Townsquare Capital LLC Sells 4,391 Shares of nVent Electric PLC (NYSE:NVT)

Key Points

• Townsquare Capital LLC has reduced its stake in nVent Electric PLC by 5.7%, now holding 71,980 shares worth approximately $3.77 million.
• Wall Street analysts are optimistic about nVent Electric, with several firms raising their price targets, including Citigroup and Goldman Sachs, noting an average target price of $87.00.
• nVent Electric reported strong quarterly earnings, with a net revenue increase of 30.1% year-over-year, alongside an earnings per share (EPS) of $0.86, surpassing analysts' estimates.

Townsquare Capital LLC reduced its position in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 5.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,980 shares of the company's stock after selling 4,391 shares during the period. Townsquare Capital LLC's holdings in nVent Electric were worth $3,773,000 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 purchased a new stake in nVent Electric in the fourth quarter worth about $384,749,000. Millennium Management LLC lifted its holdings in nVent Electric by 743.7% in 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 during the period. Champlain Investment Partners LLC purchased a new stake in nVent Electric in the fourth quarter worth about $86,738,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in nVent Electric by 145.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,466,560 shares of the company's stock worth $99,961,000 after buying an additional 869,906 shares during the period. Finally, Balyasny Asset Management L.P. lifted its holdings in nVent Electric by 16,062.5% in 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 during the period. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

nVent Electric Stock Down 1.6%

Shares of NVT traded down $1.41 on Friday, hitting $88.39. 251,981 shares of the stock traded hands, compared to its average volume of 2,191,456. The company has a market capitalization of $14.23 billion, a PE ratio of 25.19, a P/E/G ratio of 1.56 and a beta of 1.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.67. The business has a 50 day simple moving average of $76.79 and a 200 day simple moving average of $65.23. nVent Electric PLC has a one year low of $41.71 and a one year high of $92.75.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.07. The company had revenue of $963.10 million during the quarter, compared to the consensus estimate of $906.96 million. nVent Electric had a net margin of 17.72% and a return on equity of 13.36%. The firm's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. As a group, equities analysts forecast that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other nVent Electric news, insider Sara E. Zawoyski sold 22,109 shares of nVent Electric stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $89.54, for a total value of $1,979,639.86. Following the completion of the sale, the insider owned 66,640 shares of the company's stock, valued at approximately $5,966,945.60. The trade was a 24.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Der Kolk Robert J. Van sold 10,993 shares of nVent Electric stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $89.14, for a total transaction of $979,916.02. Following the completion of the sale, the insider directly owned 40,772 shares of the company's stock, valued at approximately $3,634,416.08. This trade represents a 21.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 218,780 shares of company stock worth $19,591,172 in the last 90 days. Insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on NVT shares. Citigroup raised their price objective on shares of nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a report on Monday, July 14th. The Goldman Sachs Group lifted their target price on shares of nVent Electric from $78.00 to $87.00 and gave the company a "buy" rating in a report on Monday, July 7th. Royal Bank Of Canada reiterated an "outperform" rating and set a $102.00 target price (up from $85.00) on shares of nVent Electric in a report on Monday, August 4th. Roth Capital reiterated a "buy" rating and set a $100.00 target price (up from $89.00) on shares of nVent Electric in a report on Monday, August 4th. Finally, Wall Street Zen upgraded shares of nVent Electric from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $87.00.

nVent Electric 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.