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

State of Alaska Department of Revenue decreased its holdings in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 42.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in nVent Electric by 381.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,996 shares of the company's stock valued at $106,000 after acquiring an additional 1,581 shares during the last quarter. LPL Financial LLC increased its holdings in shares of nVent Electric by 12.6% in the fourth quarter. LPL Financial LLC now owns 140,043 shares of the company's stock valued at $9,545,000 after purchasing an additional 15,685 shares during the period. Haverford Trust Co raised its stake in shares of nVent Electric by 0.8% during the fourth quarter. Haverford Trust Co now owns 553,146 shares of the company's stock worth $37,702,000 after purchasing an additional 4,538 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of nVent Electric by 41.4% during the first quarter. Fifth Third Bancorp now owns 2,811 shares of the company's stock worth $147,000 after purchasing an additional 823 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of nVent Electric by 3.4% during the fourth quarter. HighTower Advisors LLC now owns 32,230 shares of the company's stock worth $2,197,000 after purchasing an additional 1,052 shares during the period. Hedge funds and other institutional investors own 90.05% of the company's stock.

Insider Transactions at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the company'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 value of $247,915.35. Following the sale, the executive vice president now 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on NVT. KeyCorp upped their price objective on shares of nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Citigroup cut their price target on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group lowered their price objective on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Barclays increased their target price on nVent Electric from $70.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, 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 note on Monday, March 17th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $70.67.

nVent Electric Price Performance

NVT traded up $0.32 on Friday, hitting $73.45. 2,046,895 shares of the company were exchanged, compared to its average volume of 1,945,083. nVent Electric PLC has a fifty-two week low of $41.71 and a fifty-two 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 firm has a market capitalization of $12.09 billion, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 1.44 and a beta of 1.30. The business's fifty day moving average is $64.09 and its 200 day moving average is $63.16.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. nVent Electric had a return on equity of 13.54% and a net margin of 18.22%. 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 firm posted $0.78 EPS. The company's revenue was up 10.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that nVent Electric PLC will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be paid 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 is Friday, July 18th. nVent Electric's dividend payout ratio (DPR) is presently 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.