Bank of New York Mellon Corp Acquires 68,818 Shares of nVent Electric PLC $NVT

Key Points

• Bank of New York Mellon increased its stake in nVent Electric by 3.5% in the first quarter, buying 68,818 shares and bringing its total holding to 2,018,579 shares worth about $238.8 million.
• nVent Electric reported strong quarterly results, with EPS of $1.09 beating estimates and revenue of $1.24 billion topping expectations, while revenue rose 53.5% year over year.
• The company also announced a $500 million share repurchase program and a quarterly dividend of $0.21 per share, while analysts remain broadly bullish with an average price target of $190.57.

Bank of New York Mellon Corp lifted its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,018,579 shares of the company's stock after purchasing an additional 68,818 shares during the quarter. Bank of New York Mellon Corp owned 1.25% of nVent Electric worth $238,758,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in NVT. NFSG Corp raised its holdings in nVent Electric by 241.5% during the first quarter. NFSG Corp now owns 403 shares of the company's stock worth $48,000 after acquiring an additional 285 shares in the last quarter. Checchi Capital Advisers LLC bought a new position in nVent Electric in the first quarter valued at approximately $203,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in nVent Electric in the first quarter valued at approximately $233,000. Archer Investment Corp bought a new position in nVent Electric in the first quarter valued at approximately $199,000. Finally, State of Michigan Retirement System increased its position in shares of nVent Electric by 1.8% during the 1st quarter. State of Michigan Retirement System now owns 38,806 shares of the company's stock worth $4,590,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company's stock.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 27,471 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $167.59, for a total value of $4,603,864.89. Following the transaction, the executive vice president directly owned 37,089 shares of the company's stock, valued at $6,215,745.51. This represents a 42.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Randolph A. Wacker sold 4,094 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $165.57, for a total value of $677,843.58. Following the completion of the transaction, the chief accounting officer directly owned 49,873 shares in the company, valued at approximately $8,257,472.61. This represents a 7.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 87,685 shares of company stock worth $14,961,768 in the last 90 days. Company insiders own 1.70% of the company's stock.

nVent Electric Stock Performance

Shares of NVT stock opened at $154.88 on Friday. nVent Electric PLC has a 52 week low of $73.05 and a 52 week high of $184.64. The company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 51.45, a PEG ratio of 1.46 and a beta of 1.36. The company has a 50-day simple moving average of $165.24 and a 200 day simple moving average of $135.69. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.21 and a current ratio of 1.70.

nVent Electric (NYSE:NVT - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.15. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.11 billion. nVent Electric had a net margin of 11.37% and a return on equity of 16.82%. During the same period last year, the business posted $0.67 earnings per share. The business's revenue for the quarter was up 53.5% compared to the same quarter last year. nVent Electric has set its Q2 2026 guidance at 1.120-1.150 EPS and its FY 2026 guidance at 4.450-4.550 EPS. On average, sell-side analysts predict that nVent Electric PLC will post 4.56 earnings per share for the current year.

nVent Electric announced that its Board of Directors has authorized a stock repurchase program on Saturday, May 16th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 1.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 24th will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, July 24th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.5%. nVent Electric's dividend payout ratio (DPR) is 27.91%.

Analysts Set New Price Targets

NVT has been the topic of a number of analyst reports. Wolfe Research reiterated an "outperform" rating and set a $191.00 price objective on shares of nVent Electric in a research note on Thursday, July 9th. Sanford C. Bernstein set a $220.00 target price on shares of nVent Electric in a research note on Thursday, July 9th. Evercore restated an "outperform" rating and set a $190.00 target price on shares of nVent Electric in a report on Monday, May 4th. Citigroup upped their price target on shares of nVent Electric from $152.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen upgraded shares of nVent Electric from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 21st. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, nVent Electric presently has an average rating of "Buy" and an average target price of $190.57.

About nVent Electric

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company's electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.

Want to see what other hedge funds are holding NVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for nVent Electric PLC (NYSE:NVT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.