nVent Electric PLC $NVT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its position in nVent Electric PLC (NYSE:NVT) by 6.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,369,713 shares of the company’s stock after selling 93,543 shares during the period. Principal Financial Group Inc. owned approximately 0.85% of nVent Electric worth $135,109,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Global Trust Asset Management LLC purchased a new position in shares of nVent Electric during the 3rd quarter worth approximately $30,000. Root Financial Partners LLC acquired a new stake in nVent Electric in the third quarter valued at $31,000. True Wealth Design LLC boosted its position in shares of nVent Electric by 1,202.9% during the 2nd quarter. True Wealth Design LLC now owns 443 shares of the company’s stock worth $32,000 after purchasing an additional 409 shares in the last quarter. Manchester Capital Management LLC grew its stake in shares of nVent Electric by 222.2% during the 2nd quarter. Manchester Capital Management LLC now owns 435 shares of the company’s stock worth $32,000 after purchasing an additional 300 shares during the period. Finally, Headlands Technologies LLC increased its holdings in shares of nVent Electric by 522.9% in the 2nd quarter. Headlands Technologies LLC now owns 517 shares of the company’s stock valued at $38,000 after purchasing an additional 434 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other nVent Electric news, Director Greg Scheu sold 5,591 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $104.04, for a total value of $581,687.64. Following the transaction, the director owned 14,348 shares in the company, valued at $1,492,765.92. The trade was a 28.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Beth Wozniak sold 4,137 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $110.35, for a total value of $456,517.95. Following the sale, the chief executive officer owned 47,984 shares of the company’s stock, valued at $5,295,034.40. This represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 130,285 shares of company stock worth $14,621,124 over the last three months. Insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. UBS Group initiated coverage on shares of nVent Electric in a report on Thursday, November 20th. They set a “buy” rating and a $128.00 price objective on the stock. Barclays upped their price target on nVent Electric from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $136.00 price objective on shares of nVent Electric in a report on Thursday, January 15th. Roth Mkm reissued a “buy” rating and issued a $130.00 target price (up previously from $115.00) on shares of nVent Electric in a report on Monday, November 3rd. Finally, Citigroup boosted their price objective on shares of nVent Electric from $114.00 to $131.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Nine equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $123.63.

nVent Electric Stock Performance

Shares of NVT opened at $115.75 on Tuesday. nVent Electric PLC has a 1 year low of $41.71 and a 1 year high of $117.52. The company’s 50 day simple moving average is $106.69 and its 200 day simple moving average is $99.47. The company has a market capitalization of $18.68 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.20 and a beta of 1.33. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.11 and a current ratio of 1.57.

nVent Electric (NYSE:NVT) last released its earnings results on Friday, October 31st. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.01 billion. nVent Electric had a net margin of 16.83% and a return on equity of 14.29%. nVent Electric’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.63 EPS. On average, sell-side analysts predict that nVent Electric PLC will post 3.04 EPS for the current year.

nVent Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 6th. Stockholders of record on Friday, January 23rd will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, January 23rd. This is a positive change from nVent Electric’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.7%. nVent Electric’s dividend payout ratio (DPR) is currently 23.14%.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.