Bank of New York Mellon Corp Purchases Shares of 1,654,014 nVent Electric PLC (NVT)
Bank of New York Mellon Corp purchased a new position in shares of nVent Electric PLC (NYSE:NVT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,654,014 shares of the company’s stock, valued at approximately $41,515,000. Bank of New York Mellon Corp owned approximately 0.92% of nVent Electric as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. acquired a new position in shares of nVent Electric in the 2nd quarter valued at approximately $406,000. Carnegie Capital Asset Management LLC acquired a new position in shares of nVent Electric in the 2nd quarter valued at approximately $240,000. Laffer Investments acquired a new position in shares of nVent Electric in the 2nd quarter valued at approximately $796,000. Private Wealth Partners LLC acquired a new position in shares of nVent Electric in the 2nd quarter valued at approximately $328,000. Finally, Verition Fund Management LLC acquired a new position in shares of nVent Electric in the 2nd quarter valued at approximately $1,518,000. 85.77% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on NVT shares. Goldman Sachs Group raised nVent Electric from a “neutral” rating to a “buy” rating and dropped their price target for the company from $31.00 to $30.00 in a research report on Friday, October 26th. Barclays reissued a “hold” rating and set a $25.00 price target on shares of nVent Electric in a research report on Friday, July 27th. Vertical Research started coverage on nVent Electric in a research report on Tuesday. They set a “hold” rating and a $28.00 price target on the stock. Finally, Zacks Investment Research lowered nVent Electric from a “hold” rating to a “sell” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. nVent Electric has an average rating of “Hold” and an average target price of $28.50.
nVent Electric (NYSE:NVT) last posted its quarterly 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 company had revenue of $563.90 million during the quarter, compared to analyst estimates of $558.40 million. On average, equities analysts forecast that nVent Electric PLC will post 1.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Friday, October 19th were given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend was Thursday, October 18th.
In related news, Director William T. Monahan sold 17,133 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $28.08, for a total transaction of $481,094.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Randall J. Hogan sold 21,082 shares of the company’s stock in a transaction on Monday, November 5th. The stock was 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.
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About nVent Electric
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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