Granite Investment Partners LLC Invests $7.28 Million in nVent Electric plc (NYSE:NVT)

Granite Investment Partners LLC bought a new stake in shares of nVent Electric plc (NYSE:NVT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 95,045 shares of the company’s stock, valued at approximately $7,281,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NVT. Massachusetts Financial Services Co. MA increased its position in shares of nVent Electric by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Boston Partners grew its stake in nVent Electric by 3.2% during the 1st quarter. Boston Partners now owns 3,325,834 shares of the company’s stock worth $250,770,000 after buying an additional 102,643 shares during the last quarter. Clean Energy Transition LLP increased its position in nVent Electric by 1.6% during the 4th quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock valued at $150,121,000 after buying an additional 39,169 shares in the last quarter. Congress Asset Management Co. MA raised its stake in nVent Electric by 1.2% in the first quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock valued at $167,338,000 after buying an additional 26,897 shares during the last quarter. Finally, Norges Bank purchased a new stake in nVent Electric in the fourth quarter valued at about $109,630,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NVT shares. Barclays upped their price objective on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Royal Bank of Canada cut their price target on shares of 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, KeyCorp raised shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price target for the company in a report on Wednesday, September 4th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric presently has a consensus rating of “Buy” and a consensus price target of $86.50.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of nVent Electric stock in a transaction dated 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 completion of the transaction, the insider now owns 19,766 shares in the company, valued at approximately $1,251,978.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total value of $1,267,053.36. Following the sale, the insider now owns 19,766 shares in the company, valued at approximately $1,251,978.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lynnette R. Heath sold 8,242 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction of $496,662.92. Following the sale, the executive vice president now directly owns 30,432 shares in the company, valued at approximately $1,833,832.32. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

nVent Electric Price Performance

Shares of NYSE NVT opened at $70.47 on Friday. nVent Electric plc has a 52 week low of $45.60 and a 52 week high of $86.57. The business’s 50 day moving average price is $67.57 and its 200 day moving average price is $73.31. The company has a quick ratio of 1.49, a current ratio of 2.17 and a debt-to-equity ratio of 0.53. The firm has a market cap of $11.70 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.22 and a beta of 1.27.

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

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.