Woodline Partners LP Takes Position in nVent Electric plc (NYSE:NVT)

Woodline Partners LP purchased a new position in nVent Electric plc (NYSE:NVT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 229,609 shares of the company's stock, valued at approximately $15,650,000. Woodline Partners LP owned about 0.14% of nVent Electric at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Crews Bank & Trust acquired a new stake in nVent Electric during the 4th quarter worth $26,000. Raleigh Capital Management Inc. raised its position in shares of nVent Electric by 547.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 751 shares of the company's stock valued at $51,000 after buying an additional 635 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of nVent Electric by 26.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company's stock worth $53,000 after buying an additional 162 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of nVent Electric by 243.5% in the fourth quarter. Blue Trust Inc. now owns 869 shares of the company's stock worth $61,000 after buying an additional 616 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in nVent Electric during the fourth quarter worth about $65,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

nVent Electric Stock Performance

NYSE:NVT opened at $63.98 on Thursday. The company's 50-day moving average is $55.70 and its two-hundred day moving average is $64.56. nVent Electric plc has a 1-year low of $41.71 and a 1-year high of $86.57. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.73 and a quick ratio of 1.28. The firm has a market capitalization of $10.53 billion, a price-to-earnings ratio of 32.64, a PEG ratio of 1.48 and a beta of 1.24.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The company reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The firm had revenue of $809.30 million for the quarter, compared to analysts' expectations of $790.74 million. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. The firm's quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.78 earnings per share. Analysts forecast that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The firm 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 $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Friday, July 18th. nVent Electric's dividend payout ratio (DPR) is presently 22.86%.

Analyst Upgrades and Downgrades

NVT has been the subject of several research reports. The Goldman Sachs Group dropped their price objective 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. Barclays boosted their target price on nVent Electric from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Citigroup cut their price target on nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company 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, CL King upgraded nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 target price for the company in a report on Monday, March 17th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $70.00.

Insider Activity

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the completion of the sale, the executive vice president now directly owns 32,665 shares of the company's stock, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

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