State of Michigan Retirement System Raises Stock Position in nVent Electric PLC (NYSE:NVT)

State of Michigan Retirement System raised its position in nVent Electric PLC (NYSE:NVT) by 1.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,406 shares of the company’s stock after buying an additional 400 shares during the period. State of Michigan Retirement System’s holdings in nVent Electric were worth $2,066,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its holdings in nVent Electric by 4.1% in the fourth quarter. Quadrant Capital Group LLC now owns 3,807 shares of the company’s stock valued at $259,000 after buying an additional 150 shares in the last quarter. Utah Retirement Systems increased its holdings in nVent Electric by 2.3% in the fourth quarter. Utah Retirement Systems now owns 8,923 shares of the company’s stock valued at $608,000 after buying an additional 200 shares in the last quarter. Hancock Whitney Corp increased its holdings in nVent Electric by 1.4% in the fourth quarter. Hancock Whitney Corp now owns 15,031 shares of the company’s stock valued at $1,025,000 after buying an additional 206 shares in the last quarter. Portside Wealth Group LLC increased its holdings in nVent Electric by 3.2% in the first quarter. Portside Wealth Group LLC now owns 7,152 shares of the company’s stock valued at $375,000 after buying an additional 219 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in nVent Electric by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,702 shares of the company’s stock valued at $89,000 after buying an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of the 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 owned 32,665 shares of the company’s stock, valued at $2,003,997.75. This represents a 11.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.50% of the stock is currently owned by company insiders.

nVent Electric Stock Up 0.4%

Shares of NYSE NVT opened at $74.95 on Monday. nVent Electric PLC has a 12-month low of $41.71 and a 12-month high of $81.55. The stock has a market cap of $12.34 billion, a PE ratio of 21.41, a P/E/G ratio of 1.49 and a beta of 1.31. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $68.56 and a 200 day moving average of $63.20.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating 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 company had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. During the same quarter in the prior year, the company earned $0.78 EPS. nVent Electric’s revenue was up 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be paid a $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. nVent Electric’s dividend payout ratio (DPR) is 22.86%.

Analysts Set New Price Targets

NVT has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of nVent Electric from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group upped their price target on shares of nVent Electric from $78.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. KeyCorp upped their price target 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. 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 upped their price target on shares of nVent Electric from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 9th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, nVent Electric has a consensus rating of “Buy” and an average target price of $73.83.

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.