Point Nemo Capital LLC Purchases 9,597 Shares of nVent Electric PLC $NVT

Point Nemo Capital LLC acquired a new position in nVent Electric PLC (NYSE:NVT) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,597 shares of the company’s stock, valued at approximately $1,539,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp lifted its stake in shares of nVent Electric by 4.9% during the 2nd quarter. State Street Corp now owns 5,313,122 shares of the company’s stock valued at $901,159,000 after buying an additional 250,248 shares in the last quarter. Bank of New York Mellon Corp increased its stake in nVent Electric by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 2,018,579 shares of the company’s stock worth $238,758,000 after buying an additional 68,818 shares in the last quarter. First Trust Advisors LP increased its stake in nVent Electric by 32.8% in the 1st quarter. First Trust Advisors LP now owns 1,696,369 shares of the company’s stock worth $200,647,000 after buying an additional 419,239 shares in the last quarter. Amundi raised its holdings in nVent Electric by 146.8% during the first quarter. Amundi now owns 1,092,802 shares of the company’s stock valued at $129,257,000 after acquiring an additional 649,992 shares during the period. Finally, Royal Bank of Canada raised its holdings in nVent Electric by 31.6% during the first quarter. Royal Bank of Canada now owns 719,484 shares of the company’s stock valued at $85,101,000 after acquiring an additional 172,742 shares during the period. 90.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at nVent Electric

In other news, insider Robert van der Kolk sold 5,858 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $164.32, for a total value of $962,586.56. Following the completion of the transaction, the insider directly owned 27,387 shares of the company’s stock, valued at approximately $4,500,231.84. The trade was a 17.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company’s stock.

nVent Electric Stock Performance

Shares of NVT stock opened at $106.10 on Friday. The firm has a market cap of $17.15 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 0.54 and a beta of 1.39. The company’s 50 day moving average is $148.90 and its 200 day moving average is $144.49. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53. nVent Electric PLC has a 52-week low of $93.22 and a 52-week high of $184.64.

nVent Electric (NYSE:NVT) last posted its earnings results on Friday, October 30th. The company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.12. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.43 billion. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. nVent Electric’s revenue was up 43.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 earnings per share. On average, sell-side analysts anticipate that nVent Electric PLC will post 5.36 EPS for the current fiscal year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 6th. Stockholders of record on Friday, October 23rd were issued a $0.21 dividend. The ex-dividend date was Friday, October 23rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.8%. nVent Electric’s dividend payout ratio (DPR) is currently 20.24%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Zacks Research raised shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 2nd. Wells Fargo & Company lifted their price target on shares of nVent Electric from $182.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Monday, November 2nd. Sanford C. Bernstein reiterated an “outperform” rating and set a $233.00 price target on shares of nVent Electric in a report on Monday, November 2nd. JPMorgan Chase & Co. assumed coverage on nVent Electric in a report on Tuesday, October 20th. They issued an “overweight” rating and a $167.00 price target on the stock. Finally, Clear Str raised shares of nVent Electric to a “strong-buy” rating in a research note on Monday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, nVent Electric presently has a consensus rating of “Buy” and a consensus price target of $197.82.

nVent Electric Profile

nVent Electric plc designs and manufactures products and solutions that protect and connect electrical systems. Its offerings include electrical enclosures, cable management and fastening products, grounding and bonding solutions, and systems for managing heat in electrical and industrial applications.

The company serves customers across industries such as data centers, energy, infrastructure, commercial construction and manufacturing. Its products are marketed under brands including Hoffman, ERICO, CADDY, Raychem and Schroff, and it serves customers in markets around the world.

nVent became an independent, publicly traded company in 2018 after its separation from Pentair.