Envestnet Asset Management Inc. Has $23.19 Million Stock Position in nVent Electric PLC (NYSE:NVT)

Envestnet Asset Management Inc. cut its stake in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 5.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 442,332 shares of the company's stock after selling 24,994 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.27% of nVent Electric worth $23,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital A Wealth Management LLC purchased a new stake in shares of nVent Electric during the fourth quarter worth approximately $27,000. Whipplewood Advisors LLC raised its stake in shares of nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company's stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in shares of nVent Electric during the fourth quarter worth approximately $38,000. First Horizon Advisors Inc. raised its stake in shares of nVent Electric by 58.0% during the first quarter. First Horizon Advisors Inc. now owns 817 shares of the company's stock worth $43,000 after purchasing an additional 300 shares during the last quarter. Finally, CX Institutional purchased a new stake in shares of nVent Electric during the first quarter worth approximately $54,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays increased their price objective on nVent Electric from $74.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Citigroup increased their price objective on nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a research report on Monday. Royal Bank Of Canada increased their price objective on nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. The Goldman Sachs Group increased their price objective on nVent Electric from $78.00 to $87.00 and gave the stock a "buy" rating in a research report 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. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, nVent Electric has a consensus rating of "Buy" and a consensus target price of $80.33.

nVent Electric Stock Down 0.1%

NVT stock traded down $0.10 during midday trading on Wednesday, hitting $74.45. 1,613,245 shares of the company's stock were exchanged, compared to its average volume of 1,984,277. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48. nVent Electric PLC has a 12-month low of $41.71 and a 12-month high of $81.55. The firm has a 50 day moving average price of $69.12 and a 200-day moving average price of $63.32. The stock has a market capitalization of $12.26 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.49 and a beta of 1.31.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $809.30 million for the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. nVent Electric's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 EPS. On average, analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.07%. nVent Electric's dividend payout ratio is currently 22.86%.

Insider Transactions at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the business's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the transaction, the executive vice president owned 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.50% of the stock is owned by corporate insiders.

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.