nVent Electric plc (NYSE:NVT) Shares Bought by Millennium Management LLC

Millennium Management LLC raised its stake in shares of nVent Electric plc (NYSE:NVT - Free Report) by 743.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,215,624 shares of the company's stock after acquiring an additional 1,953,026 shares during the period. Millennium Management LLC owned about 1.34% of nVent Electric worth $151,017,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in NVT. Capital Research Global Investors bought a new stake in nVent Electric in the 4th quarter worth approximately $384,749,000. Norges Bank bought a new position in nVent Electric in the fourth quarter worth $197,434,000. Champlain Investment Partners LLC purchased a new stake in shares of nVent Electric in the fourth quarter worth $86,738,000. Balyasny Asset Management L.P. boosted its position in shares of nVent Electric by 16,062.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 875,197 shares of the company's stock valued at $59,653,000 after buying an additional 869,782 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in nVent Electric by 3,186.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 711,343 shares of the company's stock worth $48,485,000 after purchasing an additional 689,701 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup lowered their price objective 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. Royal Bank of Canada upped their target price on nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Barclays boosted their price target on nVent Electric from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. The Goldman Sachs Group cut their price objective on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, KeyCorp raised their target price on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, nVent Electric currently has a consensus rating of "Buy" and a consensus price target of $70.00.

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 4,041 shares of the firm'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 transaction of $247,915.35. Following the transaction, the executive vice president now owns 32,665 shares in the company, valued at $2,003,997.75. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

nVent Electric Price Performance

Shares of NVT traded down $0.83 during trading hours on Monday, hitting $66.74. 233,317 shares of the stock were exchanged, compared to its average volume of 1,934,168. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73. nVent Electric plc has a 12-month low of $41.71 and a 12-month high of $86.57. The company has a market cap of $10.99 billion, a price-to-earnings ratio of 33.96, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The stock's 50-day moving average price is $55.10 and its two-hundred day moving average price is $64.57.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The firm 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 was up 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.78 earnings per share. Research analysts expect that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors 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 1.20%. nVent Electric's dividend payout ratio is presently 22.86%.

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.