nVent Electric plc (NYSE:NVT) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in shares of nVent Electric plc (NYSE:NVT) by 2.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 453,687 shares of the company’s stock after selling 13,527 shares during the period. Rhumbline Advisers’ holdings in nVent Electric were worth $34,757,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Nordea Investment Management AB grew its stake in nVent Electric by 15.5% during the 1st quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock worth $5,684,000 after buying an additional 10,135 shares during the last quarter. Jump Financial LLC increased its holdings in shares of nVent Electric by 194.1% during the fourth quarter. Jump Financial LLC now owns 39,432 shares of the company’s stock valued at $2,330,000 after acquiring an additional 26,024 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID raised its position in shares of nVent Electric by 85.1% in the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock valued at $8,794,000 after purchasing an additional 53,633 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in nVent Electric by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock worth $14,344,000 after purchasing an additional 8,489 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in nVent Electric during the 4th quarter valued at approximately $1,221,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at nVent Electric

In other news, Director Herbert K. Parker bought 7,566 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the purchase, the director now directly owns 34,524 shares in the company, valued at approximately $2,268,572.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the transaction, the insider now owns 19,766 shares in the company, valued at approximately $1,251,978.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Herbert K. Parker purchased 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $65.71 per share, with a total value of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. The disclosure for this purchase can be found here. Corporate insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. KeyCorp upgraded shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective for the company in a research note on Wednesday. Royal Bank of Canada dropped their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Barclays raised their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric presently has an average rating of “Buy” and an average price target of $86.50.

nVent Electric Price Performance

Shares of NVT opened at $61.63 on Friday. The business’s 50-day moving average is $69.63 and its two-hundred day moving average is $73.34. The company has a market capitalization of $10.23 billion, a P/E ratio of 17.97, a P/E/G ratio of 1.30 and a beta of 1.27. nVent Electric plc has a fifty-two week low of $45.60 and a fifty-two week high of $86.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17.

nVent Electric (NYSE:NVT) last posted its earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. The company had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. During the same period last year, the business earned $0.77 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis. Research analysts predict that nVent Electric plc will post 3.26 earnings per share for the current year.

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.