Meritage Portfolio Management trimmed its position in shares of nVent Electric plc (NYSE:NVT) by 52.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,719 shares of the company’s stock after selling 81,784 shares during the period. Meritage Portfolio Management’s holdings in nVent Electric were worth $2,030,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of NVT. Clark Capital Management Group Inc. acquired a new position in nVent Electric during the 4th quarter valued at about $51,919,000. Norges Bank acquired a new position in nVent Electric during the 4th quarter valued at about $44,196,000. Nuveen Asset Management LLC raised its position in shares of nVent Electric by 273.2% during the 4th quarter. Nuveen Asset Management LLC now owns 2,307,193 shares of the company’s stock worth $53,734,000 after buying an additional 1,688,904 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of nVent Electric by 77.7% during the 4th quarter. Russell Investments Group Ltd. now owns 2,167,828 shares of the company’s stock worth $50,484,000 after buying an additional 948,111 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of nVent Electric by 1,935.4% during the 4th quarter. Victory Capital Management Inc. now owns 807,093 shares of the company’s stock worth $18,797,000 after buying an additional 767,441 shares in the last quarter. 85.88% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. Rosenblatt Securities boosted their price target on shares of nVent Electric from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday. KeyCorp boosted their target price on shares of nVent Electric from $31.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday. Barclays boosted their target price on shares of nVent Electric from $39.00 to $44.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada boosted their target price on shares of nVent Electric from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, March 4th. Finally, Zacks Investment Research upgraded shares of nVent Electric from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Wednesday, April 28th. Six equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average price target of $35.17.
nVent Electric (NYSE:NVT) last released its quarterly earnings results on Thursday, April 29th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.08. nVent Electric had a negative net margin of 2.39% and a positive return on equity of 10.35%. Sell-side analysts predict that nVent Electric plc will post 1.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 7th. Investors of record on Friday, April 23rd will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Thursday, April 22nd. nVent Electric’s payout ratio is presently 39.33%.
nVent Electric Profile
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Western and Eastern Europe included in European Union, China, Eastern Europe not included in European Union, Latin America, the Middle East, Southeast Asia, Australia, and Japan.
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