Gabelli Funds LLC bought a new stake in shares of nVent Electric PLC (NYSE:NVT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 137,050 shares of the company’s stock, valued at approximately $3,440,000.
Other large investors have also made changes to their positions in the company. Hartford Financial Management Inc. purchased a new position in nVent Electric in the 2nd quarter valued at $301,000. Neuburgh Advisers LLC purchased a new position in nVent Electric in the 2nd quarter valued at $284,000. Federated Investors Inc. PA purchased a new position in nVent Electric in the 2nd quarter valued at $1,546,000. Riverhead Capital Management LLC purchased a new position in nVent Electric in the 2nd quarter valued at $152,000. Finally, Credit Agricole S A purchased a new position in nVent Electric in the 2nd quarter valued at $3,082,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.
In other news, Director William T. Monahan sold 17,133 shares of nVent Electric stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $28.08, for a total transaction of $481,094.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Randall J. Hogan sold 204,462 shares of nVent Electric stock in a transaction 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 disclosure for this sale can be found here.
NYSE NVT opened at $27.94 on Friday. nVent Electric PLC has a 52 week low of $21.00 and a 52 week 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 results on Thursday, July 26th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The company had revenue of $542.70 million for the quarter, compared to analysts’ expectations of $542.50 million. The company’s revenue was up 5.7% on a year-over-year basis. sell-side analysts expect that nVent Electric PLC will post 1.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Friday, August 3rd were issued a dividend of $0.175 per share. The ex-dividend date was Thursday, August 2nd. This represents a $0.70 annualized dividend and a dividend yield of 2.51%.
A number of brokerages have weighed in on NVT. Barclays restated a “hold” rating and issued a $25.00 price objective on shares of nVent Electric in a report on Friday, July 27th. Susquehanna Bancshares began coverage on nVent Electric in a report on Friday, May 18th. They issued a “positive” rating and a $30.00 price objective on the stock. Finally, KeyCorp began coverage on nVent Electric in a report on Tuesday, May 15th. They issued an “overweight” rating and a $29.00 price objective on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. nVent Electric has an average rating of “Buy” and an average price target of $28.25.
nVent Electric Profile
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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