First Horizon Advisors Inc. Decreases Stock Position in nVent Electric plc (NYSE:NVT)

First Horizon Advisors Inc. cut its holdings in shares of nVent Electric plc (NYSE:NVT) by 46.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 517 shares of the company’s stock after selling 442 shares during the period. First Horizon Advisors Inc.’s holdings in nVent Electric were worth $36,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NVT. Swedbank AB bought a new stake in shares of nVent Electric during the 3rd quarter valued at about $110,663,000. Millennium Management LLC increased its holdings in shares of nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock valued at $103,161,000 after buying an additional 828,425 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of 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 purchasing an additional 673,990 shares during the period. HM Payson & Co. increased its position in shares of nVent Electric by 109,496.5% in the third quarter. HM Payson & Co. now owns 438,386 shares of the company’s stock worth $30,801,000 after acquiring an additional 437,986 shares in the last quarter. Finally, DigitalBridge Group Inc. acquired a new position in nVent Electric during the second quarter valued at $21,291,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at nVent Electric

In other news, EVP Jon D. Lammers sold 67,297 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 of the company’s stock, valued at $4,421,264.47. This represents a 53.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sara E. Zawoyski sold 14,505 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the completion of the transaction, the chief financial officer now owns 62,215 shares of the company’s stock, valued at $4,775,623.40. This trade represents a 18.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,824 shares of company stock valued at $6,841,316 in the last three months. Corporate insiders own 2.50% of the company’s stock.

nVent Electric Stock Performance

Shares of NYSE:NVT opened at $78.38 on Tuesday. nVent Electric plc has a fifty-two week low of $52.26 and a fifty-two week high of $86.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The business’s fifty day moving average price is $72.88 and its two-hundred day moving average price is $73.20. The stock has a market capitalization of $12.92 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 4.03 and a beta of 1.26.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results 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). The firm had revenue of $782.00 million for the quarter, compared to the consensus estimate of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 earnings per share. As a group, analysts predict that nVent Electric plc will post 2.5 EPS for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 0.97%. nVent Electric’s dividend payout ratio (DPR) is presently 22.29%.

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.