Gallo Partners LP Purchases New Shares in nVent Electric plc (NYSE:NVT)

Gallo Partners LP acquired a new position in shares of nVent Electric plc (NYSE:NVT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 43,918 shares of the company’s stock, valued at approximately $2,993,000. nVent Electric accounts for 2.2% of Gallo Partners LP’s holdings, making the stock its 11th largest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Crews Bank & Trust acquired a new position in shares of nVent Electric in the fourth quarter valued at about $26,000. Tsfg LLC acquired a new position in shares of nVent Electric during the 4th quarter worth approximately $51,000. Raleigh Capital Management Inc. grew its position in shares of nVent Electric by 547.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 751 shares of the company’s stock worth $51,000 after purchasing an additional 635 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of nVent Electric by 26.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company’s stock worth $53,000 after purchasing an additional 162 shares during the period. Finally, Blue Trust Inc. raised its position in shares of nVent Electric by 243.5% in the fourth quarter. Blue Trust Inc. now owns 869 shares of the company’s stock valued at $61,000 after buying an additional 616 shares in the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

nVent Electric Stock Performance

nVent Electric stock opened at $55.00 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65. The stock has a market cap of $9.05 billion, a PE ratio of 28.06, a P/E/G ratio of 1.48 and a beta of 1.21. nVent Electric plc has a 12-month low of $41.71 and a 12-month high of $86.57. The business’s 50-day moving average price is $53.88 and its two-hundred day moving average price is $65.71.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. As a group, analysts expect that nVent Electric plc will post 3.04 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, April 25th. nVent Electric’s payout ratio is 40.82%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NVT shares. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Royal Bank of Canada raised their price target on nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Monday, March 17th. Barclays reduced their price objective on shares of nVent Electric from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Citigroup dropped their target price 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. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $69.00.

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.