Sei Investments Co. Acquires 8,579 Shares of nVent Electric PLC $NVT

Sei Investments Co. grew its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 8.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,640 shares of the company's stock after buying an additional 8,579 shares during the period. Sei Investments Co. owned approximately 0.07% of nVent Electric worth $13,559,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in shares of nVent Electric by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 3,125,289 shares of the company's stock valued at $318,752,000 after acquiring an additional 217,485 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in nVent Electric by 361.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,577,555 shares of the company's stock worth $262,835,000 after acquiring an additional 2,019,483 shares during the last quarter. Norges Bank bought a new stake in nVent Electric during the fourth quarter worth approximately $245,955,000. Bank of New York Mellon Corp raised its position in nVent Electric by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 2,018,579 shares of the company's stock valued at $238,758,000 after purchasing an additional 68,818 shares during the period. Finally, Merewether Investment Management LP raised its position in nVent Electric by 59.2% during the third quarter. Merewether Investment Management LP now owns 1,699,674 shares of the company's stock valued at $167,656,000 after purchasing an additional 631,800 shares during the period. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Performance

nVent Electric stock opened at $144.96 on Friday. The company has a 50 day moving average price of $162.22 and a 200-day moving average price of $138.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.21 and a current ratio of 1.70. nVent Electric PLC has a fifty-two week low of $78.11 and a fifty-two week high of $184.64. The company has a market capitalization of $23.44 billion, a PE ratio of 48.16, a P/E/G ratio of 1.26 and a beta of 1.36.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.15. nVent Electric had a return on equity of 16.82% and a net margin of 11.37%.The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.11 billion. During the same quarter in the prior year, the firm earned $0.67 earnings per share. nVent Electric's revenue was up 53.5% compared to the same quarter last year. As a group, equities analysts forecast that nVent Electric PLC will post 4.56 earnings per share for the current year.

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.6%. nVent Electric's payout ratio is 27.91%.

nVent Electric declared that its Board of Directors has initiated a stock buyback program on Saturday, May 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 1.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on NVT shares. Royal Bank Of Canada lifted their target price on nVent Electric from $180.00 to $193.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Melius Research began coverage on nVent Electric in a report on Tuesday, June 16th. They set a "buy" rating and a $214.00 price target on the stock. Clear Str upgraded nVent Electric to a "strong-buy" rating in a research report on Monday, July 13th. Roth Capital reaffirmed a "buy" rating and set a $185.00 price objective on shares of nVent Electric in a research note on Friday, July 24th. Finally, Evercore reiterated an "outperform" rating and set a $190.00 price objective on shares of nVent Electric in a research report on Monday, May 4th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $190.57.

Insiders Place Their Bets

In other news, CAO Randolph A. Wacker sold 4,094 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $165.57, for a total transaction of $677,843.58. Following the transaction, the chief accounting officer owned 49,873 shares in the company, valued at approximately $8,257,472.61. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sara E. Zawoyski sold 29,412 shares of nVent Electric stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $172.49, for a total value of $5,073,275.88. Following the completion of the sale, the insider owned 97,068 shares of the company's stock, valued at $16,743,259.32. The trade was a 23.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 87,685 shares of company stock worth $14,961,768. 1.70% of the stock is owned by company insiders.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company's electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.

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