Ausbil Investment Management Ltd Sells 23,349 Shares of nVent Electric plc (NYSE:NVT)

Ausbil Investment Management Ltd trimmed its stake in nVent Electric plc (NYSE:NVT) by 55.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 18,550 shares of the company’s stock after selling 23,349 shares during the period. Ausbil Investment Management Ltd’s holdings in nVent Electric were worth $1,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Swedbank AB bought a new position in shares of nVent Electric in the third quarter worth about $110,663,000. Millennium Management LLC boosted its position in shares of nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock worth $103,161,000 after purchasing an additional 828,425 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of nVent Electric by 16.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of nVent Electric during the 1st quarter valued at $22,784,000. Finally, DigitalBridge Group Inc. purchased a new position in shares of nVent Electric during the 2nd quarter valued at $21,291,000. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NVT has been the topic of a number of recent analyst reports. KeyCorp raised their price target on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Royal Bank of Canada lowered their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Barclays cut their price objective on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $85.67.

Insider Buying and Selling at nVent Electric

In related news, Director Herbert K. Parker bought 7,566 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $65.71 per share, with a total value of $497,161.86. Following the transaction, the director now owns 34,524 shares in the company, valued at $2,268,572.04. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Herbert K. Parker acquired 7,566 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now directly owns 34,524 shares of the company’s stock, valued at $2,268,572.04. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael B. Faulconer sold 20,004 shares of nVent Electric stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the transaction, the insider now directly owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

nVent Electric Price Performance

NYSE:NVT traded up $0.26 during trading hours on Thursday, reaching $73.28. The stock had a trading volume of 273,404 shares, compared to its average volume of 1,521,859. The stock has a market capitalization of $12.18 billion, a PE ratio of 21.35, a PEG ratio of 1.54 and a beta of 1.27. nVent Electric plc has a 52 week low of $45.60 and a 52 week high of $86.57. The company has a 50 day moving average price of $68.45 and a two-hundred day moving average price of $73.18. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The business had revenue of $880.30 million for the quarter, compared to analysts’ expectations of $892.89 million. During the same period in the previous year, the company earned $0.77 EPS. nVent Electric’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.76 annualized dividend and a yield of 1.04%. nVent Electric’s payout ratio is currently 22.22%.

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.