Massachusetts Financial Services Co. MA Sells 300,148 Shares of nVent Electric PLC (NYSE:NVT)

Massachusetts Financial Services Co. MA decreased its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,298,794 shares of the company's stock after selling 300,148 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.79% of nVent Electric worth $68,083,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of NVT. Capital Research Global Investors bought a new stake in nVent Electric during the fourth quarter valued at $384,749,000. Norges Bank bought a new stake in nVent Electric during the fourth quarter valued at $197,434,000. Millennium Management LLC boosted its position in nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company's stock valued at $151,017,000 after acquiring an additional 1,953,026 shares during the last quarter. Bank of New York Mellon Corp boosted its position in nVent Electric by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 1,747,395 shares of the company's stock valued at $91,598,000 after acquiring an additional 29,027 shares during the last quarter. Finally, Invesco Ltd. boosted its position in nVent Electric by 15.0% during the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company's stock valued at $117,499,000 after acquiring an additional 224,657 shares during the last quarter. Institutional investors own 90.05% of the company's stock.

nVent Electric Stock Down 1.7%

Shares of NVT traded down $1.28 on Friday, reaching $75.95. The company's stock had a trading volume of 1,572,886 shares, compared to its average volume of 1,987,049. 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 twelve month low of $41.71 and a twelve month high of $81.20. The stock has a market capitalization of $12.50 billion, a PE ratio of 21.70, a PEG ratio of 1.48 and a beta of 1.31. The firm has a fifty day moving average of $69.74 and a 200-day moving average of $63.45.

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

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.80 annualized dividend and a yield of 1.05%. nVent Electric's dividend payout ratio (DPR) is 22.86%.

Analysts Set New Price Targets

A number of brokerages have commented on NVT. KeyCorp upped their price target on shares of nVent Electric from $78.00 to $84.00 and gave the company an "overweight" rating in a research report on Tuesday. Royal Bank Of Canada upped their price objective 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. Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Barclays upped their price objective on shares of nVent Electric from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Finally, Citigroup upped their price objective on shares of nVent Electric from $69.00 to $86.00 and gave the company a "buy" rating in a report on Monday. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $80.33.

Insider Buying and Selling

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the sale, the executive vice president owned 32,665 shares in the company, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.80% of the company's stock.

About nVent Electric

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.