Nuveen Asset Management LLC Sells 401,731 Shares of nVent Electric plc (NYSE:NVT)

Nuveen Asset Management LLC decreased its position in nVent Electric plc (NYSE:NVT - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,778,895 shares of the company's stock after selling 401,731 shares during the quarter. Nuveen Asset Management LLC owned 2.29% of nVent Electric worth $257,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors bought a new position in nVent Electric during the fourth quarter valued at $384,749,000. Norges Bank purchased a new stake in shares of nVent Electric during the 4th quarter valued at about $197,434,000. Millennium Management LLC raised its position in shares of nVent Electric by 743.7% during the 4th quarter. Millennium Management LLC now owns 2,215,624 shares of the company's stock valued at $151,017,000 after buying an additional 1,953,026 shares in the last quarter. Champlain Investment Partners LLC purchased a new stake in shares of nVent Electric during the 4th quarter valued at about $86,738,000. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of nVent Electric by 16,062.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 875,197 shares of the company's stock valued at $59,653,000 after acquiring an additional 869,782 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Lynnette R. Heath sold 4,041 shares of nVent Electric stock in a transaction dated 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 directly owns 32,665 shares in the company, 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 legal filing with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company's stock.

nVent Electric Trading Down 1.5%

Shares of NYSE NVT traded down $1.00 during mid-day trading on Monday, reaching $66.56. The company had a trading volume of 1,245,680 shares, compared to its average volume of 1,938,101. The stock has a market cap of $10.96 billion, a price-to-earnings ratio of 33.96, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. nVent Electric plc has a 52 week low of $41.71 and a 52 week high of $86.57. The business's 50-day moving average is $55.10 and its 200-day moving average is $64.57. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT - Get Free Report) last issued 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 business had revenue of $809.30 million for the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The company's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 EPS. Equities 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 announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Friday, July 18th. nVent Electric's dividend payout ratio (DPR) is presently 22.86%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NVT shares. KeyCorp upped their price objective on nVent Electric from $60.00 to $72.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Royal Bank of Canada lifted their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. The Goldman Sachs Group reduced their target price on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Seaport Res Ptn upgraded shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Finally, Barclays upped their price target on shares of nVent Electric from $65.00 to $70.00 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, nVent Electric presently has a consensus rating of "Buy" and an average price target of $70.00.

About nVent Electric

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.