nVent Electric plc (NYSE:NVT) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC decreased its position in nVent Electric plc (NYSE:NVT) by 39.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 117,822 shares of the company’s stock after selling 76,552 shares during the period. Verition Fund Management LLC’s holdings in nVent Electric were worth $8,278,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NVT. Swedbank AB purchased a new stake in shares of nVent Electric during the third quarter worth about $110,663,000. Millennium Management LLC grew its stake in nVent Electric by 159.9% in the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after acquiring an additional 828,425 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in nVent Electric by 16.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after acquiring an additional 673,990 shares during the last quarter. HM Payson & Co. boosted its holdings in shares of nVent Electric by 109,496.5% during the third quarter. HM Payson & Co. now owns 438,386 shares of the company’s stock worth $30,801,000 after purchasing an additional 437,986 shares during the last quarter. Finally, DigitalBridge Group Inc. purchased a new stake in shares of nVent Electric in the second quarter valued at $21,291,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at nVent Electric

In related news, EVP Jon D. Lammers sold 67,297 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the sale, the executive vice president now directly owns 58,121 shares in the company, valued at approximately $4,421,264.47. This trade represents a 53.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the transaction, the chief accounting officer now owns 25,993 shares of the company’s stock, valued at approximately $1,972,088.91. This represents a 23.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,382 shares of company stock valued at $7,365,956 over the last three months. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Royal Bank of Canada reduced their target price on nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Barclays cut their price objective on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, KeyCorp boosted their target price on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, nVent Electric has an average rating of “Buy” and an average price target of $85.33.

nVent Electric Stock Up 2.3 %

Shares of NYSE:NVT opened at $78.31 on Monday. The stock has a 50-day simple moving average of $73.57 and a 200-day simple moving average of $73.07. The stock has a market capitalization of $12.91 billion, a P/E ratio of 22.96, a PEG ratio of 4.03 and a beta of 1.26. nVent Electric plc has a 1 year low of $52.70 and a 1 year high of $86.57. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83.

nVent Electric (NYSE:NVT) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The business had revenue of $782.00 million for the quarter, compared to analysts’ expectations of $937.37 million. During the same quarter in the prior year, the firm earned $0.84 earnings per share. nVent Electric’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts forecast that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were issued a $0.19 dividend. The ex-dividend date was Friday, October 18th. This represents a $0.76 annualized dividend and a yield of 0.97%. nVent Electric’s dividend payout ratio is currently 22.29%.

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.