Nordea Investment Management AB Buys 13,483 Shares of nVent Electric plc (NYSE:NVT)

Nordea Investment Management AB lifted its position in nVent Electric plc (NYSE:NVT) by 16.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,172 shares of the company’s stock after buying an additional 13,483 shares during the quarter. Nordea Investment Management AB’s holdings in nVent Electric were worth $6,378,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in shares of nVent Electric by 6.6% during the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after purchasing an additional 25,482 shares during the last quarter. Geode Capital Management LLC increased its position in nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after buying an additional 29,794 shares during the last quarter. AQR Capital Management LLC raised its stake in nVent Electric by 101.2% in the second quarter. AQR Capital Management LLC now owns 358,757 shares of the company’s stock valued at $27,484,000 after buying an additional 180,488 shares during the period. MQS Management LLC acquired a new stake in shares of nVent Electric in the second quarter valued at approximately $606,000. Finally, Seven Eight Capital LP bought a new position in shares of nVent Electric during the 2nd quarter worth approximately $1,119,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NVT has been the subject of several research reports. Barclays raised their price target on nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. KeyCorp lifted their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Royal Bank of Canada increased their price target on shares of nVent Electric from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Citigroup boosted their price objective on nVent Electric from $78.00 to $91.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $86.33.

Insider Activity

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

nVent Electric Stock Down 0.8 %

Shares of NVT opened at $69.85 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $11.51 billion, a PE ratio of 20.48, a P/E/G ratio of 3.86 and a beta of 1.27. The firm’s 50 day moving average is $73.54 and its 200-day moving average is $71.51. nVent Electric plc has a 12 month low of $55.19 and a 12 month high of $86.57.

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

nVent Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be issued a $0.20 dividend. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Friday, January 17th. nVent Electric’s dividend payout ratio (DPR) is currently 23.46%.

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.