Canada Pension Plan Investment Board Buys New Shares in nVent Electric plc (NYSE:NVT)

Canada Pension Plan Investment Board bought a new position in shares of nVent Electric plc (NYSE:NVT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 800 shares of the company’s stock, valued at approximately $61,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its holdings in shares of nVent Electric by 15.5% in the 1st quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock worth $5,684,000 after acquiring an additional 10,135 shares during the last quarter. Federated Hermes Inc. increased its stake in nVent Electric by 6.6% in the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after purchasing an additional 25,482 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID raised its holdings in nVent Electric by 85.1% during the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock worth $8,794,000 after buying an additional 53,633 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in nVent Electric by 4.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock valued at $14,344,000 after buying an additional 8,489 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of nVent Electric by 18.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock worth $23,099,000 after buying an additional 46,748 shares during the period. Institutional investors and hedge funds own 90.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NVT. Royal Bank of Canada dropped their target price on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. KeyCorp upgraded shares of 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. Finally, Barclays lifted their target price on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $86.50.

Insider Activity

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

nVent Electric Stock Up 0.2 %

Shares of NYSE:NVT opened at $70.92 on Monday. The company has a market capitalization of $11.77 billion, a PE ratio of 20.68, a P/E/G ratio of 1.35 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. The company’s fifty day moving average is $66.77 and its 200-day moving average is $73.41. nVent Electric plc has a 52 week low of $45.60 and a 52 week high of $86.57.

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

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, October 18th. nVent Electric’s payout ratio is presently 22.16%.

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.