Seven Eight Capital LP Acquires New Position in nVent Electric plc (NYSE:NVT)

Seven Eight Capital LP acquired a new stake in nVent Electric plc (NYSE:NVT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,605 shares of the company’s stock, valued at approximately $1,119,000.

A number of other institutional investors have also bought and sold shares of the business. Nordea Investment Management AB increased its holdings 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 last quarter. Federated Hermes Inc. increased its stake in shares of 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 last quarter. Mountain Pacific Investment Advisers Inc. ID raised its holdings in shares of 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 period. State Board of Administration of Florida Retirement System boosted its position in shares of nVent Electric by 4.7% during the 1st 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 last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings 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 period. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Stock Performance

NYSE:NVT opened at $70.46 on Friday. nVent Electric plc has a fifty-two week low of $45.60 and a fifty-two week high of $86.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. The company has a 50 day moving average price of $67.42 and a 200 day moving average price of $73.32. The stock has a market capitalization of $11.70 billion, a P/E ratio of 20.54, a PEG ratio of 1.22 and a beta of 1.27.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $880.30 million for the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 earnings per share. Equities research analysts forecast that nVent Electric plc will post 3.26 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at nVent Electric

In other nVent Electric news, Director Herbert K. Parker acquired 7,566 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other nVent Electric news, Director Herbert K. Parker bought 7,566 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $65.71 per share, with a total value of $497,161.86. Following the purchase, the director now directly owns 34,524 shares in the company, valued at $2,268,572.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lynnette R. Heath sold 8,242 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the transaction, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

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.