Bank of New York Mellon Corp lessened its stake in shares of nVent Electric plc (NYSE:NVT – Get Rating) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,694,787 shares of the company’s stock after selling 24,742 shares during the period. Bank of New York Mellon Corp owned approximately 1.02% of nVent Electric worth $53,571,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AlphaCrest Capital Management LLC bought a new position in nVent Electric during the 3rd quarter valued at approximately $246,000. Royal Bank of Canada increased its holdings in shares of nVent Electric by 4.3% in the 3rd quarter. Royal Bank of Canada now owns 480,653 shares of the company’s stock worth $15,193,000 after purchasing an additional 19,813 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of nVent Electric in the 3rd quarter worth $5,070,000. Cubist Systematic Strategies LLC increased its holdings in shares of nVent Electric by 83.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 254,390 shares of the company’s stock worth $8,041,000 after purchasing an additional 116,080 shares in the last quarter. Finally, PDT Partners LLC bought a new stake in shares of nVent Electric in the 3rd quarter worth $669,000. Institutional investors own 87.12% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Royal Bank of Canada lifted their target price on nVent Electric from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays lifted their target price on nVent Electric from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, February 8th.
nVent Electric Stock Performance
nVent Electric (NYSE:NVT – Get Rating) last issued its quarterly earnings data on Tuesday, February 7th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.58 by $0.08. nVent Electric had a return on equity of 15.38% and a net margin of 13.74%. The company had revenue of $742.00 million during the quarter, compared to analyst estimates of $712.01 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. nVent Electric’s revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that nVent Electric plc will post 2.57 EPS for the current year.
nVent Electric Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 12th. Investors of record on Friday, April 28th will be given a dividend of $0.175 per share. The ex-dividend date is Thursday, April 27th. This represents a $0.70 annualized dividend and a yield of 1.60%. nVent Electric’s dividend payout ratio (DPR) is presently 29.54%.
Insider Activity at nVent Electric
In related news, insider Joseph A. Ruzynski sold 3,500 shares of nVent Electric stock in a transaction on Monday, February 13th. The stock was sold at an average price of $45.07, for a total transaction of $157,745.00. Following the transaction, the insider now directly owns 22,130 shares in the company, valued at $997,399.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by company insiders.
nVent Electric Company Profile
nVent Electric Plc engages in the provision of electrical connection and protection solutions. It operates through the following segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions. The Enclosures segment offers solutions that protect, connect, and manage heat in critical electronics, communication, control, and power equipment.
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