Zweig DiMenna Associates LLC Purchases Shares of 56,000 nVent Electric plc (NYSE:NVT)

Zweig DiMenna Associates LLC purchased a new stake in nVent Electric plc (NYSE:NVT) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 56,000 shares of the company’s stock, valued at approximately $3,935,000.

Several other institutional investors also recently bought and sold shares of the business. Signaturefd LLC raised its holdings in nVent Electric by 22.0% in the 2nd quarter. Signaturefd LLC now owns 860 shares of the company’s stock valued at $66,000 after acquiring an additional 155 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of nVent Electric by 15.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,008 shares of the company’s stock valued at $145,000 after buying an additional 272 shares during the period. Anchor Investment Management LLC grew its stake in shares of nVent Electric by 94.0% during the 2nd quarter. Anchor Investment Management LLC now owns 578 shares of the company’s stock valued at $44,000 after buying an additional 280 shares during the period. Sciencast Management LP grew its stake in shares of nVent Electric by 7.1% during the 1st quarter. Sciencast Management LP now owns 4,397 shares of the company’s stock valued at $332,000 after buying an additional 293 shares during the period. Finally, Banque Cantonale Vaudoise grew its position in nVent Electric by 87.2% during the second quarter. Banque Cantonale Vaudoise now owns 642 shares of the company’s stock valued at $49,000 after acquiring an additional 299 shares during the period. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NVT has been the subject of several research analyst reports. KeyCorp upped their price target on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Barclays dropped their price target on nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada dropped their price target on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $85.67.

Insider Activity at nVent Electric

In related news, EVP Lynnette R. Heath sold 8,242 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the completion of the transaction, the executive vice president now owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other nVent Electric news, EVP Lynnette R. Heath sold 8,242 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total transaction of $496,662.92. Following the transaction, the executive vice president now owns 30,432 shares of the company’s stock, valued at $1,833,832.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Herbert K. Parker bought 7,566 shares of nVent Electric stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $65.71 per share, for a total transaction of $497,161.86. Following the acquisition, the director now owns 34,524 shares in the company, valued at $2,268,572.04. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is currently owned by company insiders.

nVent Electric Price Performance

NVT stock opened at $74.14 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17. nVent Electric plc has a 1 year low of $45.60 and a 1 year high of $86.57. The firm has a market cap of $12.31 billion, a P/E ratio of 21.62, a price-to-earnings-growth ratio of 1.50 and a beta of 1.27. The stock has a 50-day simple moving average of $68.45 and a 200-day simple moving average of $73.18.

nVent Electric (NYSE:NVT) last posted its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The company had revenue of $880.30 million during the quarter, compared to analyst estimates of $892.89 million. During the same quarter last year, the business posted $0.77 EPS. nVent Electric’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities analysts predict that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Friday, October 18th. nVent Electric’s dividend payout ratio is currently 22.16%.

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.