Bank of New York Mellon Corp Buys 29,027 Shares of nVent Electric PLC (NYSE:NVT)

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

Other institutional investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in shares of nVent Electric by 4.1% during the fourth quarter. Quadrant Capital Group LLC now owns 3,807 shares of the company's stock worth $259,000 after purchasing an additional 150 shares during the period. Utah Retirement Systems lifted its holdings in nVent Electric by 2.3% during the 4th quarter. Utah Retirement Systems now owns 8,923 shares of the company's stock worth $608,000 after buying an additional 200 shares during the period. Hancock Whitney Corp grew its position in shares of nVent Electric by 1.4% in the 4th quarter. Hancock Whitney Corp now owns 15,031 shares of the company's stock valued at $1,025,000 after buying an additional 206 shares during the last quarter. Portside Wealth Group LLC increased its stake in shares of nVent Electric by 3.2% in the first quarter. Portside Wealth Group LLC now owns 7,152 shares of the company's stock valued at $375,000 after buying an additional 219 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of nVent Electric by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,702 shares of the company's stock valued at $89,000 after buying an additional 230 shares during the period. 90.05% of the stock is owned by institutional investors.

Insider Buying and Selling at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was 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 of the company's stock, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NVT has been the topic of several analyst reports. Royal Bank Of Canada upped their target price on nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Wall Street Zen raised nVent Electric from a "hold" rating to a "buy" rating in a research note on Saturday. Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. The Goldman Sachs Group boosted their target price on shares of nVent Electric from $78.00 to $87.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, CL King raised shares of nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target for the company in a research note on Monday, March 17th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $73.83.

nVent Electric Stock Up 0.4%

NVT traded up $0.28 during trading on Friday, hitting $74.95. 1,677,199 shares of the company's stock were exchanged, compared to its average volume of 1,986,563. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two week high of $81.55. The stock has a market cap of $12.34 billion, a P/E ratio of 21.41, a PEG ratio of 1.48 and a beta of 1.31. The business's 50 day moving average is $68.56 and its two-hundred day moving average is $63.29. The company has a quick ratio of 2.42, a current ratio of 2.87 and a debt-to-equity ratio of 0.48.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. The business had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. During the same quarter in the previous year, the business earned $0.78 EPS. The company's quarterly revenue was up 10.5% on a year-over-year basis. As a group, equities analysts expect that nVent Electric PLC will post 3.04 earnings per share 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 given a dividend of $0.20 per share. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a dividend yield of 1.07%. nVent Electric's dividend payout ratio is currently 22.86%.

nVent Electric Company 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.