nVent Electric PLC $NVT Holdings Cut by Busey Bank

Key Points

• Busey Bank cut its stake by 26.9% in nVent Electric during Q4, selling 55,344 shares and ending the quarter with 150,340 shares valued at about $15.33 million; institutional investors own roughly 90.05% of the stock.
• Sell-side sentiment is largely positive with 11 Buy and 1 Hold ratings, an average price target of $144 and a consensus rating of "Moderate Buy."
• nVent posted a strong quarter—EPS $0.90 beat and revenue of $1.07 billion (up 41.9% YoY)—and announced a $0.21 quarterly dividend (annualized $0.84, ~0.6% yield).

Busey Bank lowered its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 26.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,340 shares of the company's stock after selling 55,344 shares during the period. Busey Bank owned about 0.09% of nVent Electric worth $15,330,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Global Trust Asset Management LLC acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $30,000. Root Financial Partners LLC acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $31,000. Advisory Services Network LLC acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $35,000. First Horizon Corp acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $41,000. Finally, Sentry Investment Management LLC acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $43,000. Institutional investors and hedge funds own 90.05% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on NVT. UBS Group restated a "buy" rating and issued a $135.00 price target on shares of nVent Electric in a research note on Friday, March 13th. Glj Research began coverage on shares of nVent Electric in a research note on Thursday, March 5th. They set a "buy" rating and a $151.00 price objective on the stock. Roth Mkm raised their price objective on shares of nVent Electric from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, March 23rd. Zacks Research lowered shares of nVent Electric from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 6th. Finally, Weiss Ratings upgraded shares of nVent Electric from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, March 11th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, nVent Electric currently has an average rating of "Moderate Buy" and an average price target of $144.00.

nVent Electric Stock Down 0.0%

NVT stock opened at $134.69 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. nVent Electric PLC has a 1 year low of $47.86 and a 1 year high of $135.92. The company has a fifty day simple moving average of $118.35 and a 200 day simple moving average of $110.23. The firm has a market cap of $21.78 billion, a PE ratio of 31.32, a PEG ratio of 1.40 and a beta of 1.28.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings data on Saturday, February 7th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. nVent Electric had a net margin of 18.25% and a return on equity of 15.18%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the business earned $0.59 EPS. nVent Electric's quarterly revenue was up 41.9% compared to the same quarter last year. Sell-side analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Friday, April 24th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, April 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.6%. nVent Electric's payout ratio is currently 19.53%.

Insiders Place Their Bets

In other nVent Electric news, CEO Beth Wozniak sold 7,597 shares of the business's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $116.47, for a total transaction of $884,822.59. Following the completion of the transaction, the chief executive officer owned 52,990 shares of the company's stock, valued at $6,171,745.30. The trade was a 12.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jerry W. Burris sold 5,244 shares of the business's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $112.27, for a total transaction of $588,743.88. Following the transaction, the director directly owned 46,371 shares of the company's stock, valued at approximately $5,206,072.17. This represents a 10.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,841 shares of company stock valued at $2,046,166 in the last quarter. Insiders own 1.70% of the company's stock.

nVent Electric Profile

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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