Sherbrooke Park Advisers LLC Reduces Position in nVent Electric plc (NYSE:NVT)

Sherbrooke Park Advisers LLC trimmed its holdings in shares of nVent Electric plc (NYSE:NVT - Free Report) by 78.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,035 shares of the company's stock after selling 10,875 shares during the quarter. Sherbrooke Park Advisers LLC's holdings in nVent Electric were worth $207,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Capital Research Global Investors purchased a new stake in shares of nVent Electric during the fourth quarter worth about $384,749,000. Norges Bank purchased a new stake in shares of nVent Electric during the fourth quarter worth about $197,434,000. William Blair Investment Management LLC increased its position in shares of nVent Electric by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock worth $176,630,000 after acquiring an additional 210,690 shares during the last quarter. Millennium Management LLC increased its position in shares of 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 acquiring an additional 1,953,026 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of nVent Electric by 15.0% during the fourth quarter. Invesco Ltd. now owns 1,723,868 shares of the company's stock worth $117,499,000 after acquiring an additional 224,657 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Stock Down 0.8%

NYSE:NVT opened at $66.00 on Wednesday. The firm has a market capitalization of $10.87 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The stock has a 50 day moving average of $55.56 and a 200-day moving average of $64.56. nVent Electric plc has a 52 week low of $41.71 and a 52 week high of $86.57. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $809.30 million during the quarter, compared to analyst estimates of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The business's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 EPS. Analysts predict that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

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 paid a dividend of $0.20 per share. The ex-dividend date is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.21%. nVent Electric's payout ratio is currently 22.86%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Royal Bank of Canada lifted their target price on nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Barclays lifted their price target on nVent Electric from $65.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. CL King upgraded 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. Citigroup decreased their price target on nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, KeyCorp lifted their price target on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, nVent Electric currently has an average rating of "Buy" and an average target price of $70.00.

Insider Buying and Selling

In other news, EVP Lynnette R. Heath sold 4,041 shares of the business's 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 transaction, the executive vice president now directly owns 32,665 shares in the company, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.80% of the stock is owned by company insiders.

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.

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