Point72 Asset Management L.P. Cuts Holdings in nVent Electric plc (NYSE:NVT)

Point72 Asset Management L.P. decreased its holdings in nVent Electric plc (NYSE:NVT) by 54.5% in the third quarter, Holdings Channel reports. The firm owned 235,400 shares of the company’s stock after selling 282,003 shares during the period. Point72 Asset Management L.P.’s holdings in nVent Electric were worth $16,539,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its stake in shares of nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after buying an additional 673,990 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in nVent Electric by 23.6% in 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. Clean Energy Transition LLP raised its holdings in nVent Electric by 56.5% in the 3rd quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company’s stock valued at $158,411,000 after acquiring an additional 813,909 shares during the last quarter. Principal Financial Group Inc. lifted its position in nVent Electric by 1.7% during the third quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company’s stock worth $123,891,000 after buying an additional 28,876 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of nVent Electric during the 3rd quarter valued at about $110,663,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

nVent Electric Stock Performance

NYSE:NVT opened at $76.89 on Friday. nVent Electric plc has a 1-year low of $53.96 and a 1-year high of $86.57. The firm has a market cap of $12.67 billion, a PE ratio of 22.55, a P/E/G ratio of 4.02 and a beta of 1.25. The firm has a 50 day simple moving average of $74.34 and a 200-day simple moving average of $73.08. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36.

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

nVent Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were given a $0.19 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 0.99%. nVent Electric’s payout ratio is 22.29%.

Analysts Set New Price Targets

Several research analysts have weighed in on NVT shares. Royal Bank of Canada lowered their target price on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. KeyCorp increased their price target on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Barclays boosted their target price on shares of nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $85.67.

Insider Activity

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the sale, the director now directly owns 45,040 shares in the company, valued at $3,603,200. This represents a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jon D. Lammers sold 67,297 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the completion of the sale, the executive vice president now owns 58,121 shares in the company, valued at $4,421,264.47. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 96,382 shares of company stock valued at $7,365,956. Company insiders own 2.50% of the company’s stock.

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.