Paloma Partners Management Co Acquires New Stake in nVent Electric plc (NYSE:NVT)

Paloma Partners Management Co acquired a new stake in shares of nVent Electric plc (NYSE:NVT) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 320,000 shares of the company’s stock, valued at approximately $22,483,000. nVent Electric makes up approximately 0.6% of Paloma Partners Management Co’s holdings, making the stock its 19th largest position. Paloma Partners Management Co owned approximately 0.19% of nVent Electric 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. Massachusetts Financial Services Co. MA increased its position in nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after buying an additional 673,990 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of nVent Electric by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company’s stock worth $123,891,000 after purchasing an additional 28,876 shares in the last quarter. Swedbank AB bought a new stake in shares of nVent Electric in the 3rd quarter worth $110,663,000. Millennium Management LLC increased its holdings in shares of nVent Electric by 159.9% in the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after purchasing an additional 828,425 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of nVent Electric by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,035,463 shares of the company’s stock worth $72,752,000 after purchasing an additional 3,599 shares in the last quarter. Institutional investors own 90.05% of the company’s stock.

Insider Activity at nVent Electric

In other news, CAO Randolph A. Wacker sold 8,022 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the transaction, the chief accounting officer now directly owns 25,993 shares in the company, valued at $1,972,088.91. The trade was a 23.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry W. Burris sold 6,558 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the transaction, the director now owns 45,040 shares in the company, valued at $3,603,200. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,382 shares of company stock worth $7,365,956. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

NVT has been the subject of a number of research analyst reports. KeyCorp lifted their target price on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Royal Bank of Canada reduced their target price on nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Finally, Barclays reduced their target price on nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $85.33.

nVent Electric Stock Performance

Shares of NVT opened at $78.31 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. nVent Electric plc has a one year low of $52.70 and a one year high of $86.57. The firm has a market capitalization of $12.91 billion, a P/E ratio of 22.96, a PEG ratio of 4.03 and a beta of 1.26. The business has a fifty day moving average of $73.57 and a 200 day moving average of $73.07.

nVent Electric (NYSE:NVT) last released its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). The company had revenue of $782.00 million for the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. nVent Electric’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 earnings per share. As a group, sell-side analysts anticipate that nVent Electric plc will post 2.5 EPS for the current year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 annualized dividend and a yield of 0.97%. nVent Electric’s dividend payout ratio (DPR) is presently 22.29%.

About nVent Electric

nVent Electric plc, together with its subsidiaries, designs, manufactures, markets, installs, and services electrical connection and protection solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.