Vanguard Group Inc. Trims Stock Position in nVent Electric PLC (NYSE:NVT)

Key Points

• Vanguard Group Inc. reduced its stake in nVent Electric PLC by 0.9%, holding approximately 10.17% of the company, worth $877 million, after selling 156,898 shares in the first quarter.
• Multiple analysts have raised their price targets for nVent Electric, with Roth Capital increasing its target from $89.00 to $100.00 and Goldman Sachs raising it from $78.00 to $87.00, contributing to a consensus target price of $87.00.
• nVent Electric reported quarterly earnings of $0.86 per share, exceeding estimates, and had a revenue increase of 30.1% year-over-year, while also announcing a quarterly dividend of $0.20 per share, translating to an annual yield of 0.9%.

Vanguard Group Inc. reduced its holdings in nVent Electric PLC (NYSE:NVT - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 16,736,010 shares of the company's stock after selling 156,898 shares during the quarter. Vanguard Group Inc. owned approximately 10.17% of nVent Electric worth $877,302,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Utah Retirement Systems lifted 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 purchasing an additional 200 shares in the last quarter. Davis R M Inc. raised its position in nVent Electric by 4.0% in the first quarter. Davis R M Inc. now owns 5,200 shares of the company's stock worth $273,000 after acquiring an additional 200 shares during the period. Hancock Whitney Corp raised its position in nVent Electric by 1.4% in the fourth quarter. Hancock Whitney Corp now owns 15,031 shares of the company's stock worth $1,025,000 after acquiring an additional 206 shares during the period. Portside Wealth Group LLC raised its position in 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 acquiring an additional 219 shares during the period. Finally, Parallel Advisors LLC raised its position in nVent Electric by 15.6% in the first quarter. Parallel Advisors LLC now owns 1,702 shares of the company's stock worth $89,000 after acquiring an additional 230 shares during the period. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Price Performance

nVent Electric stock traded down $1.91 during mid-day trading on Friday, hitting $87.89. 633,475 shares of the company traded hands, compared to its average volume of 2,193,191. nVent Electric PLC has a one year low of $41.71 and a one year high of $92.75. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth 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 stock has a fifty day moving average price of $76.79 and a 200-day moving average price of $65.23.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. The firm had revenue of $963.10 million during the quarter, compared to analyst estimates of $906.96 million. nVent Electric had a net margin of 17.72% and a return on equity of 13.36%. The business's quarterly revenue was up 30.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.82 EPS. On average, equities analysts predict that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NVT has been the topic of several research reports. Wall Street Zen raised shares of nVent Electric from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Citigroup lifted their target price on shares of nVent Electric from $69.00 to $86.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $102.00 target price (up previously from $85.00) on shares of nVent Electric in a research note on Monday, August 4th. The Goldman Sachs Group lifted their target price on shares of nVent Electric from $78.00 to $87.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Barclays reaffirmed an "overweight" rating on shares of nVent Electric in a research note on Monday, August 4th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $87.00.

Insider Transactions at nVent Electric

In related news, CAO Randolph A. Wacker sold 3,000 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $89.09, for a total transaction of $267,270.00. Following the completion of the sale, the chief accounting officer directly owned 27,525 shares in the company, valued at $2,452,202.25. This represents a 9.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Sara E. Zawoyski sold 22,109 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $89.54, for a total transaction of $1,979,639.86. Following the sale, the insider owned 66,640 shares of the company's stock, valued at $5,966,945.60. This represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,780 shares of company stock worth $19,591,172. Corporate insiders own 1.80% of the company's stock.

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.