Magnetar Financial LLC Takes $1.66 Million Position in nVent Electric plc (NYSE:NVT)

Magnetar Financial LLC acquired a new stake in nVent Electric plc (NYSE:NVT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 21,636 shares of the company’s stock, valued at approximately $1,658,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its position in shares of nVent Electric by 15.5% in the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock valued at $5,684,000 after purchasing an additional 10,135 shares during the period. Federated Hermes Inc. raised its holdings in nVent Electric by 6.6% in the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock worth $31,479,000 after acquiring an additional 25,482 shares during the period. Mountain Pacific Investment Advisers Inc. ID lifted its position in nVent Electric by 85.1% during the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock worth $8,794,000 after acquiring an additional 53,633 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in nVent Electric by 4.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock valued at $14,344,000 after acquiring an additional 8,489 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in shares of nVent Electric by 18.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock valued at $23,099,000 after purchasing an additional 46,748 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at nVent Electric

In related news, insider Michael B. Faulconer sold 20,004 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $63.34, for a total value of $1,267,053.36. Following the sale, the insider now owns 19,766 shares of the company’s stock, valued at $1,251,978.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Michael B. Faulconer sold 20,004 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total value of $1,267,053.36. Following the sale, the insider now owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Herbert K. Parker purchased 7,566 shares of the stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the completion of the transaction, the director now directly owns 34,524 shares of the company’s stock, valued at $2,268,572.04. The disclosure for this purchase can be found here. 2.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NVT has been the subject of several research analyst reports. Barclays boosted their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Royal Bank of Canada cut their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, KeyCorp upgraded shares of nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective on the stock in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $86.50.

nVent Electric Trading Down 0.2 %

nVent Electric stock opened at $70.33 on Tuesday. The business has a 50 day moving average price of $67.25 and a two-hundred day moving average price of $73.39. The company has a quick ratio of 1.49, a current ratio of 2.17 and a debt-to-equity ratio of 0.53. nVent Electric plc has a 12 month low of $45.60 and a 12 month high of $86.57. The stock has a market cap of $11.68 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 1.22 and a beta of 1.27.

nVent Electric (NYSE:NVT) last issued its earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The firm had revenue of $880.30 million during the quarter, compared to analyst estimates of $892.89 million. During the same quarter in the previous year, the company posted $0.77 earnings per share. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities analysts forecast that nVent Electric plc will post 3.26 EPS for the current year.

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.