Oppenheimer & Co. Inc. Reduces Position in nVent Electric plc (NYSE:NVT)

Posted by Defense World Staff on May 12th, 2023

Oppenheimer & Co. Inc. decreased its holdings in shares of nVent Electric plc (NYSE:NVT – Get Rating) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,897 shares of the company’s stock after selling 500 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in nVent Electric were worth $842,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of NVT. Fifth Third Bancorp grew its holdings in shares of nVent Electric by 56.4% in the fourth quarter. Fifth Third Bancorp now owns 818 shares of the company’s stock valued at $31,000 after purchasing an additional 295 shares during the period. Wipfli Financial Advisors LLC purchased a new stake in shares of nVent Electric in the third quarter valued at about $50,000. Affiance Financial LLC purchased a new stake in shares of nVent Electric in the fourth quarter valued at about $90,000. CWM LLC grew its holdings in shares of nVent Electric by 395.4% in the fourth quarter. CWM LLC now owns 2,824 shares of the company’s stock valued at $109,000 after purchasing an additional 2,254 shares during the period. Finally, Mendota Financial Group LLC purchased a new stake in shares of nVent Electric in the fourth quarter valued at about $157,000. Hedge funds and other institutional investors own 87.12% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NVT. Royal Bank of Canada dropped their price objective on shares of nVent Electric from $52.00 to $50.00 in a report on Monday, May 1st. Barclays increased their target price on shares of nVent Electric from $53.00 to $55.00 in a research note on Monday, May 1st.

Insider Transactions at nVent Electric

In other news, insider Joseph A. Ruzynski sold 3,500 shares of the stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $45.07, for a total transaction of $157,745.00. Following the sale, the insider now owns 22,130 shares of the company’s stock, valued at $997,399.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

nVent Electric Trading Down 0.9 %

Shares of NVT stock opened at $41.25 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.08 and a quick ratio of 1.47. The firm has a market cap of $6.83 billion, a PE ratio of 16.30 and a beta of 1.31. The company has a 50-day moving average of $42.70 and a two-hundred day moving average of $40.86. nVent Electric plc has a 1-year low of $29.19 and a 1-year high of $46.66.

nVent Electric (NYSE:NVT – Get Rating) last announced its earnings results on Friday, April 28th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $741.00 million during the quarter, compared to analyst estimates of $740.70 million. nVent Electric had a net margin of 14.41% and a return on equity of 16.08%. nVent Electric’s revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 earnings per share. On average, analysts predict that nVent Electric plc will post 2.75 EPS for the current year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 12th. Stockholders of record on Friday, April 28th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, April 27th. This represents a $0.70 annualized dividend and a dividend yield of 1.70%. nVent Electric’s dividend payout ratio is presently 27.67%.

About nVent Electric

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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.