Wellington Management Group LLP Cuts Stock Position in nVent Electric plc (NYSE:NVT)

Wellington Management Group LLP cut its position in nVent Electric plc (NYSE:NVT) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 86,017 shares of the company’s stock after selling 1,357 shares during the quarter. Wellington Management Group LLP owned approximately 0.05% of nVent Electric worth $5,083,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. UBS Group AG boosted its position in shares of nVent Electric by 40.5% in the 3rd quarter. UBS Group AG now owns 44,173 shares of the company’s stock worth $2,341,000 after purchasing an additional 12,742 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in nVent Electric in the third quarter worth about $280,000. LPL Financial LLC grew its stake in shares of nVent Electric by 2.0% during the third quarter. LPL Financial LLC now owns 172,171 shares of the company’s stock worth $9,123,000 after acquiring an additional 3,418 shares during the last quarter. Mariner LLC increased its holdings in shares of nVent Electric by 10.1% during the third quarter. Mariner LLC now owns 24,649 shares of the company’s stock valued at $1,306,000 after acquiring an additional 2,263 shares in the last quarter. Finally, Stifel Financial Corp raised its position in shares of nVent Electric by 11.2% in the 3rd quarter. Stifel Financial Corp now owns 104,155 shares of the company’s stock valued at $5,519,000 after purchasing an additional 10,487 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Stock Performance

NVT opened at $76.61 on Friday. The stock has a market cap of $12.72 billion, a P/E ratio of 22.34, a P/E/G ratio of 1.76 and a beta of 1.31. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. The firm has a fifty day moving average price of $78.70 and a 200 day moving average price of $69.86. nVent Electric plc has a 1 year low of $45.60 and a 1 year high of $86.57.

nVent Electric (NYSE:NVT) last posted its earnings results on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.04. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The business had revenue of $874.60 million for the quarter, compared to analyst estimates of $864.14 million. During the same period in the prior year, the company posted $0.67 EPS. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. Equities research analysts anticipate that nVent Electric plc will post 3.27 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.99%. The ex-dividend date is Friday, July 19th. nVent Electric’s payout ratio is presently 22.16%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays upped their price target on shares of nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Citigroup lifted their price target on nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. The Goldman Sachs Group increased their price objective on nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a report on Monday, May 6th. Royal Bank of Canada decreased their target price on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, May 6th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of nVent Electric in a report on Monday, March 11th. They issued a “buy” rating and a $83.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.00.

nVent Electric Company 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.