Royal Bank of Canada Increases Position in nVent Electric plc (NYSE:NVT)

Royal Bank of Canada grew its position in nVent Electric plc (NYSE:NVT) by 13.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 530,064 shares of the company’s stock after purchasing an additional 61,971 shares during the period. Royal Bank of Canada’s holdings in nVent Electric were worth $36,130,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. boosted its position in shares of nVent Electric by 12.4% during the 4th quarter. Pacer Advisors Inc. now owns 55,790 shares of the company’s stock worth $3,803,000 after purchasing an additional 6,175 shares during the period. LPL Financial LLC raised its holdings in shares of nVent Electric by 12.6% in the 4th quarter. LPL Financial LLC now owns 140,043 shares of the company’s stock valued at $9,545,000 after purchasing an additional 15,685 shares in the last quarter. KBC Group NV raised its holdings in shares of nVent Electric by 17.5% in the 4th quarter. KBC Group NV now owns 148,870 shares of the company’s stock valued at $10,147,000 after purchasing an additional 22,146 shares in the last quarter. Haverford Trust Co raised its stake in nVent Electric by 0.8% during the 4th quarter. Haverford Trust Co now owns 553,146 shares of the company’s stock worth $37,702,000 after acquiring an additional 4,538 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its stake in nVent Electric by 15.3% during the 4th quarter. Vontobel Holding Ltd. now owns 577,781 shares of the company’s stock worth $39,382,000 after acquiring an additional 76,797 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Ratings Changes

NVT has been the topic of several research reports. Seaport Res Ptn raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. Citigroup lowered their target price 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 price objective on shares of nVent Electric from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. The Goldman Sachs Group reduced their price objective on shares of nVent Electric from $86.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Finally, KeyCorp lifted their target price on shares of nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a research report 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’s stock. According to data from MarketBeat, nVent Electric currently has an average rating of “Buy” and a consensus price target of $70.00.

nVent Electric Stock Performance

NYSE:NVT opened at $64.84 on Friday. The firm has a 50 day simple moving average of $55.86 and a 200-day simple moving average of $64.53. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The firm has a market cap of $10.68 billion, a PE ratio of 33.08, a P/E/G ratio of 1.48 and a beta of 1.24. nVent Electric plc has a 1-year low of $41.71 and a 1-year 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 (EPS) for the quarter, beating 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 firm had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. During the same period in the previous year, the firm earned $0.78 earnings per share. nVent Electric’s revenue was up 10.5% compared to the same quarter last year. On average, equities analysts expect that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

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 dividend of $0.20 per share. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a yield of 1.23%. nVent Electric’s dividend payout ratio is currently 22.86%.

Insiders Place Their Bets

In other nVent Electric 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 sale, the executive vice president now directly owns 32,665 shares in the company, valued at $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.