Moore Capital Management LP Takes $8.07 Million Position in nVent Electric plc (NYSE:NVT)

Moore Capital Management LP bought a new stake in nVent Electric plc (NYSE:NVT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 118,330 shares of the company’s stock, valued at approximately $8,065,000. Moore Capital Management LP owned about 0.07% of nVent Electric as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Capital Research Global Investors acquired a new position in nVent Electric in the 4th quarter valued at approximately $384,749,000. Norges Bank acquired a new stake in shares of nVent Electric during the 4th quarter worth approximately $197,434,000. Champlain Investment Partners LLC bought a new stake in shares of nVent Electric during the fourth quarter valued at approximately $86,738,000. Balyasny Asset Management L.P. increased its position in shares of nVent Electric by 16,062.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 875,197 shares of the company’s stock valued at $59,653,000 after purchasing an additional 869,782 shares during the period. Finally, Pictet Asset Management Holding SA raised its stake in shares of nVent Electric by 3,186.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 711,343 shares of the company’s stock valued at $48,485,000 after purchasing an additional 689,701 shares in the last quarter. 90.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Citigroup lowered their price target on shares of nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Barclays raised their target price on nVent Electric from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Royal Bank of Canada lifted their price target on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a 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 on the stock in a research report on Monday, March 17th. Finally, KeyCorp boosted their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Six equities research 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.com, the company presently has a consensus rating of “Buy” and a consensus target price of $70.00.

Insider Activity at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the transaction, the executive vice president now owns 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their ownership of the stock. The transaction 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 company insiders.

nVent Electric Stock Performance

Shares of NYSE NVT opened at $61.54 on Monday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. The stock has a 50 day moving average price of $53.86 and a 200 day moving average price of $64.81. The stock has a market capitalization of $10.13 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. nVent Electric plc has a 52 week low of $41.71 and a 52 week high of $86.57.

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. The business had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The firm’s revenue was up 10.5% on a year-over-year basis. During the same period last year, the business earned $0.78 earnings per share. Analysts predict that nVent Electric plc will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The business also recently announced 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Friday, April 25th. nVent Electric’s dividend payout ratio is presently 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.