State of Alaska Department of Revenue Trims Stake in nVent Electric PLC (NYSE:NVT)

State of Alaska Department of Revenue cut its position in nVent Electric PLC (NYSE:NVT - Free Report) by 42.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,301 shares of the company's stock after selling 14,261 shares during the period. State of Alaska Department of Revenue's holdings in nVent Electric were worth $1,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of NVT. Quadrant Capital Group LLC lifted its holdings in nVent Electric by 4.1% in the 4th quarter. Quadrant Capital Group LLC now owns 3,807 shares of the company's stock worth $259,000 after purchasing an additional 150 shares in the last quarter. Utah Retirement Systems raised its position in shares of nVent Electric by 2.3% during the fourth quarter. Utah Retirement Systems now owns 8,923 shares of the company's stock valued at $608,000 after buying an additional 200 shares during the last quarter. Hancock Whitney Corp raised its position in shares of nVent Electric by 1.4% during the fourth quarter. Hancock Whitney Corp now owns 15,031 shares of the company's stock valued at $1,025,000 after buying an additional 206 shares during the last quarter. Portside Wealth Group LLC lifted its holdings in shares of nVent Electric by 3.2% in the first quarter. Portside Wealth Group LLC now owns 7,152 shares of the company's stock worth $375,000 after buying an additional 219 shares in the last quarter. Finally, Keybank National Association OH lifted its holdings in shares of nVent Electric by 2.5% in the fourth quarter. Keybank National Association OH now owns 9,509 shares of the company's stock worth $648,000 after buying an additional 229 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was 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 directly owned 32,665 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.50% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NVT. The Goldman Sachs Group cut their target price on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Royal Bank Of Canada increased 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. Citigroup reduced their target price on nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Finally, KeyCorp increased their price target on nVent Electric from $60.00 to $72.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $70.67.

nVent Electric Price Performance

Shares of NYSE:NVT traded up $0.09 on Monday, reaching $73.44. The company's stock had a trading volume of 1,276,824 shares, compared to its average volume of 1,944,345. The company has a 50-day simple moving average of $64.56 and a 200 day simple moving average of $62.98. nVent Electric PLC has a 52-week low of $41.71 and a 52-week high of $81.55. 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 company has a market cap of $12.09 billion, a P/E ratio of 20.98, a PEG ratio of 1.47 and a beta of 1.30.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The company reported $0.67 EPS for the quarter, beating 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 firm had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. During the same quarter last year, the firm earned $0.78 EPS. The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, equities research analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders 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 dividend yield of 1.09%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric's dividend payout ratio is currently 22.86%.

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.