Bornite Capital Management LP Buys Shares of 250,000 nVent Electric plc (NYSE:NVT)

Bornite Capital Management LP bought a new stake in nVent Electric plc (NYSE:NVT) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 250,000 shares of the company’s stock, valued at approximately $18,850,000. nVent Electric makes up approximately 3.2% of Bornite Capital Management LP’s holdings, making the stock its 12th biggest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its holdings in nVent Electric by 15.5% in the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock valued at $5,684,000 after buying an additional 10,135 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of nVent Electric during the 4th quarter worth approximately $2,492,000. Jump Financial LLC raised its position in shares of nVent Electric by 194.1% during the 4th quarter. Jump Financial LLC now owns 39,432 shares of the company’s stock worth $2,330,000 after purchasing an additional 26,024 shares during the last quarter. Mountain Pacific Investment Advisers Inc. ID raised its position in shares of nVent Electric by 85.1% during the 1st quarter. Mountain Pacific Investment Advisers Inc. ID now owns 116,629 shares of the company’s stock worth $8,794,000 after purchasing an additional 53,633 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in shares of nVent Electric by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock worth $14,344,000 after purchasing an additional 8,489 shares during the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NVT shares. The Goldman Sachs Group lifted their price objective on nVent Electric from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Royal Bank of Canada cut their price objective on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a research report on Monday, May 6th. Barclays lifted their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Finally, Citigroup boosted their price target on nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a report on Monday, May 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.00.

nVent Electric Trading Down 0.2 %

NVT traded down $0.15 during trading on Monday, hitting $70.40. The company’s stock had a trading volume of 1,888,012 shares, compared to its average volume of 1,417,498. The firm’s 50 day moving average price is $78.11 and its 200-day moving average price is $72.57. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. The stock has a market cap of $11.69 billion, a PE ratio of 20.52, a PEG ratio of 1.54 and a beta of 1.31. nVent Electric plc has a twelve month low of $45.60 and a twelve month high of $86.57.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Friday, May 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.04. nVent Electric had a net margin of 17.02% and a return on equity of 17.47%. The company had revenue of $874.60 million during the quarter, compared to analysts’ expectations of $864.14 million. During the same period in the previous year, the company earned $0.67 EPS. The business’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, analysts expect that nVent Electric plc will post 3.27 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Friday, July 19th will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, July 19th. This represents a $0.76 annualized dividend and a dividend yield of 1.08%. nVent Electric’s dividend payout ratio is presently 22.16%.

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.