Millennium Management LLC Grows Stock Position in nVent Electric plc (NYSE:NVT)

Millennium Management LLC lifted its position in shares of nVent Electric plc (NYSE:NVT - Free Report) by 743.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,215,624 shares of the company's stock after acquiring an additional 1,953,026 shares during the quarter. Millennium Management LLC owned approximately 1.34% of nVent Electric worth $151,017,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crews Bank & Trust purchased a new stake in shares of nVent Electric in the 4th quarter valued at about $26,000. Tsfg LLC bought a new position in nVent Electric during the 4th quarter worth approximately $51,000. Raleigh Capital Management Inc. grew its position in nVent Electric by 547.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 751 shares of the company's stock worth $51,000 after acquiring an additional 635 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in nVent Electric by 26.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company's stock worth $53,000 after acquiring an additional 162 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of nVent Electric by 243.5% in the 4th quarter. Blue Trust Inc. now owns 869 shares of the company's stock worth $61,000 after buying an additional 616 shares during the last quarter. Institutional investors own 90.05% of the company's stock.

nVent Electric Price Performance

Shares of NYSE:NVT traded up $0.69 during mid-day trading on Friday, reaching $67.54. The stock had a trading volume of 1,626,964 shares, compared to its average volume of 1,939,629. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The company has a market cap of $11.12 billion, a P/E ratio of 34.46, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. nVent Electric plc has a 1 year low of $41.71 and a 1 year high of $86.57. The business's 50 day moving average price is $55.10 and its 200 day moving average price is $64.70.

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

nVent Electric Dividend Announcement

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 issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.18%. nVent Electric's payout ratio is 22.86%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NVT. Citigroup dropped their price target on nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. CL King upgraded nVent Electric from a "neutral" rating to a "buy" rating and set a $70.00 price target for the company in a research note on Monday, March 17th. Seaport Res Ptn raised nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Barclays boosted their price target on nVent Electric from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Finally, KeyCorp boosted their price target on nVent Electric from $60.00 to $72.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $70.00.

Insider Transactions at nVent Electric

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $61.35, for a total transaction of $247,915.35. Following the sale, the executive vice president now 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company 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.