Allworth Financial LP Acquires 250 Shares of nVent Electric PLC (NYSE:NVT)

Allworth Financial LP grew its holdings in nVent Electric PLC (NYSE:NVT) by 39.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 876 shares of the company’s stock after buying an additional 250 shares during the quarter. Allworth Financial LP’s holdings in nVent Electric were worth $48,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Capital Research Global Investors bought a new stake in nVent Electric during the 4th quarter worth about $384,749,000. Norges Bank acquired a new position in shares of nVent Electric during the fourth quarter worth approximately $197,434,000. Millennium Management LLC grew its stake in shares of nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock valued at $151,017,000 after purchasing an additional 1,953,026 shares during the last quarter. Champlain Investment Partners LLC bought a new stake in shares of nVent Electric during the fourth quarter valued at approximately $86,738,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of nVent Electric by 145.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,466,560 shares of the company’s stock valued at $99,961,000 after purchasing an additional 869,906 shares in the last quarter. 90.05% of the stock is owned by institutional investors.

nVent Electric Stock Performance

NVT stock opened at $75.95 on Friday. nVent Electric PLC has a twelve month low of $41.71 and a twelve month high of $81.20. The company has a quick ratio of 2.42, a current ratio of 2.87 and a debt-to-equity ratio of 0.48. The company has a market cap of $12.50 billion, a P/E ratio of 21.70, a price-to-earnings-growth ratio of 1.53 and a beta of 1.31. The business’s fifty day moving average is $70.02 and its 200-day moving average is $63.51.

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

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be given a $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.05%. nVent Electric’s dividend payout ratio is 22.86%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Citigroup upped their price objective on nVent Electric from $69.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Royal Bank Of Canada boosted their target price on nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. The Goldman Sachs Group upped their price target on nVent Electric from $78.00 to $87.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Wall Street Zen upgraded nVent Electric from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th. Finally, KeyCorp upped their target price on shares of nVent Electric from $78.00 to $84.00 and gave the company an “overweight” rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $80.33.

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 4,041 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the transaction, the executive vice president owned 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by insiders.

nVent Electric Profile

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.