First Manhattan CO. LLC. Sells 6,100 Shares of nVent Electric plc (NYSE:NVT)

First Manhattan CO. LLC. lessened its holdings in nVent Electric plc (NYSE:NVT - Free Report) by 16.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,711 shares of the company's stock after selling 6,100 shares during the quarter. First Manhattan CO. LLC.'s holdings in nVent Electric were worth $2,093,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NVT. Harbor Capital Advisors Inc. acquired a new position in shares of nVent Electric during the fourth quarter valued at $1,520,000. TT International Asset Management LTD boosted its holdings in shares of nVent Electric by 20.4% during the fourth quarter. TT International Asset Management LTD now owns 108,395 shares of the company's stock valued at $7,388,000 after acquiring an additional 18,376 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of nVent Electric by 12.4% during the fourth quarter. Pacer Advisors Inc. now owns 55,790 shares of the company's stock valued at $3,803,000 after acquiring an additional 6,175 shares during the period. LPL Financial LLC boosted its holdings in shares of nVent Electric by 12.6% during the fourth quarter. LPL Financial LLC now owns 140,043 shares of the company's stock valued at $9,545,000 after acquiring an additional 15,685 shares during the period. Finally, Oak Thistle LLC acquired a new position in shares of nVent Electric during the fourth quarter valued at $1,009,000. Institutional investors and hedge funds own 90.05% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of nVent Electric from $73.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Seaport Res Ptn raised shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Barclays upped their price objective on shares of nVent Electric from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. The Goldman Sachs Group reduced their price objective on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, Citigroup reduced their price objective on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating for the company in a report on Monday, April 14th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, nVent Electric currently has an average rating of "Buy" and an average price target of $70.00.

nVent Electric Trading Up 0.9%

NYSE NVT traded up $0.61 on Friday, hitting $67.46. 440,651 shares of the company were exchanged, compared to its average volume of 1,933,824. The company's 50 day moving average price is $54.85 and its 200-day moving average price is $64.75. 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 $11.11 billion, a P/E ratio of 34.41, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. nVent Electric plc has a twelve month low of $41.71 and a twelve month high of $86.57.

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

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.19%. nVent Electric's dividend payout ratio (DPR) is presently 22.86%.

Insider Activity at nVent Electric

In related news, EVP Lynnette R. Heath sold 4,041 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total value of $247,915.35. Following the completion of the sale, the executive vice president now owns 32,665 shares of the company's stock, valued at approximately $2,003,997.75. The trade was a 11.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by company 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.