JPMorgan Chase & Co. Decreases Stake in nVent Electric plc (NYSE:NVT)

JPMorgan Chase & Co. lessened its stake in nVent Electric plc (NYSE:NVT) by 38.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 503,323 shares of the company’s stock after selling 308,360 shares during the quarter. JPMorgan Chase & Co. owned 0.31% of nVent Electric worth $35,364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of NVT. Swedbank AB acquired a new position in nVent Electric during the third quarter worth $110,663,000. Franklin Resources Inc. increased its position in shares of nVent Electric by 22.1% in the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock valued at $527,374,000 after buying an additional 1,269,335 shares in the last quarter. Millennium Management LLC raised its stake in shares of nVent Electric by 159.9% during the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after buying an additional 828,425 shares during the last quarter. Clean Energy Transition LLP boosted its position in shares of nVent Electric by 56.5% in the 3rd quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock worth $158,411,000 after buying an additional 813,909 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in nVent Electric by 16.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after acquiring an additional 673,990 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Price Performance

Shares of NVT opened at $71.37 on Tuesday. nVent Electric plc has a 12 month low of $55.19 and a 12 month high of $86.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The stock has a fifty day moving average price of $73.88 and a 200 day moving average price of $71.64. The company has a market cap of $11.76 billion, a P/E ratio of 20.93, a PEG ratio of 3.86 and a beta of 1.27.

nVent Electric (NYSE:NVT) last posted its earnings results on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.18). The firm had revenue of $782.00 million during the quarter, compared to the consensus estimate of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. nVent Electric’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the company posted $0.84 EPS. On average, research analysts forecast that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 17th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.12%. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, January 17th. nVent Electric’s dividend payout ratio (DPR) is 23.46%.

Analysts Set New Price Targets

A number of brokerages have issued reports on NVT. Barclays lifted their target price on shares of nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. KeyCorp increased their price objective on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Citigroup boosted their target price on shares of nVent Electric from $78.00 to $91.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Royal Bank of Canada boosted their price target on nVent Electric from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $86.33.

Insider Activity at nVent Electric

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the sale, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at approximately $1,972,088.91. This represents a 23.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jerry W. Burris sold 6,558 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.00, for a total transaction of $524,640.00. Following the sale, the director now owns 45,040 shares of the company’s stock, valued at $3,603,200. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,382 shares of company stock worth $7,365,956 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.

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.