Mcrae Capital Management Inc. lessened its holdings in shares of nVent Electric PLC (NYSE:NVT) by 27.0% during the third quarter, HoldingsChannel reports. The fund owned 26,235 shares of the company’s stock after selling 9,684 shares during the period. Mcrae Capital Management Inc.’s holdings in nVent Electric were worth $578,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Personal Wealth Partners acquired a new stake in nVent Electric in the second quarter valued at $27,000. First Interstate Bank acquired a new stake in nVent Electric in the second quarter valued at $41,000. Stonebridge Capital Advisors LLC acquired a new stake in nVent Electric in the second quarter valued at $84,000. Point72 Asset Management L.P. acquired a new stake in nVent Electric in the second quarter valued at $87,000. Finally, Captrust Financial Advisors grew its holdings in nVent Electric by 19.7% in the second quarter. Captrust Financial Advisors now owns 5,183 shares of the company’s stock valued at $128,000 after purchasing an additional 853 shares during the last quarter. 85.65% of the stock is currently owned by institutional investors.
Several analysts have weighed in on the company. Gabelli assumed coverage on nVent Electric in a report on Friday, October 11th. They issued a “buy” rating and a $27.00 target price on the stock. Zacks Investment Research downgraded nVent Electric from a “hold” rating to a “sell” rating in a research report on Saturday, August 3rd. Buckingham Research reduced their price objective on nVent Electric from $23.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Vertical Research downgraded nVent Electric from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada downgraded nVent Electric from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $30.00 to $24.00 in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. nVent Electric presently has an average rating of “Hold” and a consensus target price of $26.50.
nVent Electric (NYSE:NVT) last released its earnings results on Thursday, August 1st. The company reported $0.44 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. nVent Electric had a return on equity of 11.69% and a net margin of 11.43%. The firm had revenue of $539.50 million for the quarter, compared to the consensus estimate of $550.75 million. During the same period in the prior year, the business posted $0.44 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities research analysts anticipate that nVent Electric PLC will post 1.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, October 17th. This represents a $0.70 annualized dividend and a yield of 3.22%. nVent Electric’s dividend payout ratio (DPR) is presently 40.23%.
In other news, Director Michael L. Ducker purchased 2,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was bought at an average cost of $20.51 per share, for a total transaction of $41,020.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Beth Wozniak purchased 5,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were purchased at an average price of $21.29 per share, with a total value of $106,450.00. The disclosure for this purchase can be found here. Corporate insiders own 1.60% of the company’s stock.
nVent Electric Company Profile
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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