Bessemer Group Inc. Decreases Stock Holdings in nVent Electric PLC (NYSE:NVT)

Bessemer Group Inc. reduced its stake in shares of nVent Electric PLC (NYSE:NVT) by 51.9% in the first quarter, HoldingsChannel reports. The firm owned 631 shares of the company’s stock after selling 682 shares during the period. Bessemer Group Inc.’s holdings in nVent Electric were worth $33,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in nVent Electric by 25.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,283 shares of the company’s stock valued at $88,000 after buying an additional 264 shares in the last quarter. Jones Financial Companies Lllp increased its position in nVent Electric by 109.1% during the 4th quarter. Jones Financial Companies Lllp now owns 1,303 shares of the company’s stock valued at $89,000 after buying an additional 680 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in nVent Electric during the 4th quarter valued at about $65,000. Keybank National Association OH increased its position in nVent Electric by 2.5% during the 4th quarter. Keybank National Association OH now owns 9,509 shares of the company’s stock valued at $648,000 after buying an additional 229 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in nVent Electric during the 4th quarter valued at about $3,986,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays upped their target price on nVent Electric from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. KeyCorp upped their target price on nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. The Goldman Sachs Group reduced their target price on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Citigroup cut their price objective on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Royal Bank Of Canada increased their price objective on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 5th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and a consensus target price of $70.67.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the sale, the executive vice president directly owned 32,665 shares of the company’s stock, valued at $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by company insiders.

nVent Electric Stock Up 0.7%

Shares of NVT stock opened at $73.95 on Friday. The stock’s 50-day simple moving average is $66.70 and its 200-day simple moving average is $63.11. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The firm has a market capitalization of $12.18 billion, a PE ratio of 21.13, a P/E/G ratio of 1.49 and a beta of 1.31. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two week high of $81.55.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million for the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The company’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 earnings per share. Equities analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.08%. The ex-dividend date is Friday, July 18th. nVent Electric’s dividend payout ratio (DPR) is 22.86%.

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.