New York State Teachers Retirement System Sells 18,963 Shares of nVent Electric PLC (NYSE:NVT)

New York State Teachers Retirement System lowered its holdings in nVent Electric PLC (NYSE:NVT) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,667 shares of the company’s stock after selling 18,963 shares during the period. New York State Teachers Retirement System’s holdings in nVent Electric were worth $9,104,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Capital A Wealth Management LLC bought a new position in shares of nVent Electric in the 4th quarter valued at about $27,000. Whipplewood Advisors LLC grew its position in shares of nVent Electric by 467.3% in the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Park Square Financial Group LLC bought a new position in shares of nVent Electric in the 4th quarter valued at about $38,000. CX Institutional bought a new position in shares of nVent Electric in the 1st quarter valued at about $54,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of nVent Electric by 43.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,112 shares of the company’s stock valued at $58,000 after acquiring an additional 339 shares during the period. Institutional investors own 90.05% of the company’s stock.

Insiders Place Their Bets

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the sale, the executive vice president owned 32,665 shares in the company, valued at $2,003,997.75. The trade was a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

nVent Electric Stock Performance

NYSE NVT opened at $73.95 on Friday. The firm has a 50-day moving average of $66.70 and a 200-day moving average of $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 stock has a market cap 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 52-week low of $41.71 and a 52-week high of $81.55.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The business had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. During the same quarter in the previous year, the company earned $0.78 EPS. The business’s revenue was up 10.5% on a year-over-year basis. On average, sell-side analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Royal Bank Of Canada lifted their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Monday, March 17th. Barclays raised their target price on shares of nVent Electric from $70.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Finally, KeyCorp raised their target price on shares of nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $70.67.

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.