Prudential Financial Inc. Has $6.68 Million Stock Holdings in nVent Electric plc (NYSE:NVT)

Prudential Financial Inc. trimmed its stake in shares of nVent Electric plc (NYSE:NVT) by 30.7% in the 4th quarter, HoldingsChannel reports. The firm owned 98,039 shares of the company’s stock after selling 43,332 shares during the quarter. Prudential Financial Inc.’s holdings in nVent Electric were worth $6,682,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Resources Inc. lifted its stake in nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after buying an additional 1,269,335 shares in the last quarter. Clean Energy Transition LLP lifted its position in shares of nVent Electric by 56.5% in the 3rd quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after acquiring an additional 813,909 shares in the last quarter. Impax Asset Management Group plc boosted its stake in nVent Electric by 2,764.1% in the 4th quarter. Impax Asset Management Group plc now owns 647,304 shares of the company’s stock worth $43,626,000 after purchasing an additional 624,703 shares during the period. Artemis Investment Management LLP grew its position in nVent Electric by 235.9% during the 4th quarter. Artemis Investment Management LLP now owns 763,075 shares of the company’s stock worth $52,011,000 after purchasing an additional 535,881 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in nVent Electric by 23.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock valued at $171,492,000 after purchasing an additional 466,042 shares during the period. Institutional investors and hedge funds own 90.05% of the company’s stock.

nVent Electric Trading Down 3.1 %

NYSE:NVT opened at $52.89 on Monday. The company has a market capitalization of $8.73 billion, a P/E ratio of 26.98, a P/E/G ratio of 1.48 and a beta of 1.31. The stock’s 50 day moving average price is $62.19 and its 200 day moving average price is $68.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. nVent Electric plc has a 52 week low of $51.99 and a 52 week high of $86.57.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. On average, research analysts forecast that nVent Electric plc will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be given a $0.20 dividend. The ex-dividend date is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.51%. nVent Electric’s dividend payout ratio is currently 40.82%.

Analyst Ratings Changes

NVT has been the subject of several recent analyst reports. Royal Bank of Canada raised their target price on nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Monday, March 17th. Barclays decreased their price target on shares of nVent Electric from $83.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. Finally, KeyCorp dropped their price objective on shares of nVent Electric from $84.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $80.50.

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.