Point72 Hong Kong Ltd acquired a new stake in nVent Electric PLC (NYSE:NVT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,849 shares of the company’s stock, valued at approximately $226,000.
A number of other institutional investors have also added to or reduced their stakes in the stock. Chevy Chase Trust Holdings Inc. acquired a new stake in nVent Electric in the 4th quarter worth about $26,000. Covington Capital Management boosted its position in shares of nVent Electric by 43.0% in the third quarter. Covington Capital Management now owns 1,430 shares of the company’s stock worth $32,000 after acquiring an additional 430 shares during the last quarter. Institutional & Family Asset Management LLC boosted its position in shares of nVent Electric by 15.0% in the third quarter. Institutional & Family Asset Management LLC now owns 3,842 shares of the company’s stock worth $85,000 after acquiring an additional 500 shares during the last quarter. ERTS Wealth Advisors LLC purchased a new position in nVent Electric during the fourth quarter worth approximately $93,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of nVent Electric in the 4th quarter valued at $164,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.
Several brokerages have recently issued reports on NVT. Royal Bank of Canada raised shares of nVent Electric from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $28.00 to $31.00 in a research note on Tuesday, February 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $29.00 target price on shares of nVent Electric in a report on Monday, February 3rd. ValuEngine upgraded nVent Electric from a “strong sell” rating to a “sell” rating in a report on Friday, January 3rd. Zacks Investment Research downgraded nVent Electric from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 8th. Finally, Barclays upgraded nVent Electric from an “equal weight” rating to an “overweight” rating and set a $32.00 price target for the company in a research note on Thursday, February 6th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $28.29.
NVT stock traded up $1.37 during midday trading on Thursday, reaching $17.57. 964,767 shares of the company’s stock traded hands, compared to its average volume of 1,324,801. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.73 and a quick ratio of 1.20. nVent Electric PLC has a fifty-two week low of $10.53 and a fifty-two week high of $28.75. The business has a 50-day moving average price of $23.07 and a two-hundred day moving average price of $23.45. The company has a market capitalization of $2.77 billion, a P/E ratio of 13.62, a PEG ratio of 1.68 and a beta of 1.45.
nVent Electric (NYSE:NVT) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. nVent Electric had a net margin of 10.10% and a return on equity of 11.94%. The company had revenue of $567.00 million during the quarter, compared to analyst estimates of $580.03 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. As a group, research analysts forecast that nVent Electric PLC will post 1.88 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Friday, April 24th will be given a dividend of $0.175 per share. The ex-dividend date is Thursday, April 23rd. This represents a $0.70 dividend on an annualized basis and a yield of 3.98%. nVent Electric’s dividend payout ratio (DPR) is 39.33%.
About nVent Electric
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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