Fiduciary Trust Co Lowers Stock Holdings in nVent Electric plc (NYSE:NVT)

Fiduciary Trust Co lowered its stake in shares of nVent Electric plc (NYSE:NVT) by 14.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,088 shares of the company’s stock after selling 1,208 shares during the quarter. Fiduciary Trust Co’s holdings in nVent Electric were worth $483,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Capital Research Global Investors purchased a new position in shares of nVent Electric during the fourth quarter worth about $384,749,000. Norges Bank acquired a new stake in nVent Electric in the fourth quarter valued at about $197,434,000. William Blair Investment Management LLC lifted its position in nVent Electric by 8.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company’s stock valued at $176,630,000 after purchasing an additional 210,690 shares during the period. Invesco Ltd. lifted its position in nVent Electric by 15.0% in the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company’s stock valued at $117,499,000 after purchasing an additional 224,657 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in nVent Electric by 22.3% in the fourth quarter. Bank of New York Mellon Corp now owns 1,718,368 shares of the company’s stock valued at $117,124,000 after purchasing an additional 312,982 shares during the period. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NVT. Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. KeyCorp raised their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Royal Bank of Canada raised 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. Citigroup reduced their price target on shares of nVent Electric from $85.00 to $59.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Barclays lifted their price target on shares of nVent Electric from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $70.00.

nVent Electric Price Performance

NVT stock opened at $61.54 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $53.86 and a 200-day moving average of $64.81. nVent Electric plc has a 12-month low of $41.71 and a 12-month high of $86.57. The company has a market cap of $10.13 billion, a price-to-earnings ratio of 31.40, a PEG ratio of 1.48 and a beta of 1.24.

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 analysts’ consensus estimates of $0.66 by $0.01. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The business had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. During the same period last year, the company posted $0.78 EPS. The company’s revenue was up 10.5% on a year-over-year basis. As a group, equities analysts expect that nVent Electric plc will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 9th. Stockholders of record on Friday, April 25th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.30%. nVent Electric’s dividend payout ratio (DPR) is 22.86%.

Insider Transactions at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction that occurred on 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 now directly owns 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

nVent Electric Company 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.