Allianz Asset Management GmbH Sells 482,739 Shares of nVent Electric PLC (NYSE:NVT)

Key Points

• Allianz Asset Management GmbH has significantly reduced its stake in nVent Electric PLC by 82.3%, selling 482,739 shares and leaving it with approximately 0.06% ownership valued at $5.43 million.
• nVent Electric has reported quarterly earnings of $0.67 per share, beating analysts' expectations and showing a 10.5% increase in revenue year-over-year, totaling $809.30 million.
• The company declared a quarterly dividend of $0.20 per share, with a dividend yield of 1.01%, planned to be paid on August 1st, highlighting a modest payout ratio of 22.86%.

Allianz Asset Management GmbH reduced its position in nVent Electric PLC (NYSE:NVT - Free Report) by 82.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,631 shares of the company's stock after selling 482,739 shares during the period. Allianz Asset Management GmbH owned approximately 0.06% of nVent Electric worth $5,432,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Capital A Wealth Management LLC purchased a new stake in shares of nVent Electric during the 4th quarter valued at $27,000. Whipplewood Advisors LLC increased its position in shares of nVent Electric by 467.3% during the 1st quarter. Whipplewood Advisors LLC now owns 607 shares of the company's stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Hughes Financial Services LLC bought a new stake in nVent Electric in the 1st quarter valued at about $36,000. Park Square Financial Group LLC bought a new stake in nVent Electric in the 4th quarter valued at about $38,000. Finally, First Horizon Advisors Inc. raised its stake in nVent Electric by 58.0% in the 1st quarter. First Horizon Advisors Inc. now owns 817 shares of the company's stock valued at $43,000 after acquiring an additional 300 shares during the period. 90.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 4,041 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the sale, the executive vice president directly owned 32,665 shares of the company's stock, valued at $2,003,997.75. This represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NVT has been the topic of a number of research reports. The Goldman Sachs Group boosted their price objective on nVent Electric from $78.00 to $87.00 and gave the company a "buy" rating in a research note on Monday, July 7th. KeyCorp boosted their price objective on nVent Electric from $78.00 to $84.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada boosted their price objective on nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Citigroup boosted their price objective on nVent Electric from $69.00 to $86.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Wall Street Zen upgraded nVent Electric from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $81.57.

nVent Electric Price Performance

Shares of NYSE NVT traded up $8.68 during midday trading on Friday, hitting $87.10. 3,242,896 shares of the company's stock were exchanged, compared to its average volume of 2,178,690. The business's fifty day moving average price is $72.01 and its two-hundred day moving average price is $64.00. The company has a market cap of $14.34 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 1.56 and a beta of 1.31. nVent Electric PLC has a 12-month low of $41.71 and a 12-month high of $88.80. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. During the same period in the prior year, the business posted $0.82 earnings per share. The firm's quarterly revenue was up 30.1% on a year-over-year basis. As a group, research analysts forecast that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Saturday, January 1st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric's dividend payout ratio is presently 22.86%.

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.