Verition Fund Management LLC Trims Stock Position in nVent Electric plc (NYSE:NVT)

Verition Fund Management LLC decreased its position in shares of nVent Electric plc (NYSE:NVT) by 39.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 117,822 shares of the company’s stock after selling 76,552 shares during the quarter. Verition Fund Management LLC owned approximately 0.07% of nVent Electric worth $8,278,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in NVT. Larson Financial Group LLC raised its position in nVent Electric by 91.9% in the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. ORG Partners LLC purchased a new position in shares of nVent Electric during the second quarter worth about $31,000. ORG Wealth Partners LLC acquired a new position in nVent Electric in the 3rd quarter valued at about $29,000. UMB Bank n.a. raised its stake in nVent Electric by 280.0% during the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $29,000 after acquiring an additional 308 shares during the last quarter. Finally, First Foundation Advisors purchased a new position in shares of nVent Electric in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 90.05% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on NVT shares. Barclays cut their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Royal Bank of Canada dropped their price objective on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, KeyCorp raised their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $85.33.

Insider Activity at nVent Electric

In other news, EVP Jon D. Lammers sold 67,297 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total value of $5,119,282.79. Following the completion of the transaction, the executive vice president now owns 58,121 shares in the company, valued at $4,421,264.47. This trade represents a 53.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of nVent Electric stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total value of $608,629.14. Following the transaction, the chief accounting officer now directly owns 25,993 shares of the company’s stock, valued at $1,972,088.91. This trade represents a 23.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,382 shares of company stock valued at $7,365,956 in the last ninety days. Corporate insiders own 2.50% of the company’s stock.

nVent Electric Price Performance

nVent Electric stock opened at $78.31 on Monday. The company has a market cap of $12.91 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 4.03 and a beta of 1.26. nVent Electric plc has a one year low of $52.70 and a one year high of $86.57. The business has a fifty day moving average of $73.57 and a two-hundred day moving average of $73.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The company had revenue of $782.00 million during the quarter, compared to analyst estimates of $937.37 million. During the same quarter last year, the business earned $0.84 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts predict that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s dividend payout ratio is currently 22.29%.

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.