Bank of America Corp DE Reduces Position in nVent Electric plc (NYSE:NVT)

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

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Crews Bank & Trust purchased a new position in nVent Electric during the fourth quarter worth approximately $26,000. Raleigh Capital Management Inc. increased its stake in shares of nVent Electric by 547.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 751 shares of the company's stock worth $51,000 after acquiring an additional 635 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of nVent Electric by 26.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company's stock worth $53,000 after acquiring an additional 162 shares during the period. Blue Trust Inc. boosted its position in shares of nVent Electric by 243.5% during the 4th quarter. Blue Trust Inc. now owns 869 shares of the company's stock valued at $61,000 after acquiring an additional 616 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of nVent Electric during the 4th quarter valued at about $65,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NVT has been the topic of a number of analyst reports. Seaport Res Ptn raised shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 21st. CL King raised shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target on the stock in a research report on Monday, March 17th. KeyCorp increased their price objective on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Citigroup cut their target price on nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group decreased their price target on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Six 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.com, nVent Electric presently has an average rating of "Buy" and an average price target of $70.00.

Insiders Place Their Bets

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 32,665 shares of the company's stock, valued at $2,003,997.75. This trade represents a 11.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.80% of the company's stock.

nVent Electric Stock Down 1.5%

nVent Electric stock opened at $66.56 on Tuesday. The company has a market capitalization of $10.96 billion, a PE ratio of 33.96, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. nVent Electric plc has a fifty-two week low of $41.71 and a fifty-two week high of $86.57. The firm has a 50 day moving average price of $55.32 and a 200 day moving average price of $64.55.

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 for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million during the quarter, compared to analysts' expectations of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The company's revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. Research analysts expect that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The company also recently announced 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 1.20%. The ex-dividend date is Friday, July 18th. nVent Electric's dividend payout ratio is currently 22.86%.

nVent Electric Company 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.

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