Stifel Financial Corp Reduces Stock Position in nVent Electric plc (NYSE:NVT)

Stifel Financial Corp trimmed its holdings in shares of nVent Electric plc (NYSE:NVT) by 30.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,081 shares of the company’s stock after selling 34,692 shares during the quarter. Stifel Financial Corp’s holdings in nVent Electric were worth $5,556,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB bought a new stake in nVent Electric during the third quarter worth approximately $110,663,000. Millennium Management LLC boosted its holdings in shares of nVent Electric by 159.9% in the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after purchasing an additional 828,425 shares during the period. Clean Energy Transition LLP increased its position in shares of nVent Electric by 56.5% during the 3rd quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after purchasing an additional 813,909 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after buying an additional 673,990 shares during the period. Finally, Janus Henderson Group PLC lifted its position in nVent Electric by 23.6% in the third quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock worth $171,492,000 after buying an additional 466,042 shares during the last quarter. Institutional investors own 90.05% of the company’s stock.

Insider Transactions at nVent Electric

In related news, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total transaction of $608,629.14. Following the completion of the sale, the chief accounting officer now directly owns 25,993 shares in the company, valued at $1,972,088.91. This represents a 23.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jerry W. Burris sold 6,558 shares of nVent Electric stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the transaction, the director now owns 45,040 shares in the company, valued at $3,603,200. This trade represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,382 shares of company stock valued at $7,365,956. Company insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Royal Bank of Canada cut their price objective on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Barclays upped their price target on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Citigroup raised their price objective on shares of nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, KeyCorp upped their target price on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric has an average rating of “Buy” and an average price target of $85.50.

nVent Electric Stock Performance

nVent Electric stock opened at $75.03 on Friday. nVent Electric plc has a fifty-two week low of $55.19 and a fifty-two week high of $86.57. The company has a market capitalization of $12.37 billion, a PE ratio of 22.00, a P/E/G ratio of 3.88 and a beta of 1.25. The company has a 50 day moving average price of $74.96 and a 200-day moving average price of $72.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83.

nVent Electric (NYSE:NVT) last issued its earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. nVent Electric’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 earnings per share. As a group, equities analysts forecast that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were issued a $0.19 dividend. The ex-dividend date was Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 1.01%. nVent Electric’s dividend payout ratio is currently 22.29%.

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.