Royal Bank of Canada Has $36.13 Million Holdings in nVent Electric plc (NYSE:NVT)

Royal Bank of Canada grew its position in nVent Electric plc (NYSE:NVT - Free Report) by 13.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 530,064 shares of the company's stock after purchasing an additional 61,971 shares during the quarter. Royal Bank of Canada owned approximately 0.32% of nVent Electric worth $36,130,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Capital Research Global Investors acquired a new stake in shares of nVent Electric in the fourth quarter worth $384,749,000. Norges Bank acquired a new stake in nVent Electric during the fourth quarter worth $197,434,000. Millennium Management LLC boosted its stake in nVent Electric by 743.7% during the fourth quarter. Millennium Management LLC now owns 2,215,624 shares of the company's stock worth $151,017,000 after buying an additional 1,953,026 shares in the last quarter. Champlain Investment Partners LLC acquired a new stake in nVent Electric during the fourth quarter worth $86,738,000. Finally, Balyasny Asset Management L.P. boosted its stake in nVent Electric by 16,062.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 875,197 shares of the company's stock worth $59,653,000 after buying an additional 869,782 shares in the last quarter. Institutional investors own 90.05% of the company's stock.

Wall Street Analysts Forecast Growth

NVT has been the topic of several recent analyst reports. Barclays boosted their target price on shares of nVent Electric from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. KeyCorp boosted their target price on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. CL King upgraded nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 target price for the company in a research report on Monday, March 17th. Royal Bank of Canada boosted their price objective on nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Finally, Seaport Res Ptn raised nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, nVent Electric currently has an average rating of "Buy" and a consensus target price of $70.00.

nVent Electric Stock Up 2.8%

Shares of nVent Electric stock traded up $1.84 on Tuesday, reaching $67.07. 719,842 shares of the company were exchanged, compared to its average volume of 1,936,734. nVent Electric plc has a one year low of $41.71 and a one year high of $86.57. The company has a 50-day moving average of $56.23 and a 200 day moving average of $64.24. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $11.04 billion, a price-to-earnings ratio of 34.24, a PEG ratio of 1.48 and a beta of 1.24.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The business had revenue of $809.30 million for the quarter, compared to analysts' expectations of $790.74 million. During the same quarter in the prior year, the business earned $0.78 EPS. The firm's revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities research analysts forecast that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

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 given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, July 18th. nVent Electric's payout ratio is 22.86%.

Insiders Place Their Bets

In other news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 32,665 shares of the company's stock, valued at approximately $2,003,997.75. This represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.