KLP Kapitalforvaltning AS Invests $2.28 Million in nVent Electric plc (NYSE:NVT)

KLP Kapitalforvaltning AS acquired a new position in shares of nVent Electric plc (NYSE:NVT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,500 shares of the company’s stock, valued at approximately $2,283,000.

A number of other hedge funds have also bought and sold shares of the company. Franklin Resources Inc. grew its holdings in nVent Electric by 22.1% during the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after acquiring an additional 1,269,335 shares during the period. State Street Corp raised its position in shares of nVent Electric by 0.9% during the third quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after purchasing an additional 42,465 shares during the period. Geode Capital Management LLC lifted its holdings in shares of nVent Electric by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after purchasing an additional 29,794 shares in the last quarter. William Blair Investment Management LLC grew its position in nVent Electric by 8.8% in the 4th quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company’s stock valued at $176,630,000 after purchasing an additional 210,690 shares during the period. Finally, Janus Henderson Group PLC increased its stake in nVent Electric by 23.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock valued at $171,492,000 after purchasing an additional 466,042 shares in the last quarter. Institutional investors own 90.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on NVT shares. Royal Bank of Canada lifted 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. Seaport Res Ptn upgraded nVent Electric from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 21st. Barclays decreased their price objective on nVent Electric from $83.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday. Citigroup dropped their target price on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, CL King upgraded nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday, March 17th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $82.00.

nVent Electric Stock Performance

Shares of NVT opened at $54.61 on Friday. The stock has a 50 day moving average of $62.58 and a 200 day moving average of $68.82. The company has a market capitalization of $9.01 billion, a price-to-earnings ratio of 27.86, a PEG ratio of 1.48 and a beta of 1.31. nVent Electric plc has a 12 month low of $51.99 and a 12 month high of $86.57. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT) last announced its earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. As a group, sell-side analysts forecast that nVent Electric plc will post 3.04 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, May 9th. Shareholders of record on Friday, April 25th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.46%. The ex-dividend date is Friday, April 25th. nVent Electric’s dividend 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.