Point72 Hong Kong Ltd bought a new position in shares of nVent Electric PLC (NYSE:NVT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,849 shares of the company’s stock, valued at approximately $226,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in shares of nVent Electric in the 4th quarter valued at $19,992,000. Blueshift Asset Management LLC acquired a new position in nVent Electric in the fourth quarter valued at $596,000. Schonfeld Strategic Advisors LLC acquired a new position in nVent Electric in the fourth quarter valued at $7,109,000. UBS Asset Management Americas Inc. grew its holdings in shares of nVent Electric by 7.9% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,255,984 shares of the company’s stock worth $32,128,000 after purchasing an additional 92,340 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of nVent Electric by 93.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,096,240 shares of the company’s stock worth $53,622,000 after purchasing an additional 1,014,979 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE NVT traded up $1.37 during midday trading on Thursday, reaching $17.57. 964,767 shares of the company were exchanged, compared to its average volume of 1,324,801. The company has a current ratio of 1.73, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40. nVent Electric PLC has a 1 year low of $10.53 and a 1 year high of $28.75. The stock has a fifty day simple moving average of $23.07 and a 200 day simple moving average of $23.45. The stock has a market cap of $2.77 billion, a P/E ratio of 13.62, a PEG ratio of 1.68 and a beta of 1.45.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Friday, April 24th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Thursday, April 23rd. nVent Electric’s dividend payout ratio is presently 39.33%.
NVT has been the subject of several research reports. CL King began coverage on nVent Electric in a report on Tuesday, December 10th. They issued a “neutral” rating for the company. Zacks Investment Research cut nVent Electric from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 8th. Royal Bank of Canada raised nVent Electric from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $28.00 to $31.00 in a report on Tuesday, February 18th. Rosenblatt Securities restated a “buy” rating and set a $29.00 target price on shares of nVent Electric in a research report on Monday, February 3rd. Finally, Barclays upgraded shares of nVent Electric from an “equal weight” rating to an “overweight” rating and set a $32.00 target price on the stock in a research report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.29.
About nVent Electric
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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