Handelsbanken Fonder AB Has $28.59 Million Stake in nVent Electric plc (NYSE:NVT)

Handelsbanken Fonder AB raised its stake in shares of nVent Electric plc (NYSE:NVT - Free Report) by 25.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 545,354 shares of the company's stock after purchasing an additional 109,430 shares during the quarter. Handelsbanken Fonder AB owned about 0.33% of nVent Electric worth $28,587,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of nVent Electric in the first quarter worth about $815,000. GAMMA Investing LLC raised its stake in nVent Electric by 74.3% during the first quarter. GAMMA Investing LLC now owns 3,476 shares of the company's stock worth $182,000 after purchasing an additional 1,482 shares during the period. Harbor Capital Advisors Inc. raised its stake in nVent Electric by 48.8% during the first quarter. Harbor Capital Advisors Inc. now owns 33,200 shares of the company's stock worth $1,740,000 after purchasing an additional 10,895 shares during the period. Farther Finance Advisors LLC raised its stake in nVent Electric by 381.0% during the first quarter. Farther Finance Advisors LLC now owns 1,996 shares of the company's stock worth $106,000 after purchasing an additional 1,581 shares during the period. Finally, Portside Wealth Group LLC raised its stake in nVent Electric by 7.0% during the first quarter. Portside Wealth Group LLC now owns 7,607 shares of the company's stock worth $399,000 after purchasing an additional 499 shares during the period. Institutional investors and hedge funds own 90.05% of the company's stock.

Analysts Set New Price Targets

NVT has been the subject of a number of recent analyst reports. CL King upgraded shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target for the company in a research report on Monday, March 17th. Citigroup dropped their price objective on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a report on Monday, April 14th. Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Barclays boosted their price target on shares of nVent Electric from $70.00 to $74.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, KeyCorp boosted their price target on shares of nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $70.67.

nVent Electric Price Performance

Shares of NYSE NVT traded down $1.65 on Friday, hitting $68.11. The company's stock had a trading volume of 1,101,468 shares, compared to its average volume of 1,944,991. nVent Electric plc has a 12-month low of $41.71 and a 12-month high of $81.55. The company has a market capitalization of $11.21 billion, a price-to-earnings ratio of 34.75, a price-to-earnings-growth ratio of 1.48 and a beta of 1.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The stock has a 50 day moving average of $60.24 and a 200-day moving average of $63.55.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 10.09% and a return on equity of 14.52%. nVent Electric's revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 earnings per share. As a group, research analysts predict that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The company 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 $0.20 dividend. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a yield of 1.17%. nVent Electric's dividend payout ratio is presently 22.86%.

Insider Activity at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the transaction, the executive vice president now owns 32,665 shares of the company's stock, valued at $2,003,997.75. The trade was a 11.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by insiders.

nVent Electric Company 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.