US Bancorp DE Reduces Position in nVent Electric PLC (NYSE:NVT)

Key Points

• US Bancorp DE reduced its stake in nVent Electric PLC by 1.6%, owning 180,332 shares valued at approximately $9.45 million after selling 2,901 shares in the first quarter.
• A recent report from Goldman Sachs raised nVent Electric's price target from $78.00 to $87.00, supporting a "buy" rating alongside endorsements from multiple other analysts, indicating strong market confidence in the stock.
• nVent Electric's latest earnings report exceeded expectations with an EPS of $0.86, showing significant 30.1% revenue growth compared to the same quarter last year.

US Bancorp DE lowered its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,332 shares of the company's stock after selling 2,901 shares during the period. US Bancorp DE owned 0.11% of nVent Electric worth $9,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Quadrant Capital Group LLC raised its stake in nVent Electric by 4.1% during the fourth quarter. Quadrant Capital Group LLC now owns 3,807 shares of the company's stock valued at $259,000 after buying an additional 150 shares in the last quarter. Utah Retirement Systems raised its holdings 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 worth $608,000 after acquiring an additional 200 shares in the last quarter. Davis R M Inc. increased its position in nVent Electric by 4.0% during the first quarter. Davis R M Inc. now owns 5,200 shares of the company's stock worth $273,000 after buying an additional 200 shares during the last quarter. Hancock Whitney Corp grew its position in shares of nVent Electric by 1.4% in the fourth quarter. Hancock Whitney Corp now owns 15,031 shares of the company's stock valued at $1,025,000 after purchasing an additional 206 shares during the last quarter. Finally, Portside Wealth Group LLC lifted its stake 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 valued at $375,000 after buying an additional 219 shares during the period. Hedge funds and other institutional investors own 90.05% of the company's stock.

nVent Electric Stock Down 1.1%

NYSE:NVT traded down $1.00 during mid-day trading on Thursday, hitting $89.24. 1,359,049 shares of the company's stock were exchanged, compared to its average volume of 2,208,916. The business has a fifty day moving average price of $73.45 and a 200 day moving average price of $64.35. The company has a market cap of $14.36 billion, a PE ratio of 25.36, a P/E/G ratio of 1.54 and a beta of 1.35. nVent Electric PLC has a one year low of $41.71 and a one year high of $91.55. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.67 and a quick ratio of 1.20.

nVent Electric (NYSE:NVT - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.07. The business had revenue of $963.10 million for the quarter, compared to analysts' expectations of $906.96 million. nVent Electric had a net margin of 17.72% and a return on equity of 13.36%. The company's revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 EPS. Equities analysts predict 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 was paid on Friday, August 1st. Investors of record on Saturday, January 1st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date was Friday, July 18th. nVent Electric's dividend payout ratio is presently 22.79%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NVT. Roth Capital reissued a "buy" rating and issued a $100.00 price target (up previously from $89.00) on shares of nVent Electric in a report on Monday. KeyCorp raised their target price on shares of nVent Electric from $78.00 to $84.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of nVent Electric from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Citigroup boosted their target price on shares of nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, The Goldman Sachs Group increased their target price on shares of nVent Electric from $78.00 to $87.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, nVent Electric presently has a consensus rating of "Buy" and a consensus target price of $87.00.

Insider Activity at nVent Electric

In other news, EVP Jon D. Lammers sold 119,694 shares of nVent Electric stock in a transaction on Monday, August 4th. The shares were sold at an average price of $89.48, for a total transaction of $10,710,219.12. Following the completion of the sale, the executive vice president directly owned 70,817 shares in the company, valued at approximately $6,336,705.16. The trade was a 62.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Der Kolk Robert J. Van sold 10,993 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $89.14, for a total transaction of $979,916.02. Following the transaction, the insider owned 40,772 shares of the company's stock, valued at $3,634,416.08. This represents a 21.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,246 shares of company stock worth $17,115,842 in the last three months. 1.80% of the stock is owned by insiders.

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.