303,656 nVent Electric PLC $NVT Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group increased its nVent Electric stake by 961.7% in the third quarter, buying 303,656 shares and bringing its holding to 335,231 shares, worth about $53.8 million.
• nVent reported quarterly earnings of $1.52 per share, beating the $1.40 consensus estimate; revenue rose 43.7% year over year to $1.51 billion, also above expectations.
• Analysts have a consensus Buy rating and an average target price of $197.82. Recent views ranged from Citigroup lowering its target to $200 while retaining a Buy rating to RBC raising its target to $208 with an Outperform rating.

Sumitomo Mitsui Trust Group Inc. grew its stake in nVent Electric PLC (NYSE:NVT - Free Report) by 961.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 335,231 shares of the company's stock after purchasing an additional 303,656 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of nVent Electric worth $53,761,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NVT. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of nVent Electric in the third quarter valued at approximately $10,691,000. Vise Technologies Inc. increased its position in shares of nVent Electric by 80.1% during the third quarter. Vise Technologies Inc. now owns 5,542 shares of the company's stock worth $889,000 after purchasing an additional 2,465 shares in the last quarter. State of Wyoming raised its stake in nVent Electric by 28.1% in the 3rd quarter. State of Wyoming now owns 2,638 shares of the company's stock valued at $423,000 after purchasing an additional 578 shares during the last quarter. Choreo LLC raised its stake in nVent Electric by 2.8% in the 3rd quarter. Choreo LLC now owns 3,122 shares of the company's stock valued at $501,000 after purchasing an additional 86 shares during the last quarter. Finally, Interchange Capital Partners LLC lifted its holdings in nVent Electric by 2.9% in the 3rd quarter. Interchange Capital Partners LLC now owns 2,885 shares of the company's stock valued at $463,000 after purchasing an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NVT. Citigroup lowered their target price on shares of nVent Electric from $228.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday. JPMorgan Chase & Co. initiated coverage on shares of nVent Electric in a research report on Tuesday, October 20th. They issued an "overweight" rating and a $167.00 target price for the company. Clear Str upgraded shares of nVent Electric to a "strong-buy" rating in a report on Monday, July 13th. Zacks Research downgraded shares of nVent Electric from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Finally, Royal Bank Of Canada raised their target price on shares of nVent Electric from $200.00 to $208.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $197.82.

Insider Buying and Selling

In other nVent Electric news, insider Robert van der Kolk sold 5,858 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $164.32, for a total transaction of $962,586.56. Following the completion of the transaction, the insider owned 27,387 shares in the company, valued at $4,500,231.84. The trade was a 17.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is owned by company insiders.

nVent Electric Stock Performance

Shares of NVT stock opened at $129.28 on Wednesday. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53. nVent Electric PLC has a 52 week low of $93.22 and a 52 week high of $184.64. The stock has a market capitalization of $20.89 billion, a PE ratio of 24.94, a P/E/G ratio of 0.64 and a beta of 1.39. The firm has a 50 day moving average of $151.83 and a two-hundred day moving average of $144.56.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings results on Friday, October 30th. The company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.40 by $0.12. nVent Electric had a net margin of 12.84% and a return on equity of 20.82%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The company's quarterly revenue was up 43.7% compared to the same quarter last year. On average, research analysts predict that nVent Electric PLC will post 5.39 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 6th. Investors of record on Friday, October 23rd will be paid a $0.21 dividend. The ex-dividend date is Friday, October 23rd. This represents a $0.84 dividend on an annualized basis and a yield of 0.6%. nVent Electric's payout ratio is currently 20.24%.

nVent Electric Profile

nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.

Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.

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