nVent Electric PLC $NVT Shares Acquired by Cornerstone Planning Group LLC

Cornerstone Planning Group LLC boosted its holdings in nVent Electric PLC (NYSE:NVT) by 46,034.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,449 shares of the company’s stock after buying an additional 30,383 shares during the quarter. Cornerstone Planning Group LLC’s holdings in nVent Electric were worth $3,003,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of nVent Electric during the 2nd quarter worth $234,290,000. Massachusetts Financial Services Co. MA raised its position in shares of nVent Electric by 146.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,195,543 shares of the company’s stock worth $234,074,000 after purchasing an additional 1,896,749 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of nVent Electric by 29.5% during the second quarter. William Blair Investment Management LLC now owns 3,113,936 shares of the company’s stock valued at $228,096,000 after purchasing an additional 709,464 shares during the last quarter. Champlain Investment Partners LLC boosted its position in shares of nVent Electric by 26.8% in the 2nd quarter. Champlain Investment Partners LLC now owns 2,260,240 shares of the company’s stock valued at $165,563,000 after purchasing an additional 477,135 shares during the period. Finally, Johnson Investment Counsel Inc. boosted its position in shares of nVent Electric by 2.5% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 1,747,061 shares of the company’s stock valued at $127,972,000 after purchasing an additional 43,036 shares during the period. Institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Up 3.1%

NVT stock opened at $115.75 on Tuesday. The company has a 50 day moving average of $106.69 and a two-hundred day moving average of $99.47. The company has a market cap of $18.68 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.20 and a beta of 1.33. nVent Electric PLC has a 12-month low of $41.71 and a 12-month high of $117.52. The company has a quick ratio of 1.11, a current ratio of 1.57 and a debt-to-equity ratio of 0.44.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Friday, October 31st. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. nVent Electric had a net margin of 16.83% and a return on equity of 14.29%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the business posted $0.63 earnings per share. nVent Electric’s revenue for the quarter was up 34.8% compared to the same quarter last year. On average, equities analysts anticipate that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

nVent Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Friday, January 23rd will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, January 23rd. This is an increase from nVent Electric’s previous quarterly dividend of $0.20. nVent Electric’s payout ratio is currently 23.14%.

Insider Transactions at nVent Electric

In related news, Director Greg Scheu sold 5,591 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $104.04, for a total value of $581,687.64. Following the transaction, the director owned 14,348 shares in the company, valued at approximately $1,492,765.92. This represents a 28.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sara E. Zawoyski sold 115,557 shares of nVent Electric stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $112.78, for a total transaction of $13,032,518.46. Following the completion of the sale, the insider owned 66,680 shares of the company’s stock, valued at $7,520,170.40. This trade represents a 63.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 130,285 shares of company stock valued at $14,621,124 over the last 90 days. Company insiders own 2.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Roth Mkm restated a “buy” rating and set a $130.00 price objective (up previously from $115.00) on shares of nVent Electric in a report on Monday, November 3rd. KeyCorp boosted their price target on shares of nVent Electric from $103.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, October 14th. Barclays raised their price objective on shares of nVent Electric from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. The Goldman Sachs Group boosted their target price on shares of nVent Electric from $111.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Finally, Citigroup raised their target price on nVent Electric from $114.00 to $131.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Nine equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $123.63.

nVent Electric Company Profile

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.