Franklin Resources Inc. Cuts Position in nVent Electric plc (NYSE:NVT)

Franklin Resources Inc. lowered its holdings in nVent Electric plc (NYSE:NVT) by 1.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,898,641 shares of the company’s stock after selling 121,784 shares during the quarter. Franklin Resources Inc.’s holdings in nVent Electric were worth $470,211,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in NVT. Nordea Investment Management AB lifted its stake in shares of nVent Electric by 16.9% in the fourth quarter. Nordea Investment Management AB now owns 93,172 shares of the company’s stock valued at $6,378,000 after purchasing an additional 13,483 shares during the period. Geode Capital Management LLC boosted its stake in shares of nVent Electric by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after acquiring an additional 29,794 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of nVent Electric during the 4th quarter worth approximately $1,520,000. TT International Asset Management LTD grew its holdings in shares of nVent Electric by 20.4% in the 4th quarter. TT International Asset Management LTD now owns 108,395 shares of the company’s stock worth $7,388,000 after acquiring an additional 18,376 shares during the period. Finally, LVM Capital Management Ltd. MI increased its stake in nVent Electric by 8.1% in the 4th quarter. LVM Capital Management Ltd. MI now owns 151,221 shares of the company’s stock valued at $10,307,000 after purchasing an additional 11,349 shares in the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on NVT shares. Citigroup lowered their target price on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Barclays lowered their price objective on shares of nVent Electric from $83.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 21st. KeyCorp reduced their price target on shares of nVent Electric from $84.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday. Finally, CL King raised shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, March 17th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $80.50.

nVent Electric Price Performance

NYSE:NVT opened at $52.40 on Tuesday. nVent Electric plc has a 12-month low of $50.14 and a 12-month high of $86.57. The firm has a market cap of $8.65 billion, a price-to-earnings ratio of 26.74, a price-to-earnings-growth ratio of 1.48 and a beta of 1.31. The company’s 50-day moving average is $61.79 and its two-hundred day moving average is $68.75. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. Research analysts expect that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric’s dividend payout ratio is currently 40.82%.

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.