Impax Asset Management Group plc Boosts Stock Position in nVent Electric PLC (NYSE:NVT)

Impax Asset Management Group plc increased its position in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 54.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 996,668 shares of the company's stock after acquiring an additional 349,364 shares during the quarter. Impax Asset Management Group plc owned approximately 0.61% of nVent Electric worth $51,689,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors acquired a new position in nVent Electric in the fourth quarter valued at about $384,749,000. Norges Bank purchased a new stake in nVent Electric during the fourth quarter worth about $197,434,000. William Blair Investment Management LLC increased its stake in nVent Electric by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock worth $176,630,000 after purchasing an additional 210,690 shares during the period. Millennium Management LLC increased its stake in nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company's stock worth $151,017,000 after purchasing an additional 1,953,026 shares during the period. Finally, Invesco Ltd. increased its stake in shares of nVent Electric by 15.0% during the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company's stock worth $117,499,000 after buying an additional 224,657 shares during the period. Institutional investors and hedge funds own 90.05% of the company's stock.

Insider Buying and Selling at nVent Electric

In other news, EVP Lynnette R. Heath sold 4,041 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the transaction, the executive vice president owned 32,665 shares in the company, valued at $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. The Goldman Sachs Group cut their target price on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 21st. Barclays increased their price target on shares of nVent Electric from $70.00 to $74.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Citigroup reduced their price objective on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Royal Bank Of Canada increased their target price on shares of nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $70.67.

nVent Electric Stock Performance

Shares of NYSE NVT traded up $0.51 during mid-day trading on Friday, hitting $73.95. 994,032 shares of the company were exchanged, compared to its average volume of 1,959,430. The company has a quick ratio of 2.42, a current ratio of 2.87 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $66.70 and a 200-day simple moving average of $63.06. nVent Electric PLC has a 1-year low of $41.71 and a 1-year high of $81.55. The firm has a market cap of $12.18 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 1.49 and a beta of 1.31.

nVent Electric (NYSE:NVT - Get Free Report) last released 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 firm had revenue of $809.30 million during the quarter, compared to analysts' expectations 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 was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 earnings per share. On average, sell-side analysts forecast that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date is Friday, July 18th. nVent Electric's dividend payout ratio is currently 22.86%.

About nVent Electric

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.