Carmignac Gestion Reduces Stock Holdings in nVent Electric PLC $NVT

Key Points

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Carmignac Gestion reduced its stake in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 87.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 37,002 shares of the company's stock after selling 255,693 shares during the quarter. Carmignac Gestion's holdings in nVent Electric were worth $1,940,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. XTX Topco Ltd grew its stake in nVent Electric by 192.2% during the 1st quarter. XTX Topco Ltd now owns 12,284 shares of the company's stock valued at $644,000 after purchasing an additional 8,080 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in nVent Electric by 381.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,996 shares of the company's stock valued at $106,000 after acquiring an additional 1,581 shares during the last quarter. GAMMA Investing LLC boosted its stake in nVent Electric by 74.3% during the 1st quarter. GAMMA Investing LLC now owns 3,476 shares of the company's stock valued at $182,000 after acquiring an additional 1,482 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of nVent Electric by 6.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 27,252 shares of the company's stock worth $1,429,000 after acquiring an additional 1,591 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of nVent Electric by 27.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 19,307 shares of the company's stock worth $1,012,000 after acquiring an additional 4,149 shares in the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other nVent Electric news, EVP Lynnette R. Heath sold 17,853 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $89.33, for a total value of $1,594,808.49. Following the completion of the sale, the executive vice president owned 30,512 shares in the company, valued at approximately $2,725,636.96. This trade represents a 36.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Aravind Padmanabhan sold 24,534 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $90.00, for a total value of $2,208,060.00. Following the completion of the sale, the executive vice president owned 12,063 shares of the company's stock, valued at $1,085,670. This represents a 67.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 218,780 shares of company stock worth $19,591,172 over the last 90 days. Company insiders own 1.80% of the company's stock.

nVent Electric Trading Up 1.6%

Shares of nVent Electric stock opened at $89.42 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.67 and a debt-to-equity ratio of 0.50. The firm has a market cap of $14.39 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 1.51 and a beta of 1.35. The business has a fifty day simple moving average of $77.60 and a 200-day simple moving average of $65.58. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two week high of $92.75.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NVT. Barclays restated an "overweight" rating on shares of nVent Electric in a research note on Monday, August 4th. KeyCorp upped their price objective on nVent Electric from $78.00 to $84.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Citigroup upped their price objective on nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. The Goldman Sachs Group upped their price objective on nVent Electric from $78.00 to $87.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Wall Street Zen upgraded nVent Electric from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, nVent Electric has a consensus rating of "Buy" and an average price target of $87.00.

nVent Electric 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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