Gateway Investment Advisers LLC Cuts Stock Position in nVent Electric plc (NYSE:NVT)

Gateway Investment Advisers LLC lessened its holdings in nVent Electric plc (NYSE:NVT) by 24.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,779 shares of the company’s stock after selling 5,209 shares during the period. Gateway Investment Advisers LLC’s holdings in nVent Electric were worth $1,109,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NVT. Banque Cantonale Vaudoise acquired a new position in nVent Electric during the 1st quarter worth $26,000. Livelsberger Financial Advisory acquired a new position in shares of nVent Electric in the 4th quarter valued at about $28,000. UMB Bank n.a. boosted its holdings in shares of nVent Electric by 280.0% in the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $29,000 after buying an additional 308 shares during the period. ORG Partners LLC acquired a new position in shares of nVent Electric in the 2nd quarter valued at about $31,000. Finally, Rise Advisors LLC acquired a new position in shares of nVent Electric in the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analysts Set New Price Targets

NVT has been the subject of several research reports. Barclays decreased their price target on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Royal Bank of Canada reduced their target price 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. Finally, KeyCorp raised shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 target price for the company in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $85.00.

Insiders Place Their Bets

In other nVent Electric news, Director Herbert K. Parker bought 7,566 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Herbert K. Parker acquired 7,566 shares of nVent Electric stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the purchase, the director now owns 34,524 shares of the company’s stock, valued at $2,268,572.04. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

nVent Electric Stock Up 1.1 %

NVT stock opened at $72.87 on Monday. nVent Electric plc has a 52-week low of $45.60 and a 52-week high of $86.57. The company’s 50 day simple moving average is $66.57 and its 200-day simple moving average is $73.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49. The firm has a market capitalization of $12.10 billion, a P/E ratio of 21.24, a P/E/G ratio of 1.47 and a beta of 1.27.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The firm 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 firm earned $0.77 EPS. The firm’s revenue was up 9.6% compared to the same quarter last year. As a group, equities research analysts anticipate that nVent Electric plc will post 3.26 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.04%. The ex-dividend date is Friday, October 18th. nVent Electric’s dividend payout ratio is 22.16%.

About nVent Electric

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.