Figure 8 Investment Strategies LLC Takes $571,000 Position in nVent Electric PLC (NYSE:NVT)

Figure 8 Investment Strategies LLC acquired a new position in nVent Electric PLC (NYSE:NVT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,889 shares of the company's stock, valued at approximately $571,000.

Several other institutional investors and hedge funds have also bought and sold shares of NVT. CIBC Asset Management Inc lifted its holdings in nVent Electric by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 5,078 shares of the company's stock worth $346,000 after buying an additional 255 shares during the period. Atria Wealth Solutions Inc. lifted its holdings in shares of nVent Electric by 179.7% during the fourth quarter. Atria Wealth Solutions Inc. now owns 9,854 shares of the company's stock valued at $672,000 after purchasing an additional 6,331 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of nVent Electric by 15.3% during the fourth quarter. Private Advisor Group LLC now owns 8,383 shares of the company's stock valued at $571,000 after purchasing an additional 1,111 shares during the last quarter. ING Groep NV purchased a new position in shares of nVent Electric during the fourth quarter valued at approximately $1,418,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of nVent Electric during the fourth quarter valued at approximately $511,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NVT. Barclays lifted their target price on shares of nVent Electric from $70.00 to $74.00 and gave the company an "overweight" rating in a report on Monday, June 9th. CL King upgraded shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 target price for the company in a report on Monday, March 17th. The Goldman Sachs Group lowered their target price on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Royal Bank Of Canada lifted their target price on shares of nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Finally, Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $70.67.

nVent Electric Stock Up 2.4%

NYSE NVT traded up $1.68 during mid-day trading on Tuesday, reaching $72.43. The stock had a trading volume of 1,535,141 shares, compared to its average volume of 1,943,478. nVent Electric PLC has a 1 year low of $41.71 and a 1 year high of $81.55. The stock has a market cap of $11.92 billion, a PE ratio of 20.69, a price-to-earnings-growth ratio of 1.42 and a beta of 1.30. The company has a fifty day moving average price of $63.17 and a 200 day moving average price of $63.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.87 and a quick ratio of 2.42.

nVent Electric (NYSE:NVT - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The company's quarterly revenue 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, research analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.10%. nVent Electric's dividend payout ratio is presently 22.86%.

Insider Buying and Selling 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 shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president now directly owns 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.50% of the company's stock.

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.