Bank of America Corp DE Has $19.55 Million Stock Position in nVent Electric plc (NYSE:NVT)

Bank of America Corp DE lowered its position in shares of nVent Electric plc (NYSE:NVT - Free Report) by 35.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 286,759 shares of the company's stock after selling 159,188 shares during the quarter. Bank of America Corp DE owned 0.17% of nVent Electric worth $19,546,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Capital Research Global Investors acquired a new position in shares of nVent Electric during the 4th quarter worth $384,749,000. Norges Bank purchased a new position in nVent Electric during the 4th quarter valued at about $197,434,000. Champlain Investment Partners LLC purchased a new position in nVent Electric during the 4th quarter valued at about $86,738,000. Pictet Asset Management Holding SA increased its holdings in nVent Electric by 3,186.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 711,343 shares of the company's stock valued at $48,485,000 after acquiring an additional 689,701 shares in the last quarter. Finally, Impax Asset Management Group plc boosted its stake in shares of nVent Electric by 2,764.1% during the 4th quarter. Impax Asset Management Group plc now owns 647,304 shares of the company's stock worth $43,626,000 after purchasing an additional 624,703 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. KeyCorp raised their price target on shares of nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Citigroup cut their price objective on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Royal Bank of Canada increased their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Finally, CL King upgraded shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target on the stock in a report on Monday, March 17th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $70.00.

Insiders Place Their Bets

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the sale, the executive vice president now owns 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by company insiders.

nVent Electric Stock Performance

nVent Electric stock traded up $0.51 during mid-day trading on Friday, reaching $65.34. The company's stock had a trading volume of 1,257,107 shares, compared to its average volume of 1,941,379. The firm has a market cap of $10.76 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 1.48 and a beta of 1.24. The business has a 50 day moving average price of $56.06 and a 200-day moving average price of $64.32. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. nVent Electric plc has a twelve month low of $41.71 and a twelve month high of $86.57.

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

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.22%. The ex-dividend date is Friday, July 18th. nVent Electric's dividend payout ratio (DPR) is presently 22.86%.

About nVent Electric

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.