Principal Financial Group Inc. Cuts Stake in nVent Electric plc (NYSE:NVT)

Principal Financial Group Inc. reduced its position in nVent Electric plc (NYSE:NVT) by 11.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,567,047 shares of the company’s stock after selling 196,207 shares during the quarter. Principal Financial Group Inc.’s holdings in nVent Electric were worth $106,803,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Everhart Financial Group Inc. grew its holdings in nVent Electric by 10.7% in the fourth quarter. Everhart Financial Group Inc. now owns 12,454 shares of the company’s stock worth $849,000 after purchasing an additional 1,201 shares during the last quarter. Montag A & Associates Inc. purchased a new position in nVent Electric in the fourth quarter worth $1,785,000. Rhumbline Advisers grew its holdings in nVent Electric by 0.5% in the fourth quarter. Rhumbline Advisers now owns 447,404 shares of the company’s stock worth $30,495,000 after purchasing an additional 2,221 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in nVent Electric by 27.4% in the fourth quarter. V Square Quantitative Management LLC now owns 12,579 shares of the company’s stock worth $873,000 after purchasing an additional 2,707 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in nVent Electric by 15.3% in the fourth quarter. Vontobel Holding Ltd. now owns 577,781 shares of the company’s stock worth $39,382,000 after purchasing an additional 76,797 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NVT shares. Citigroup dropped their price objective on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada boosted their price objective on shares of nVent Electric from $85.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Barclays boosted their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $86.33.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the sale, the director now directly owns 45,040 shares of the company’s stock, valued at approximately $3,603,200. This represents a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by corporate insiders.

nVent Electric Price Performance

NYSE:NVT opened at $68.86 on Wednesday. nVent Electric plc has a one year low of $56.44 and a one year high of $86.57. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.36 and a current ratio of 1.73. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 3.01 and a beta of 1.26. The firm’s fifty day moving average is $69.53 and its two-hundred day moving average is $70.13.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, meeting the consensus estimate of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. Research analysts expect that nVent Electric plc will post 3.03 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.16%. The ex-dividend date is Friday, April 25th. nVent Electric’s payout ratio is 40.82%.

About nVent Electric

nVent Electric plc, together with its subsidiaries, designs, manufactures, markets, installs, and services electrical connection and protection solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.