Principal Financial Group Inc. Trims Stake in nVent Electric PLC (NYSE:NVT)

Principal Financial Group Inc. trimmed its stake in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,455,728 shares of the company's stock after selling 111,319 shares during the period. Principal Financial Group Inc. owned about 0.88% of nVent Electric worth $76,309,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC acquired a new stake in nVent Electric during the fourth quarter worth about $27,000. Whipplewood Advisors LLC grew its holdings in nVent Electric by 467.3% during the first quarter. Whipplewood Advisors LLC now owns 607 shares of the company's stock worth $32,000 after acquiring an additional 500 shares during the period. Park Square Financial Group LLC acquired a new stake in nVent Electric during the fourth quarter worth about $38,000. First Horizon Advisors Inc. grew its holdings in nVent Electric by 58.0% during the first quarter. First Horizon Advisors Inc. now owns 817 shares of the company's stock worth $43,000 after acquiring an additional 300 shares during the period. Finally, CX Institutional acquired a new stake in nVent Electric during the first quarter worth about $54,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. KeyCorp increased their price target on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Citigroup lowered their price target on nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. CL King upgraded 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 lowered their price target on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Finally, Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $70.67.

nVent Electric Price Performance

Shares of NYSE:NVT traded up $0.51 during trading on Friday, reaching $73.95. The stock had a trading volume of 994,032 shares, compared to its average volume of 1,959,430. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.42 and a current ratio of 2.87. The business has a fifty day moving average price of $66.70 and a 200-day moving average price of $63.06. The stock has a market cap of $12.17 billion, a PE ratio of 21.13, a PEG ratio of 1.49 and a beta of 1.31. nVent Electric PLC has a 1-year low of $41.71 and a 1-year high of $81.55.

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

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Friday, July 18th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.08%. nVent Electric's payout ratio is 22.86%.

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.