M&T Bank Corp Sells 462,975 Shares of nVent Electric PLC $NVT

Key Points

• M&T Bank Corp sold 462,975 shares of nVent in Q4, trimming its stake by 95.7% to 20,938 shares worth $2.135 million.
• Company insiders have sold a total of 17,841 shares in the past 90 days (including two directors), leaving insiders with about 1.7% ownership.
• Analysts are broadly positive: nVent carries a consensus “Moderate Buy” rating with a target of $144; the company recently beat quarterly EPS and revenue estimates (EPS $0.90 vs $0.89; revenue $1.07B, +41.9%) and announced a quarterly dividend of $0.21 (0.6% yield).

M&T Bank Corp trimmed its position in nVent Electric PLC (NYSE:NVT - Free Report) by 95.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 20,938 shares of the company's stock after selling 462,975 shares during the period. M&T Bank Corp's holdings in nVent Electric were worth $2,135,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. TABR Capital Management LLC bought a new position in nVent Electric during the 4th quarter worth $3,284,000. Continuum Advisory LLC bought a new position in nVent Electric during the 3rd quarter worth $1,630,000. Nordea Investment Management AB raised its position in nVent Electric by 10.0% during the 3rd quarter. Nordea Investment Management AB now owns 129,655 shares of the company's stock worth $12,671,000 after purchasing an additional 11,804 shares during the last quarter. Pacer Advisors Inc. raised its position in nVent Electric by 51.0% during the 3rd quarter. Pacer Advisors Inc. now owns 30,535 shares of the company's stock worth $3,012,000 after purchasing an additional 10,307 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in nVent Electric by 173.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 52,856 shares of the company's stock worth $5,214,000 after purchasing an additional 33,549 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other nVent Electric news, Director Susan M. Cameron sold 5,000 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $114.52, for a total transaction of $572,600.00. Following the completion of the sale, the director directly owned 13,405 shares in the company, valued at approximately $1,535,140.60. This trade represents a 27.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jerry W. Burris sold 5,244 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $112.27, for a total value of $588,743.88. Following the sale, the director owned 46,371 shares of the company's stock, valued at approximately $5,206,072.17. The trade was a 10.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 17,841 shares of company stock worth $2,046,166. Company insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

NVT has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on nVent Electric from $138.00 to $143.00 and gave the stock an "outperform" rating in a research report on Thursday, March 19th. Wall Street Zen lowered nVent Electric from a "strong-buy" rating to a "buy" rating in a research report on Monday, February 23rd. UBS Group reaffirmed a "buy" rating and set a $135.00 target price on shares of nVent Electric in a research report on Friday, March 13th. Glj Research initiated coverage on nVent Electric in a research report on Thursday, March 5th. They set a "buy" rating and a $151.00 target price for the company. Finally, KeyCorp raised their target price on nVent Electric from $125.00 to $130.00 and gave the stock an "overweight" rating in a research report on Monday, February 9th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, nVent Electric presently has an average rating of "Moderate Buy" and a consensus target price of $144.00.

nVent Electric Stock Performance

Shares of nVent Electric stock opened at $138.22 on Wednesday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. The business has a 50-day moving average price of $122.05 and a two-hundred day moving average price of $112.29. nVent Electric PLC has a 1-year low of $53.03 and a 1-year high of $145.31. The company has a market cap of $22.35 billion, a P/E ratio of 32.14, a PEG ratio of 1.47 and a beta of 1.28.

nVent Electric (NYSE:NVT - Get Free Report) last issued its quarterly earnings results on Saturday, February 7th. The company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.01. nVent Electric had a return on equity of 15.18% and a net margin of 18.25%.The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the business posted $0.59 EPS. The business's revenue was up 41.9% compared to the same quarter last year. As a group, analysts anticipate that nVent Electric PLC will post 4.15 EPS for the current year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Friday, April 24th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Friday, April 24th. nVent Electric's dividend payout ratio (DPR) is presently 19.53%.

About nVent Electric

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company's electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.

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