Bank of Nova Scotia Sells 180,260 Shares of nVent Electric PLC $NVT

Key Points

• Bank of Nova Scotia cut its nVent Electric stake by 58.7% in the first quarter, selling 180,260 shares and leaving it with 126,712 shares worth about $15 million.
• Wall Street sentiment remains positive: multiple analysts recently reiterated or raised ratings, and nVent now has an average "Buy" rating with a consensus price target of about $190.57.
• nVent reported solid results, beating expectations on both earnings and revenue, while also announcing a $500 million share repurchase program and a quarterly dividend of $0.21 per share.

Bank of Nova Scotia cut its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 58.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,712 shares of the company's stock after selling 180,260 shares during the quarter. Bank of Nova Scotia owned approximately 0.08% of nVent Electric worth $14,987,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. AlTi Global Inc. lifted its position in nVent Electric by 1.8% during the 1st quarter. AlTi Global Inc. now owns 4,081 shares of the company's stock valued at $483,000 after acquiring an additional 74 shares during the period. Meeder Advisory Services Inc. grew its holdings in nVent Electric by 0.9% in the first quarter. Meeder Advisory Services Inc. now owns 8,260 shares of the company's stock worth $977,000 after purchasing an additional 77 shares during the period. Annex Advisory Services LLC grew its holdings in nVent Electric by 3.0% in the fourth quarter. Annex Advisory Services LLC now owns 3,243 shares of the company's stock worth $331,000 after purchasing an additional 94 shares during the period. NewEdge Wealth LLC increased its stake in shares of nVent Electric by 3.7% during the fourth quarter. NewEdge Wealth LLC now owns 2,620 shares of the company's stock valued at $267,000 after purchasing an additional 94 shares in the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC increased its stake in shares of nVent Electric by 0.9% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 10,694 shares of the company's stock valued at $1,055,000 after purchasing an additional 98 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Evercore reissued an "outperform" rating and issued a $190.00 price target on shares of nVent Electric in a research report on Monday, May 4th. Barclays raised their price objective on nVent Electric from $150.00 to $190.00 and gave the company an "overweight" rating in a research report on Monday, May 4th. UBS Group reiterated a "buy" rating on shares of nVent Electric in a research note on Thursday, June 11th. KeyCorp boosted their target price on nVent Electric from $140.00 to $185.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $187.00 target price on shares of nVent Electric in a research note on Monday, May 4th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, nVent Electric presently has an average rating of "Buy" and an average target price of $190.57.

nVent Electric Stock Performance

NVT stock opened at $151.51 on Friday. The stock's 50 day simple moving average is $163.72 and its 200 day simple moving average is $137.55. The company has a current ratio of 1.70, a quick ratio of 1.21 and a debt-to-equity ratio of 0.41. nVent Electric PLC has a 12-month low of $77.09 and a 12-month high of $184.64. The stock has a market capitalization of $24.50 billion, a PE ratio of 50.33, a price-to-earnings-growth ratio of 1.44 and a beta of 1.36.

nVent Electric (NYSE:NVT - Get Free Report) last posted its earnings results on Friday, May 1st. The company reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.15. nVent Electric had a return on equity of 16.82% and a net margin of 11.37%.The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the company earned $0.67 EPS. The company's quarterly revenue 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. As a group, research analysts forecast that nVent Electric PLC will post 4.56 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, July 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.6%. nVent Electric's payout ratio is 27.91%.

nVent Electric announced that its board has approved a share repurchase program on Saturday, May 16th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CAO Randolph A. Wacker sold 4,094 shares of nVent Electric stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 49,873 shares in the company, valued at $8,257,472.61. The trade was a 7.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Martha Claire Bennett sold 3,778 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $170.00, for a total transaction of $642,260.00. Following the transaction, the chief marketing officer directly owned 225 shares of the company's stock, valued at $38,250. The trade was a 94.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 87,685 shares of company stock worth $14,961,768 in the last quarter. Insiders own 1.70% of the company's stock.

nVent Electric Company Profile

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.