Norges Bank Invests $197.43 Million in nVent Electric plc (NYSE:NVT)

Norges Bank bought a new stake in nVent Electric plc (NYSE:NVT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,896,626 shares of the company’s stock, valued at approximately $197,434,000. Norges Bank owned 1.76% of nVent Electric as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Crews Bank & Trust purchased a new position in shares of nVent Electric in the fourth quarter worth approximately $26,000. Larson Financial Group LLC boosted its stake in shares of nVent Electric by 91.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after acquiring an additional 181 shares during the last quarter. Tsfg LLC bought a new stake in shares of nVent Electric during the 4th quarter valued at $51,000. Raleigh Capital Management Inc. increased its stake in shares of nVent Electric by 547.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 751 shares of the company’s stock worth $51,000 after purchasing an additional 635 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in nVent Electric by 26.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company’s stock worth $53,000 after purchasing an additional 162 shares during the period. 90.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NVT shares. Citigroup decreased their price objective on nVent Electric from $91.00 to $90.00 and set a “buy” rating on the stock 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 report on Friday, March 21st. KeyCorp decreased their price objective on shares of nVent Electric from $84.00 to $75.00 and set an “overweight” rating on the stock in a research report on Friday. Barclays dropped their target price on shares of nVent Electric from $83.00 to $75.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. Finally, CL King raised nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, March 17th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and a consensus target price of $80.50.

nVent Electric Trading Down 3.1 %

Shares of NVT stock opened at $52.89 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth 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 stock’s 50-day moving average price is $62.19 and its 200-day moving average price is $68.84.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. Equities research analysts predict that nVent Electric plc will post 3.04 EPS for the current fiscal 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 given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.80 annualized dividend and a dividend yield of 1.51%. nVent Electric’s dividend payout ratio (DPR) is presently 40.82%.

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.