Amalgamated Bank Trims Stake in nVent Electric plc (NYSE:NVT)

Amalgamated Bank cut its stake in shares of nVent Electric plc (NYSE:NVT) by 15.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,872 shares of the company’s stock after selling 15,712 shares during the period. Amalgamated Bank’s holdings in nVent Electric were worth $6,425,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of NVT. Banque Cantonale Vaudoise bought a new position in shares of nVent Electric in the first quarter worth about $26,000. ORG Partners LLC bought a new stake in nVent Electric during the 2nd quarter worth approximately $31,000. Rise Advisors LLC purchased a new position in nVent Electric during the first quarter valued at approximately $32,000. First Foundation Advisors purchased a new position in nVent Electric during the second quarter valued at approximately $34,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of nVent Electric in the second quarter worth approximately $34,000. Institutional investors own 90.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. KeyCorp upgraded shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 target price on the stock in a research note on Wednesday, September 4th. Royal Bank of Canada decreased their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Barclays upped their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $86.50.

nVent Electric Stock Up 5.2 %

Shares of NVT stock opened at $70.47 on Friday. The company’s fifty day simple moving average is $67.57 and its two-hundred day simple moving average is $73.31. nVent Electric plc has a 52 week low of $45.60 and a 52 week high of $86.57. The stock has a market cap of $11.70 billion, a P/E ratio of 20.55, a PEG ratio of 1.22 and a beta of 1.27. The company has a quick ratio of 1.49, a current ratio of 2.17 and a debt-to-equity ratio of 0.53.

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

Insider Transactions at nVent Electric

In other nVent Electric news, Director Herbert K. Parker bought 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the acquisition, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other nVent Electric news, Director Herbert K. Parker acquired 7,566 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $65.71 per share, with a total value of $497,161.86. Following the purchase, the director now directly owns 34,524 shares of the company’s stock, valued at approximately $2,268,572.04. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction dated 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 in the company, valued at $1,833,832.32. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

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.