nVent Electric PLC $NVT Stock Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its nVent Electric stake by 26%, selling 480,779 shares in the third quarter; it retained 1.37 million shares, worth about $219.5 million.
• Other institutional investors increased holdings, and institutions collectively owned 90.05% of the company’s stock.
• nVent beat quarterly earnings and revenue expectations, with revenue up 43.7% year over year. Analysts’ consensus rating was “Buy,” with an average price target of $197.82.

Pictet Asset Management Holding SA decreased its position in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 26.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,368,843 shares of the company's stock after selling 480,779 shares during the period. Pictet Asset Management Holding SA owned about 0.85% of nVent Electric worth $219,521,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Amundi lifted its stake in shares of nVent Electric by 146.8% in the 1st quarter. Amundi now owns 1,092,802 shares of the company's stock valued at $129,257,000 after purchasing an additional 649,992 shares during the period. First Trust Advisors LP boosted its position in shares of nVent Electric by 32.8% during the first quarter. First Trust Advisors LP now owns 1,696,369 shares of the company's stock valued at $200,647,000 after purchasing an additional 419,239 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in nVent Electric by 961.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 335,231 shares of the company's stock worth $53,761,000 after purchasing an additional 303,656 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in nVent Electric by 130.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 501,362 shares of the company's stock worth $59,301,000 after purchasing an additional 283,671 shares during the period. Finally, State Street Corp grew its stake in nVent Electric by 4.9% in the second quarter. State Street Corp now owns 5,313,122 shares of the company's stock worth $901,159,000 after purchasing an additional 250,248 shares during the period. Institutional investors own 90.05% of the company's stock.

Analyst Ratings Changes

NVT has been the subject of a number of research reports. Seaport Research Partners reiterated a "neutral" rating and issued a $225.00 price objective on shares of nVent Electric in a report on Monday, October 12th. UBS Group restated a "buy" rating on shares of nVent Electric in a report on Tuesday, August 25th. Roth Capital reaffirmed a "buy" rating and issued a $200.00 target price on shares of nVent Electric in a research report on Wednesday, October 28th. Citigroup decreased their price target on shares of nVent Electric from $228.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, November 2nd. Finally, Clear Str upgraded shares of nVent Electric to a "strong-buy" rating in a research note on Monday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, nVent Electric has an average rating of "Buy" and an average price target of $197.82.

nVent Electric Stock Performance

Shares of NVT opened at $106.10 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53. The business's 50 day moving average price is $148.90 and its 200-day moving average price is $144.49. nVent Electric PLC has a 52 week low of $93.22 and a 52 week high of $184.64. The stock has a market cap of $17.15 billion, a P/E ratio of 25.57, a P/E/G ratio of 0.54 and a beta of 1.39.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings data on Friday, October 30th. The company reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.12. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.43 billion. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The firm's revenue for the quarter was up 43.7% on a year-over-year basis. During the same quarter last year, the company earned $0.91 EPS. Equities research analysts anticipate that nVent Electric PLC will post 5.36 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 6th. Stockholders of record on Friday, October 23rd were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, October 23rd. nVent Electric's dividend payout ratio is currently 20.24%.

Insider Buying and Selling at nVent Electric

In other news, insider Robert van der Kolk sold 5,858 shares of the firm's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $164.32, for a total transaction of $962,586.56. Following the completion of the transaction, the insider directly owned 27,387 shares in the company, valued at $4,500,231.84. This trade represents a 17.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by insiders.

nVent Electric Profile

nVent Electric plc designs and manufactures products and solutions that protect and connect electrical systems. Its offerings include electrical enclosures, cable management and fastening products, grounding and bonding solutions, and systems for managing heat in electrical and industrial applications.

The company serves customers across industries such as data centers, energy, infrastructure, commercial construction and manufacturing. Its products are marketed under brands including Hoffman, ERICO, CADDY, Raychem and Schroff, and it serves customers in markets around the world.

nVent became an independent, publicly traded company in 2018 after its separation from Pentair.

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