New York State Common Retirement Fund Reduces Stake in nVent Electric plc (NYSE:NVT)

New York State Common Retirement Fund trimmed its position in shares of nVent Electric plc (NYSE:NVT) by 5.2% during the fourth quarter, Holdings Channel reports. The firm owned 91,304 shares of the company’s stock after selling 5,000 shares during the quarter. New York State Common Retirement Fund’s holdings in nVent Electric were worth $6,223,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of NVT. Nordea Investment Management AB boosted its position in shares of nVent Electric by 16.9% in the 4th quarter. Nordea Investment Management AB now owns 93,172 shares of the company’s stock worth $6,378,000 after buying an additional 13,483 shares in the last quarter. Geode Capital Management LLC raised its position in nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after acquiring an additional 29,794 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of nVent Electric in the fourth quarter valued at about $1,520,000. TT International Asset Management LTD grew its position in shares of nVent Electric by 20.4% in the fourth quarter. TT International Asset Management LTD now owns 108,395 shares of the company’s stock valued at $7,388,000 after purchasing an additional 18,376 shares during the last quarter. Finally, LVM Capital Management Ltd. MI increased its stake in shares of nVent Electric by 8.1% during the 4th quarter. LVM Capital Management Ltd. MI now owns 151,221 shares of the company’s stock worth $10,307,000 after purchasing an additional 11,349 shares in the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NVT shares. Citigroup reduced their target price on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada increased their price objective on nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, Barclays boosted their target price on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and an average target price of $86.33.

nVent Electric Stock Performance

nVent Electric stock opened at $59.87 on Friday. The stock has a fifty day moving average price of $67.94 and a 200 day moving average price of $70.07. nVent Electric plc has a 52 week low of $56.44 and a 52 week high of $86.57. The firm has a market capitalization of $9.88 billion, a P/E ratio of 30.55, a PEG ratio of 1.48 and a beta of 1.26. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. Equities research analysts anticipate that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, April 25th. This represents a $0.80 annualized dividend and a yield of 1.34%. nVent Electric’s dividend payout ratio is presently 40.82%.

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.