Geode Capital Management LLC Reduces Stock Holdings in nVent Electric plc (NYSE:NVT)

Geode Capital Management LLC lowered its stake in shares of nVent Electric plc (NYSE:NVT) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,760,114 shares of the company’s stock after selling 13,054 shares during the quarter. Geode Capital Management LLC owned approximately 1.67% of nVent Electric worth $188,189,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Benjamin Edwards Inc. lifted its position in nVent Electric by 24,375.0% in the third quarter. Benjamin Edwards Inc. now owns 2,937 shares of the company’s stock valued at $206,000 after acquiring an additional 2,925 shares during the last quarter. Quantinno Capital Management LP increased its position in shares of nVent Electric by 14.6% during the third quarter. Quantinno Capital Management LP now owns 72,486 shares of the company’s stock worth $5,093,000 after purchasing an additional 9,218 shares in the last quarter. State Street Corp lifted its holdings in shares of nVent Electric by 0.9% in the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock valued at $353,522,000 after purchasing an additional 42,465 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of nVent Electric by 242.1% in the 3rd quarter. Two Sigma Advisers LP now owns 347,600 shares of the company’s stock valued at $24,422,000 after purchasing an additional 246,000 shares during the period. Finally, National Bank of Canada FI grew its stake in nVent Electric by 2,280.0% during the 3rd quarter. National Bank of Canada FI now owns 251,689 shares of the company’s stock worth $17,684,000 after buying an additional 241,114 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.

nVent Electric Stock Down 6.3 %

Shares of NYSE:NVT opened at $45.28 on Monday. nVent Electric plc has a fifty-two week low of $41.90 and a fifty-two week high of $86.57. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $59.82 and its 200-day simple moving average is $68.31. The company has a market cap of $7.47 billion, a price-to-earnings ratio of 23.10, a PEG ratio of 1.48 and a beta of 1.21.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.59 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. As a group, equities research analysts predict that nVent Electric plc will post 3.04 earnings per share for the current year.

nVent Electric Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric’s dividend payout ratio (DPR) is currently 40.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NVT. Barclays reduced their price objective on nVent Electric from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday. Citigroup decreased their price target on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Seaport Res Ptn upgraded shares of nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. KeyCorp reduced their target price on shares of nVent Electric from $84.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Finally, The Goldman Sachs Group lowered their price target on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $77.50.

nVent Electric Company Profile

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.