State of Michigan Retirement System Purchases 900 Shares of nVent Electric plc (NYSE:NVT)

State of Michigan Retirement System lifted its position in nVent Electric plc (NYSE:NVT) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,706 shares of the company’s stock after acquiring an additional 900 shares during the quarter. State of Michigan Retirement System’s holdings in nVent Electric were worth $3,069,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Clean Energy Transition LLP increased its holdings in shares of nVent Electric by 1.6% in the fourth quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock valued at $150,121,000 after purchasing an additional 39,169 shares during the period. Congress Asset Management Co. MA lifted its position in nVent Electric by 1.2% during the first quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock valued at $167,338,000 after purchasing an additional 26,897 shares during the period. Norges Bank purchased a new stake in shares of nVent Electric in the fourth quarter worth about $109,630,000. Fiduciary Management Inc. WI grew its holdings in nVent Electric by 1.8% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,772,270 shares of the company’s stock worth $104,723,000 after acquiring an additional 31,621 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in nVent Electric by 50.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock valued at $96,519,000 after acquiring an additional 547,624 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analysts Set New Price Targets

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

nVent Electric Stock Up 0.7 %

NYSE NVT opened at $75.62 on Wednesday. The business has a fifty day moving average price of $78.84 and a 200 day moving average price of $70.18. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.35 and a current ratio of 1.99. The company has a market cap of $12.55 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.68 and a beta of 1.31. nVent Electric plc has a one year low of $45.60 and a one year high of $86.57.

nVent Electric (NYSE:NVT) last issued its earnings results on Friday, May 3rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $864.14 million. During the same period in the prior year, the business earned $0.67 earnings per share. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. Research analysts anticipate that nVent Electric plc will post 3.27 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, July 19th. nVent Electric’s payout ratio is currently 22.16%.

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.