National Bank of Canada FI Cuts Stake in nVent Electric PLC $NVT

Key Points

• National Bank of Canada FI significantly reduced its stake in nVent Electric PLC by 77.9%, holding 4,039 shares worth approximately $212,000 after selling 14,200 shares in the first quarter of the year.
• Multiple institutional investors, including Utah Retirement Systems and Davis R M Inc., have increased their positions in nVent Electric, indicating continued institutional interest despite the recent sell-off.
• Analysts have raised their price targets for nVent Electric, with Royal Bank of Canada setting a new target of $102.00, reflecting positive sentiment and an average rating of "Buy" from eight analysts.

National Bank of Canada FI cut its holdings in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 77.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,039 shares of the company's stock after selling 14,200 shares during the period. National Bank of Canada FI's holdings in nVent Electric were worth $212,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Utah Retirement Systems boosted its position in shares of nVent Electric by 2.3% during the fourth quarter. Utah Retirement Systems now owns 8,923 shares of the company's stock valued at $608,000 after buying an additional 200 shares during the last quarter. Davis R M Inc. boosted its position in nVent Electric by 4.0% in the first quarter. Davis R M Inc. now owns 5,200 shares of the company's stock worth $273,000 after purchasing an additional 200 shares during the last quarter. Hancock Whitney Corp boosted its position in nVent Electric by 1.4% in the fourth quarter. Hancock Whitney Corp now owns 15,031 shares of the company's stock worth $1,025,000 after purchasing an additional 206 shares during the last quarter. Portside Wealth Group LLC boosted its position in nVent Electric by 3.2% in the first quarter. Portside Wealth Group LLC now owns 7,152 shares of the company's stock worth $375,000 after purchasing an additional 219 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in nVent Electric by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,702 shares of the company's stock worth $89,000 after purchasing an additional 230 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $102.00 target price (up from $85.00) on shares of nVent Electric in a research report on Monday, August 4th. Barclays reissued an "overweight" rating on shares of nVent Electric in a research report on Monday, August 4th. KeyCorp raised their target price on nVent Electric from $78.00 to $84.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Wall Street Zen raised nVent Electric from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Roth Capital reissued a "buy" rating and issued a $100.00 target price (up from $89.00) on shares of nVent Electric in a research report on Monday, August 4th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, nVent Electric presently has an average rating of "Buy" and an average price target of $87.00.

Insider Activity

In related news, EVP Lynnette R. Heath sold 17,853 shares of nVent Electric stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $89.33, for a total transaction of $1,594,808.49. Following the sale, the executive vice president owned 30,512 shares of the company's stock, valued at approximately $2,725,636.96. This trade represents a 36.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jon D. Lammers sold 119,694 shares of nVent Electric stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $89.48, for a total value of $10,710,219.12. Following the sale, the executive vice president directly owned 70,817 shares in the company, valued at $6,336,705.16. This trade represents a 62.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 218,780 shares of company stock worth $19,591,172. 2.50% of the stock is currently owned by corporate insiders.

nVent Electric Stock Down 2.1%

NVT stock opened at $87.94 on Monday. nVent Electric PLC has a twelve month low of $41.71 and a twelve month high of $92.75. The company has a quick ratio of 1.20, a current ratio of 1.67 and a debt-to-equity ratio of 0.50. The stock has a market cap of $14.15 billion, a P/E ratio of 25.05, a PEG ratio of 1.51 and a beta of 1.35. The business's 50-day moving average price is $77.18 and its 200-day moving average price is $65.41.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. nVent Electric had a return on equity of 13.36% and a net margin of 17.72%. The firm had revenue of $963.10 million for the quarter, compared to analysts' expectations of $906.96 million. During the same period in the previous year, the firm earned $0.82 EPS. The business's quarterly revenue was up 30.1% on a year-over-year basis. On average, equities research analysts forecast that nVent Electric PLC will post 3.04 EPS for the current year.

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.

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