electric by 222.2% in the second quarter. Manchester Capital Management LLC now owns 435 shares of the company’s stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Finally, Headlands Technologies LLC increased its stake in nVent Electric by 522.9% in the 2nd quarter. Headlands Technologies LLC now owns 517 shares of the company’s stock valued at $38,000 after buying an additional 434 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Roth Mkm restated a “buy” rating and set a $130.00 price objective (up from $115.00) on shares of nVent Electric in a research note on Monday, November 3rd. Royal Bank Of Canada reissued an “outperform” rating and set a $136.00 price target on shares of nVent Electric in a research report on Thursday, January 15th. The Goldman Sachs Group raised their price target on nVent Electric from $111.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. KeyCorp upped their price objective on nVent Electric from $103.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Finally, Citigroup increased their price objective on nVent Electric from $114.00 to $131.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Nine investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $123.63.

nVent Electric Stock Performance

NVT opened at $113.67 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.57 and a debt-to-equity ratio of 0.44. nVent Electric PLC has a 12-month low of $41.71 and a 12-month high of $120.85. The business has a 50 day moving average of $107.31 and a 200-day moving average of $99.99. The stock has a market cap of $18.34 billion, a price-to-earnings ratio of 31.31, a PEG ratio of 1.25 and a beta of 1.33.

nVent Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Friday, January 23rd will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.7%. This is a positive change from nVent Electric’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, January 23rd. nVent Electric’s dividend payout ratio (DPR) is presently 23.14%.

Insider Buying and Selling at nVent Electric

In other news, Director Greg Scheu sold 5,591 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $104.04, for a total value of $581,687.64. Following the transaction, the director directly owned 14,348 shares of the company’s stock, valued at $1,492,765.92. This represents a 28.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Beth Wozniak sold 4,137 shares of nVent Electric stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $110.35, for a total transaction of $456,517.95. Following the sale, the chief executive officer directly owned 47,984 shares of the company’s stock, valued at $5,295,034.40. The trade was a 7.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by insiders.

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.