Easterly Investment Partners LLC Acquires 77,953 Shares of nVent Electric PLC (NYSE:NVT)

Easterly Investment Partners LLC increased its holdings in shares of nVent Electric PLC (NYSE:NVT) by 92.3% during the first quarter, HoldingsChannel.com reports. The fund owned 162,407 shares of the company’s stock after buying an additional 77,953 shares during the quarter. Easterly Investment Partners LLC’s holdings in nVent Electric were worth $8,513,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of NVT. Capital Research Global Investors bought a new stake in nVent Electric during the fourth quarter worth $384,749,000. Norges Bank purchased a new stake in nVent Electric in the fourth quarter worth $197,434,000. Millennium Management LLC increased its position in 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 last quarter. Champlain Investment Partners LLC purchased a new stake in nVent Electric in the fourth quarter worth $86,738,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in nVent Electric by 145.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,466,560 shares of the company’s stock worth $99,961,000 after buying an additional 869,906 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the transaction, the executive vice president directly owned 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 currently owned by insiders.

nVent Electric Price Performance

Shares of NYSE NVT opened at $74.45 on Thursday. The stock has a market cap of $12.26 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 1.48 and a beta of 1.31. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two week high of $81.20. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The stock has a fifty day moving average of $69.41 and a 200-day moving average of $63.39.

nVent Electric (NYSE:NVT) last posted its earnings results on Friday, May 2nd. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The business had revenue of $809.30 million during the quarter, compared to analysts’ expectations of $790.74 million. During the same period in the previous year, the business earned $0.78 earnings per share. The firm’s revenue was up 10.5% on a year-over-year basis. Equities research analysts anticipate that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.07%. The ex-dividend date is Friday, July 18th. nVent Electric’s payout ratio is 22.86%.

Analyst Ratings Changes

NVT has been the subject of a number of recent research reports. Seaport Res Ptn raised nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. KeyCorp raised their target price on nVent Electric from $78.00 to $84.00 and gave the stock an “overweight” rating in a research report on Tuesday. The Goldman Sachs Group raised their target price on nVent Electric from $78.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Royal Bank Of Canada lifted their price target on nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. Finally, Citigroup lifted their price target on nVent Electric from $69.00 to $86.00 and gave the company a “buy” rating in a research report on Monday. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $80.33.

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.