Silvercrest Asset Management Group LLC Raises Stock Position in nVent Electric plc (NYSE:NVT)

Silvercrest Asset Management Group LLC grew its stake in nVent Electric plc (NYSE:NVT) by 2.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,160 shares of the company’s stock after purchasing an additional 2,305 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in nVent Electric were worth $7,917,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors purchased a new position in shares of nVent Electric during the fourth quarter valued at about $384,749,000. Norges Bank bought a new stake in nVent Electric during the 4th quarter valued at approximately $197,434,000. Millennium Management LLC grew its holdings in shares of nVent Electric by 743.7% during the 4th quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock worth $151,017,000 after acquiring an additional 1,953,026 shares during the period. Champlain Investment Partners LLC bought a new position in shares of nVent Electric in the 4th quarter worth approximately $86,738,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of nVent Electric by 16,062.5% in the 4th 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. 90.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at nVent Electric

In related 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 directly owns 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by insiders.

nVent Electric Trading Up 1.0%

NYSE NVT opened at $67.54 on Monday. nVent Electric plc has a 12 month low of $41.71 and a 12 month high of $86.57. 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 stock’s fifty day moving average price is $55.10 and its 200-day moving average price is $64.57. The stock has a market cap of $11.12 billion, a P/E ratio of 34.46, a P/E/G ratio of 1.48 and a beta of 1.24.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $809.30 million for the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. nVent Electric’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.78 EPS. As a group, equities analysts forecast 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 issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.18%. nVent Electric’s payout ratio is 22.86%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NVT. Citigroup reduced their price target on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Barclays upped their target price on shares of nVent Electric from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. CL King raised shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Monday, March 17th. KeyCorp boosted their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Finally, Royal Bank of Canada raised their target price on shares of nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, nVent Electric presently has an average rating of “Buy” and a consensus target price of $70.00.

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.