Zurcher Kantonalbank Zurich Cantonalbank Sells 48,358 Shares of nVent Electric PLC (NYSE:NVT)

Key Points

• Zurcher Kantonalbank reduced its stake in nVent Electric PLC by 44.0%, selling 48,358 shares and holding 61,488 shares worth approximately $3.22 million.
• nVent Electric's stock has risen 14.4% recently, with a current market price of $89.69, reflecting substantial growth from a twelve-month low of $41.71.
• The company reported earnings per share (EPS) of $0.86 for the last quarter, exceeding analysts' expectations, with revenue increasing 30.1% year-over-year to $963.10 million.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of nVent Electric PLC (NYSE:NVT - Free Report) by 44.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 61,488 shares of the company's stock after selling 48,358 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in nVent Electric were worth $3,223,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. HB Wealth Management LLC increased its holdings in nVent Electric by 145.8% during the 1st quarter. HB Wealth Management LLC now owns 9,799 shares of the company's stock worth $514,000 after purchasing an additional 5,813 shares in the last quarter. Hedeker Wealth LLC increased its holdings in nVent Electric by 3.7% during the 1st quarter. Hedeker Wealth LLC now owns 21,715 shares of the company's stock worth $1,138,000 after purchasing an additional 769 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in nVent Electric by 47.4% during the 1st quarter. Avantax Advisory Services Inc. now owns 11,261 shares of the company's stock worth $590,000 after purchasing an additional 3,621 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of nVent Electric by 22.4% during the 1st quarter. Pinnacle Associates Ltd. now owns 5,581 shares of the company's stock worth $293,000 after buying an additional 1,020 shares in the last quarter. Finally, AE Wealth Management LLC bought a new position in shares of nVent Electric during the 1st quarter worth approximately $266,000. 90.05% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Lynnette R. Heath sold 4,041 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total value of $247,915.35. Following the sale, the executive vice president owned 32,665 shares of the company's stock, valued at $2,003,997.75. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.80% of the stock is currently owned by company insiders.

nVent Electric Stock Up 14.4%

nVent Electric stock opened at $89.69 on Friday. nVent Electric PLC has a twelve month low of $41.71 and a twelve month high of $89.91. The firm has a 50 day moving average price of $72.50 and a 200-day moving average price of $64.14. The company has a market capitalization of $14.77 billion, a P/E ratio of 25.63, a P/E/G ratio of 1.55 and a beta of 1.35. The company has a quick ratio of 2.42, a current ratio of 2.87 and a debt-to-equity ratio of 0.48.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Friday, August 1st. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. nVent Electric had a net margin of 18.22% and a return on equity of 13.54%. The firm had revenue of $963.10 million during the quarter, compared to the consensus estimate of $906.96 million. During the same period in the prior year, the firm earned $0.82 EPS. The company's revenue was up 30.1% compared to the same quarter last year. As a group, equities analysts predict that nVent Electric PLC will post 3.04 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Saturday, January 1st were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, July 18th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. nVent Electric's payout ratio is 22.86%.

Analyst Ratings Changes

NVT has been the topic of several recent analyst reports. Roth Capital initiated coverage on shares of nVent Electric in a research report on Wednesday, July 23rd. They set a "buy" rating and a $89.00 target price on the stock. 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 report on Monday, July 14th. Royal Bank Of Canada raised their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Finally, KeyCorp raised their price objective 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. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $81.57.

nVent Electric Company 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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