Woodline Partners LP Buys New Stake in nVent Electric plc (NYSE:NVT)

Woodline Partners LP purchased a new position in shares of nVent Electric plc (NYSE:NVT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 229,609 shares of the company’s stock, valued at approximately $15,650,000.

Other large investors also recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new stake in shares of nVent Electric in the 4th quarter valued at $26,000. Raleigh Capital Management Inc. boosted its holdings in nVent Electric by 547.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 751 shares of the company’s stock valued at $51,000 after acquiring an additional 635 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in nVent Electric by 26.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 773 shares of the company’s stock valued at $53,000 after acquiring an additional 162 shares in the last quarter. Blue Trust Inc. grew its position in nVent Electric by 243.5% in the 4th quarter. Blue Trust Inc. now owns 869 shares of the company’s stock valued at $61,000 after acquiring an additional 616 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in nVent Electric during the fourth quarter worth about $65,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Trading Down 3.2%

Shares of NYSE:NVT opened at $63.98 on Thursday. nVent Electric plc has a 52 week low of $41.71 and a 52 week high of $86.57. The company’s 50 day moving average is $55.70 and its two-hundred day moving average is $64.56. The company has a market cap of $10.53 billion, a PE ratio of 32.64, a P/E/G ratio of 1.48 and a beta of 1.24. 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 issued its earnings results on Friday, May 2nd. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $809.30 million during the quarter, compared to the consensus estimate of $790.74 million. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Equities analysts predict that nVent Electric plc will post 3.04 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, July 18th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, July 18th. This represents a $0.80 annualized dividend and a dividend yield of 1.25%. nVent Electric’s dividend payout ratio is currently 22.86%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of nVent Electric from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, May 5th. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Monday, March 17th. The Goldman Sachs Group reduced their price objective on nVent Electric from $86.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Barclays lifted their target price on nVent Electric from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Finally, KeyCorp upped their price target on nVent Electric from $60.00 to $72.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $70.00.

Insider Activity

In other nVent Electric news, EVP Lynnette R. Heath sold 4,041 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $61.35, for a total transaction of $247,915.35. Following the sale, the executive vice president now owns 32,665 shares of the company’s stock, valued at approximately $2,003,997.75. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.80% of the company’s stock.

nVent Electric 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.