Needham Investment Management LLC Buys 42,500 Shares of nVent Electric plc (NYSE:NVT)

Needham Investment Management LLC increased its position in nVent Electric plc (NYSE:NVT) by 38.6% during the third quarter, HoldingsChannel.com reports. The firm owned 152,500 shares of the company’s stock after acquiring an additional 42,500 shares during the quarter. Needham Investment Management LLC’s holdings in nVent Electric were worth $10,715,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NVT. Massachusetts Financial Services Co. MA boosted its stake in 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 purchasing an additional 673,990 shares during the last quarter. Janus Henderson Group PLC increased 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 worth $171,492,000 after buying an additional 466,042 shares in the last quarter. Clean Energy Transition LLP raised its position 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 worth $158,411,000 after buying an additional 813,909 shares during the last quarter. Principal Financial Group Inc. lifted its stake in nVent Electric by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,763,254 shares of the company’s stock valued at $123,891,000 after acquiring an additional 28,876 shares during the period. Finally, Swedbank AB purchased a new stake in shares of nVent Electric during the 3rd quarter valued at about $110,663,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

nVent Electric Stock Performance

Shares of NYSE NVT traded down $0.02 during trading on Tuesday, hitting $77.47. The company had a trading volume of 110,648 shares, compared to its average volume of 1,575,019. nVent Electric plc has a 12 month low of $53.49 and a 12 month high of $86.57. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83. The firm has a market capitalization of $12.77 billion, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 4.03 and a beta of 1.25. The stock has a 50 day simple moving average of $73.72 and a 200 day simple moving average of $73.05.

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

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued a dividend of $0.19 per share. The ex-dividend date was Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 0.98%. nVent Electric’s dividend payout ratio is presently 22.29%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at nVent Electric

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $80.00, for a total transaction of $524,640.00. Following the completion of the sale, the director now directly owns 45,040 shares of the company’s stock, valued at $3,603,200. This trade represents a 12.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Sara E. Zawoyski sold 14,505 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $76.76, for a total transaction of $1,113,403.80. Following the completion of the transaction, the chief financial officer now directly owns 62,215 shares in the company, valued at $4,775,623.40. This trade represents a 18.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,382 shares of company stock valued at $7,365,956 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

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.