Bank of Nova Scotia Buys New Shares in nVent Electric PLC (NYSE:NVT)

Bank of Nova Scotia bought a new position in shares of nVent Electric PLC (NYSE:NVT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,360 shares of the company's stock, valued at approximately $1,225,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors purchased a new position in shares of nVent Electric during the 4th quarter worth about $384,749,000. Millennium Management LLC increased its position in nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company's stock worth $151,017,000 after purchasing an additional 1,953,026 shares during the last quarter. Champlain Investment Partners LLC purchased a new position in nVent Electric during the fourth quarter worth approximately $86,738,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of nVent Electric by 145.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,466,560 shares of the company's stock valued at $99,961,000 after purchasing an additional 869,906 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of nVent Electric by 16,062.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 875,197 shares of the company's stock valued at $59,653,000 after buying an additional 869,782 shares during the period. 90.05% of the stock is owned by institutional investors and hedge funds.

nVent Electric Stock Down 1.4%

Shares of NYSE:NVT opened at $89.01 on Friday. The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of 25.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. The company has a 50 day moving average of $74.38 and a two-hundred day moving average of $64.64. nVent Electric PLC has a 52-week low of $41.71 and a 52-week high of $91.55. The company has a quick ratio of 1.20, a current ratio of 1.67 and a debt-to-equity ratio of 0.50.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. nVent Electric had a net margin of 17.72% and a return on equity of 13.36%. The business had revenue of $963.10 million during the quarter, compared to analyst estimates of $906.96 million. During the same period last year, the business earned $0.82 EPS. The business's revenue was up 30.1% on a year-over-year basis. As a group, analysts forecast that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Saturday, January 1st were paid a dividend of $0.20 per share. The ex-dividend date was Friday, July 18th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. nVent Electric's dividend payout ratio (DPR) is currently 22.79%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NVT. The Goldman Sachs Group lifted their target price on nVent Electric from $78.00 to $87.00 and gave the company a "buy" rating in a report on Monday, July 7th. Barclays reaffirmed an "overweight" rating on shares of nVent Electric in a research note on Monday. KeyCorp increased their target price on shares of nVent Electric from $78.00 to $84.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $102.00 price target (up from $85.00) on shares of nVent Electric in a research report on Monday. Finally, Wall Street Zen raised shares of nVent Electric from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $87.00.

Insider Activity at nVent Electric

In other nVent Electric news, insider Der Kolk Robert J. Van sold 10,993 shares of nVent Electric stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $89.14, for a total transaction of $979,916.02. Following the sale, the insider directly owned 40,772 shares in the company, valued at $3,634,416.08. The trade was a 21.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Herbert K. Parker sold 20,597 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $89.88, for a total value of $1,851,258.36. Following the completion of the transaction, the director directly owned 15,070 shares in the company, valued at approximately $1,354,491.60. The trade was a 57.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,246 shares of company stock valued at $17,115,842. 1.80% of the stock is currently owned by insiders.

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.

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