Veracity Capital LLC Invests $209,000 in nVent Electric plc (NYSE:NVT)

Veracity Capital LLC purchased a new position in shares of nVent Electric plc (NYSE:NVT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,983 shares of the company's stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NVT. LPL Financial LLC grew its stake in nVent Electric by 12.6% during the 4th quarter. LPL Financial LLC now owns 140,043 shares of the company's stock worth $9,545,000 after purchasing an additional 15,685 shares in the last quarter. Haverford Trust Co boosted its stake in shares of nVent Electric by 0.8% in the 4th quarter. Haverford Trust Co now owns 553,146 shares of the company's stock valued at $37,702,000 after buying an additional 4,538 shares during the period. Vontobel Holding Ltd. boosted its stake in shares of nVent Electric by 15.3% in the 4th quarter. Vontobel Holding Ltd. now owns 577,781 shares of the company's stock valued at $39,382,000 after buying an additional 76,797 shares during the period. HighTower Advisors LLC grew its position in shares of nVent Electric by 3.4% during the fourth quarter. HighTower Advisors LLC now owns 32,230 shares of the company's stock worth $2,197,000 after buying an additional 1,052 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of nVent Electric by 20.7% during the fourth quarter. American Century Companies Inc. now owns 74,262 shares of the company's stock worth $5,062,000 after buying an additional 12,759 shares during the period. Hedge funds and other institutional investors own 90.05% of the company's stock.

nVent Electric Stock Up 2.7%

Shares of NYSE NVT traded up $1.81 during mid-day trading on Friday, reaching $68.13. The company had a trading volume of 1,473,244 shares, compared to its average volume of 1,934,665. The firm has a 50 day simple moving average of $57.88 and a two-hundred day simple moving average of $63.90. nVent Electric plc has a 52-week low of $41.71 and a 52-week high of $82.05. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The stock has a market cap of $11.22 billion, a P/E ratio of 34.76, a PEG ratio of 1.48 and a beta of 1.24.

nVent Electric (NYSE:NVT - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The company had revenue of $809.30 million for the quarter, compared to analyst estimates of $790.74 million. During the same quarter last year, the company posted $0.78 earnings per share. The business's quarterly revenue was up 10.5% compared to the same quarter last year. Sell-side analysts predict that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Friday, July 18th. nVent Electric's dividend payout ratio is currently 22.86%.

Analysts Set New Price Targets

NVT has been the subject of a number of recent research reports. CL King upgraded shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target for the company in a research note on Monday, March 17th. KeyCorp lifted their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Citigroup lowered their target price on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Barclays increased their target price on nVent Electric from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Finally, Seaport Res Ptn raised nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $70.00.

Insider Activity

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the transaction, the executive vice president now directly owns 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company's stock.

nVent Electric Profile

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.