Assenagon Asset Management S.A. Sells 59,660 Shares of nVent Electric plc (NYSE:NVT)

Assenagon Asset Management S.A. trimmed its position in nVent Electric plc (NYSE:NVT) by 23.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 196,436 shares of the company’s stock after selling 59,660 shares during the quarter. Assenagon Asset Management S.A. owned 0.12% of nVent Electric worth $13,389,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Swedbank AB bought a new position in shares of nVent Electric in the third quarter worth about $110,663,000. Franklin Resources Inc. lifted its holdings in shares of nVent Electric by 22.1% during the third quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after purchasing an additional 1,269,335 shares during the period. Millennium Management LLC lifted its holdings in 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 period. Clean Energy Transition LLP boosted its holdings in nVent Electric by 56.5% in the third quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after acquiring an additional 813,909 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in nVent Electric by 23.6% in the third quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock valued at $171,492,000 after acquiring an additional 466,042 shares during the last quarter. Institutional investors and hedge funds own 90.05% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. KeyCorp upped their price objective on shares of nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Citigroup cut their target price on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada lifted their price objective on shares of nVent Electric from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Barclays boosted their target price on nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, nVent Electric presently has a consensus rating of “Buy” and an average price target of $86.17.

Insider Transactions at nVent Electric

In related news, EVP Jon D. Lammers sold 67,297 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the sale, the executive vice president now directly owns 58,121 shares in the company, valued at approximately $4,421,264.47. This represents a 53.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jerry W. Burris sold 6,558 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.00, for a total transaction of $524,640.00. Following the sale, the director now directly owns 45,040 shares in the company, valued at $3,603,200. The trade was a 12.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,382 shares of company stock worth $7,365,956 in the last quarter. Insiders own 2.50% of the company’s stock.

nVent Electric Stock Up 1.3 %

NVT stock opened at $72.36 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $73.20 and its 200-day moving average is $71.22. nVent Electric plc has a twelve month low of $55.62 and a twelve month high of $86.57. The firm has a market capitalization of $11.93 billion, a PE ratio of 21.22, a P/E/G ratio of 2.95 and a beta of 1.27.

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

nVent Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, January 17th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, January 17th. This represents a $0.80 annualized dividend and a yield of 1.11%. This is a positive change from nVent Electric’s previous quarterly dividend of $0.19. nVent Electric’s dividend payout ratio is presently 22.29%.

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.