nVent Electric PLC $NVT Shares Sold by Impax Asset Management Group plc

Key Points

• Impax Asset Management cut its stake in nVent by 35.5% in Q4, selling 304,247 shares and leaving 553,268 shares (about 0.34% of the company) valued at roughly $56.4 million, while overall institutional ownership stands at about 90.05%.
• Analysts are broadly positive on the stock—with 11 Buys and 1 Hold and a MarketBeat consensus rating of "Moderate Buy"—and the consensus price target is about $144, with several firms recently raising their targets.
• Company insiders sold a total of 17,841 shares worth approximately $2.05 million in the last quarter (including two directors), leaving insiders with about 1.70% ownership.

Impax Asset Management Group plc decreased its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 35.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 553,268 shares of the company's stock after selling 304,247 shares during the period. Impax Asset Management Group plc owned approximately 0.34% of nVent Electric worth $56,417,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Clark Capital Management Group Inc. grew its holdings in nVent Electric by 2.4% in the 3rd quarter. Clark Capital Management Group Inc. now owns 1,830,406 shares of the company's stock valued at $180,551,000 after buying an additional 43,502 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of nVent Electric by 1.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,715,006 shares of the company's stock valued at $169,168,000 after buying an additional 32,128 shares during the period. Merewether Investment Management LP grew its stake in shares of nVent Electric by 59.2% in the 3rd quarter. Merewether Investment Management LP now owns 1,699,674 shares of the company's stock valued at $167,656,000 after buying an additional 631,800 shares during the period. Ameriprise Financial Inc. grew its stake in shares of nVent Electric by 8.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,627,329 shares of the company's stock valued at $160,521,000 after buying an additional 126,991 shares during the period. Finally, Holocene Advisors LP purchased a new stake in shares of nVent Electric in the 3rd quarter valued at approximately $151,265,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Barclays increased their price target on shares of nVent Electric from $141.00 to $150.00 and gave the company an "overweight" rating in a research note on Wednesday, April 1st. Wall Street Zen cut nVent Electric from a "strong-buy" rating to a "buy" rating in a report on Monday, February 23rd. Roth Mkm increased their price target on nVent Electric from $130.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, March 23rd. KeyCorp increased their price target on nVent Electric from $125.00 to $130.00 and gave the stock an "overweight" rating in a report on Monday, February 9th. Finally, Citigroup increased their price objective on shares of nVent Electric from $133.00 to $152.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, nVent Electric currently has an average rating of "Moderate Buy" and a consensus price target of $144.00.

Insider Activity

In other news, Director Jerry W. Burris sold 5,244 shares of nVent Electric 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 completion of the transaction, the director owned 46,371 shares in the company, valued at approximately $5,206,072.17. This trade represents a 10.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan M. Cameron sold 5,000 shares of nVent Electric stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $114.52, for a total value of $572,600.00. Following the completion of the transaction, the director owned 13,405 shares of the company's stock, valued at $1,535,140.60. The trade was a 27.17% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 17,841 shares of company stock worth $2,046,166. 1.70% of the stock is currently owned by company insiders.

nVent Electric Stock Performance

NYSE NVT opened at $142.10 on Friday. The company has a market cap of $22.98 billion, a P/E ratio of 33.05, a P/E/G ratio of 1.48 and a beta of 1.28. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.63 and a quick ratio of 1.16. The stock has a 50-day moving average of $121.01 and a two-hundred day moving average of $111.49. nVent Electric PLC has a 1-year low of $53.03 and a 1-year high of $145.31.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Saturday, February 7th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.01. nVent Electric had a return on equity of 15.18% and a net margin of 18.25%.The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the company posted $0.59 EPS. nVent Electric'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 Dividend Announcement

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

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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