Oppenheimer & Co. Inc. acquired a new position in nVent Electric PLC (NYSE:NVT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 43,466 shares of the company’s stock, valued at approximately $1,091,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Bank & Trust bought a new position in nVent Electric during the second quarter valued at approximately $105,000. Kohmann Bosshard Financial Services LLC bought a new position in nVent Electric during the second quarter valued at approximately $113,000. World Asset Management Inc bought a new position in nVent Electric during the second quarter valued at approximately $204,000. Reliance Trust Co. of Delaware bought a new position in nVent Electric during the second quarter valued at approximately $209,000. Finally, CIBC Asset Management Inc bought a new position in nVent Electric during the second quarter valued at approximately $224,000. 81.60% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on NVT shares. Barclays started coverage on nVent Electric in a research note on Monday, May 14th. They set an “equal weight” rating and a $24.00 price target for the company. Royal Bank of Canada began coverage on nVent Electric in a research note on Thursday, May 10th. They set an “outperform” rating and a $29.00 price target for the company. KeyCorp began coverage on nVent Electric in a research note on Tuesday, May 15th. They issued an “overweight” rating and a $29.00 price objective for the company. Finally, Susquehanna Bancshares began coverage on nVent Electric in a research note on Friday, May 18th. They issued a “positive” rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $28.25.
In other news, Director Randall J. Hogan sold 204,462 shares of the firm’s stock in a transaction that occurred on Friday, June 22nd. The stock was sold at an average price of $26.79, for a total value of $5,477,536.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
NYSE:NVT opened at $28.24 on Wednesday. nVent Electric PLC has a 1 year low of $21.00 and a 1 year high of $29.84. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.53 and a current ratio of 2.12.
nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Thursday, July 26th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $542.70 million during the quarter, compared to the consensus estimate of $542.50 million. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. sell-side analysts predict that nVent Electric PLC will post 1.76 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Friday, August 3rd were paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Thursday, August 2nd.
About nVent Electric
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products and solutions in the United States, Canada, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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