Edgestream Partners L.P. Increases Stock Position in nVent Electric plc (NYSE:NVT)

Edgestream Partners L.P. lifted its holdings in shares of nVent Electric plc (NYSE:NVT) by 461.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,717 shares of the company’s stock after acquiring an additional 29,358 shares during the period. Edgestream Partners L.P.’s holdings in nVent Electric were worth $2,434,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Franklin Resources Inc. grew its position in shares of nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after acquiring an additional 1,269,335 shares during the last quarter. State Street Corp grew its position in nVent Electric by 0.9% in the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock valued at $353,522,000 after buying an additional 42,465 shares during the last quarter. Geode Capital Management LLC grew its position in nVent Electric by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after buying an additional 29,794 shares during the last quarter. Janus Henderson Group PLC grew its position in nVent Electric by 23.6% in the 3rd quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock valued at $171,492,000 after buying an additional 466,042 shares during the last quarter. Finally, Clean Energy Transition LLP grew its position in nVent Electric by 56.5% in the 3rd quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after buying an additional 813,909 shares during the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NVT has been the topic of a number of analyst reports. Barclays lowered their price objective on shares of nVent Electric from $88.00 to $83.00 and set an “overweight” rating on the stock in a research report on Monday, March 3rd. Royal Bank of Canada lifted their price objective on shares of nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Citigroup lowered their price objective on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, nVent Electric has a consensus rating of “Buy” and an average price target of $85.50.

nVent Electric Price Performance

Shares of NYSE NVT opened at $55.02 on Monday. The firm has a market capitalization of $9.08 billion, a P/E ratio of 28.07, a PEG ratio of 1.48 and a beta of 1.31. nVent Electric plc has a one year low of $52.78 and a one year high of $86.57. The company’s fifty day moving average is $66.36 and its two-hundred day moving average is $69.77. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73.

nVent Electric (NYSE:NVT) last issued its earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. Analysts forecast that nVent Electric plc will post 3.04 EPS for the current fiscal year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, April 25th. This represents a $0.80 annualized dividend and a dividend yield of 1.45%. nVent Electric’s payout ratio is currently 40.82%.

nVent Electric Company 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.