Zimmer Partners LP Decreases Position in nVent Electric plc (NYSE:NVT)

Zimmer Partners LP trimmed its holdings in nVent Electric plc (NYSE:NVT) by 6.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 225,000 shares of the company’s stock after selling 15,000 shares during the quarter. Zimmer Partners LP owned approximately 0.14% of nVent Electric worth $15,336,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital Research Global Investors purchased a new stake in shares of nVent Electric in the fourth quarter worth approximately $384,749,000. Norges Bank purchased a new stake in shares of nVent Electric in the fourth quarter worth approximately $197,434,000. William Blair Investment Management LLC raised its holdings in shares of nVent Electric by 8.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company’s stock worth $176,630,000 after buying an additional 210,690 shares during the period. Millennium Management LLC raised its holdings in shares of nVent Electric by 743.7% in the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company’s stock worth $151,017,000 after buying an additional 1,953,026 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of nVent Electric by 15.0% in the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company’s stock worth $117,499,000 after buying an additional 224,657 shares during the period. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

nVent Electric Stock Down 1.5%

Shares of NYSE NVT opened at $66.56 on Tuesday. 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 has a market capitalization of $10.96 billion, a PE ratio of 33.96, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The stock’s fifty day simple moving average is $55.32 and its two-hundred day simple moving average is $64.55. nVent Electric plc has a 12-month low of $41.71 and a 12-month high of $86.57.

nVent Electric (NYSE:NVT) last announced its earnings results 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. The business had revenue of $809.30 million for the quarter, compared to analysts’ expectations of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.78 EPS. As a group, analysts expect that nVent Electric plc will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be given 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 1.20%. nVent Electric’s dividend payout ratio (DPR) is presently 22.86%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Citigroup reduced their price target on nVent Electric from $85.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 14th. CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, March 17th. KeyCorp raised their price objective on nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a report on Friday, March 21st. Finally, Royal Bank of Canada raised their price objective on nVent Electric from $73.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, nVent Electric presently has a consensus rating of “Buy” and a consensus price target of $70.00.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 32,665 shares of the company’s stock, valued at $2,003,997.75. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.80% of the company’s stock.

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.