nVent Electric PLC (NYSE:NVT) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,747,395 shares of the company's stock after buying an additional 29,027 shares during the quarter. Bank of New York Mellon Corp owned 1.06% of nVent Electric worth $91,598,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NVT. Capital Research Global Investors purchased a new stake in shares of nVent Electric in the fourth quarter valued at about $384,749,000. Norges Bank acquired a new position in nVent Electric during the fourth quarter worth approximately $197,434,000. William Blair Investment Management LLC increased its position in nVent Electric by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock worth $176,630,000 after purchasing an additional 210,690 shares during the last quarter. Millennium Management LLC increased its position in shares of nVent Electric by 743.7% in the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company's stock worth $151,017,000 after acquiring an additional 1,953,026 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of nVent Electric by 15.0% in the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company's stock worth $117,499,000 after acquiring an additional 224,657 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Stock Down 0.7%

nVent Electric stock opened at $74.71 on Friday. The company's 50-day moving average price is $68.26 and its two-hundred day moving average price is $63.25. The stock has a market cap of $12.30 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 1.49 and a beta of 1.31. The company has a current ratio of 2.87, a quick ratio of 2.42 and a debt-to-equity ratio of 0.48. nVent Electric PLC has a 52 week low of $41.71 and a 52 week high of $81.55.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $809.30 million for the quarter, compared to analysts' expectations of $790.74 million. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The business's revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS. On average, analysts expect that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, July 18th. nVent Electric's payout ratio is 22.86%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on NVT shares. Royal Bank Of Canada raised their price target on shares of nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Citigroup reduced their price objective on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. CL King upgraded shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target on the stock in a research report on Monday, March 17th. The Goldman Sachs Group lifted their price objective on shares of nVent Electric from $78.00 to $87.00 and gave the company a "buy" rating in a research report on Monday. Finally, Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, nVent Electric presently has a consensus rating of "Buy" and a consensus target price of $73.83.

Insider Activity at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president directly owned 32,665 shares in the company, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by insiders.

nVent Electric Profile

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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