Polar Capital Holdings Plc Sells 202,924 Shares of nVent Electric plc (NYSE:NVT)

Polar Capital Holdings Plc trimmed its holdings in shares of nVent Electric plc (NYSE:NVT - Free Report) by 63.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 115,000 shares of the company's stock after selling 202,924 shares during the period. Polar Capital Holdings Plc owned approximately 0.07% of nVent Electric worth $7,838,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors purchased a new stake in nVent Electric during the 4th quarter valued at $384,749,000. Norges Bank purchased a new stake in nVent Electric during the 4th quarter valued at $197,434,000. William Blair Investment Management LLC boosted its stake in nVent Electric by 8.8% during the 4th quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock valued at $176,630,000 after purchasing an additional 210,690 shares during the last quarter. Millennium Management LLC boosted its stake in 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 purchasing an additional 1,953,026 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in nVent Electric by 15.0% during the 4th quarter. Invesco Ltd. now owns 1,723,868 shares of the company's stock valued at $117,499,000 after purchasing an additional 224,657 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at nVent Electric

In other 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 sale, the executive vice president now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.80% of the company's stock.

nVent Electric Stock Performance

NYSE NVT traded down $0.71 on Wednesday, hitting $65.40. 377,758 shares of the company traded hands, compared to its average volume of 1,932,518. The company has a market capitalization of $10.77 billion, a price-to-earnings ratio of 33.41, a P/E/G ratio of 1.48 and a beta of 1.24. 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 business's 50 day moving average price is $55.56 and its 200-day moving average price is $64.56. nVent Electric plc has a 52-week low of $41.71 and a 52-week high of $86.57.

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

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, July 18th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 1.22%. nVent Electric's dividend payout ratio is presently 22.86%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NVT. Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 21st. KeyCorp raised their price target on nVent Electric from $60.00 to $72.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Royal Bank of Canada raised their price target on nVent Electric from $73.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. 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 note on Monday, April 14th. Finally, The Goldman Sachs Group dropped their price target on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, nVent Electric currently has a consensus rating of "Buy" and a consensus target price 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.