Point72 Asset Management L.P. Sells 228,207 Shares of nVent Electric plc (NYSE:NVT)

Point72 Asset Management L.P. lessened its holdings in nVent Electric plc (NYSE:NVT) by 30.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 517,403 shares of the company’s stock after selling 228,207 shares during the quarter. Point72 Asset Management L.P. owned 0.31% of nVent Electric worth $39,638,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in shares of 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 worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Boston Partners boosted its holdings in shares of nVent Electric by 3.2% in the 1st quarter. Boston Partners now owns 3,325,834 shares of the company’s stock valued at $250,770,000 after purchasing an additional 102,643 shares in the last quarter. Clean Energy Transition LLP increased its stake in shares of nVent Electric by 1.6% in the 4th quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock valued at $150,121,000 after purchasing an additional 39,169 shares during the last quarter. Congress Asset Management Co. MA raised its holdings in shares of nVent Electric by 1.2% during the 1st quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock worth $167,338,000 after buying an additional 26,897 shares in the last quarter. Finally, Fiduciary Management Inc. WI raised its holdings in shares of nVent Electric by 1.8% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,772,270 shares of the company’s stock worth $104,723,000 after buying an additional 31,621 shares in the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

nVent Electric Stock Performance

NYSE:NVT opened at $69.66 on Thursday. The stock’s 50-day moving average is $66.92 and its 200-day moving average is $73.37. nVent Electric plc has a 1-year low of $45.60 and a 1-year high of $86.57. The company has a current ratio of 2.17, a quick ratio of 1.49 and a debt-to-equity ratio of 0.53. The stock has a market cap of $11.58 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 1.35 and a beta of 1.27.

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 business had revenue of $880.30 million for the quarter, compared to analyst estimates of $892.89 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Equities research analysts anticipate that nVent Electric plc will post 3.26 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.19 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 1.09%. nVent Electric’s payout ratio is 22.16%.

Analyst Upgrades and Downgrades

NVT has been the topic of several research analyst reports. KeyCorp raised nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective on the stock in a research note on Wednesday, September 4th. Barclays lifted their price target 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. Finally, Royal Bank of Canada dropped their price objective on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Six analysts have rated the stock with a buy rating, According to MarketBeat, nVent Electric has an average rating of “Buy” and a consensus target price of $86.50.

Insider Buying and Selling

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

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.