nVent Electric (NVT) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research lowered shares of nVent Electric (NYSE:NVT) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
According to Zacks, “nVent Electric plc provider of electrical connection and protection solutions which design, manufacture, market, install and service that connect and protect equipment, buildings and critical processes. The company’s operating segments consists of Enclosures, Thermal Management and Electrical & Fastening Solutions. nVent Electric plc is based in London, the United Kingdom. “
Several other research analysts have also issued reports on the company. Goldman Sachs Group upgraded nVent Electric from a neutral rating to a buy rating and dropped their target price for the company from $31.00 to $30.00 in a research report on Friday, October 26th. Barclays reiterated a hold rating and issued a $25.00 price target on shares of nVent Electric in a report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $28.60.
nVent Electric (NYSE:NVT) last announced its earnings results on Thursday, October 25th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.07). The business had revenue of $563.90 million during the quarter, compared to analyst estimates of $558.40 million. Sell-side analysts forecast that nVent Electric will post 1.75 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Friday, October 19th were issued a $0.175 dividend. The ex-dividend date of this dividend was Thursday, October 18th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 2.85%.
In related news, Director William T. Monahan sold 17,133 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $28.08, for a total value of $481,094.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Randall J. Hogan sold 21,082 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $25.35, for a total value of $534,428.70. The disclosure for this sale can be found here.
Several hedge funds and other institutional investors have recently made changes to their positions in NVT. BlackRock Inc. purchased a new stake in shares of nVent Electric in the second quarter valued at approximately $408,834,000. Iridian Asset Management LLC CT purchased a new stake in shares of nVent Electric in the second quarter valued at approximately $162,582,000. Sound Shore Management Inc. CT purchased a new stake in shares of nVent Electric in the second quarter valued at approximately $117,987,000. American Century Companies Inc. boosted its holdings in shares of nVent Electric by 5,608.2% in the third quarter. American Century Companies Inc. now owns 2,593,075 shares of the company’s stock valued at $70,428,000 after purchasing an additional 2,547,648 shares during the period. Finally, FMR LLC purchased a new stake in shares of nVent Electric in the second quarter valued at approximately $59,492,000. Hedge funds and other institutional investors own 82.92% of the company’s stock.
nVent Electric Company Profile
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products and solutions in the United States, Canada, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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