Geode Capital Management LLC Purchases 29,794 Shares of nVent Electric plc (NYSE:NVT)

Geode Capital Management LLC increased its holdings in nVent Electric plc (NYSE:NVT - Free Report) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,773,168 shares of the company's stock after acquiring an additional 29,794 shares during the quarter. Geode Capital Management LLC owned approximately 1.68% of nVent Electric worth $194,894,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new stake in shares of nVent Electric in the 3rd quarter valued at approximately $6,900,000. Y Intercept Hong Kong Ltd bought a new position in nVent Electric in the third quarter worth about $583,000. World Investment Advisors LLC acquired a new position in nVent Electric in the third quarter valued at approximately $20,426,000. XTX Topco Ltd acquired a new stake in shares of nVent Electric during the 3rd quarter worth approximately $2,021,000. Finally, Zimmer Partners LP increased its position in nVent Electric by 6.7% in the third quarter. Zimmer Partners LP now owns 240,000 shares of the company's stock worth $16,862,000 after buying an additional 15,000 shares during the period. Hedge funds and other institutional investors own 90.05% of the company's stock.

nVent Electric Stock Up 0.8 %

Shares of nVent Electric stock traded up $0.60 during midday trading on Monday, hitting $75.63. The company's stock had a trading volume of 1,305,070 shares, compared to its average volume of 1,568,364. nVent Electric plc has a 1-year low of $55.19 and a 1-year high of $86.57. The firm has a market capitalization of $12.47 billion, a P/E ratio of 22.23, a PEG ratio of 3.88 and a beta of 1.25. The company has a quick ratio of 1.36, a current ratio of 1.83 and a debt-to-equity ratio of 0.68. The stock has a 50-day simple moving average of $74.96 and a 200-day simple moving average of $72.63.

nVent Electric (NYSE:NVT - Get Free Report) last issued 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). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The firm had revenue of $782.00 million during the quarter, compared to analysts' expectations of $937.37 million. During the same quarter last year, the firm earned $0.84 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 17th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.06%. This is a positive change from nVent Electric's previous quarterly dividend of $0.19. nVent Electric's payout ratio is 22.29%.

Insiders Place Their Bets

In related news, Director Jerry W. Burris sold 6,558 shares of the business's 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. The trade was a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Randolph A. Wacker sold 8,022 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total value of $608,629.14. Following the completion of the transaction, the chief accounting officer now directly owns 25,993 shares in the company, valued at $1,972,088.91. The trade was a 23.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,382 shares of company stock worth $7,365,956 over the last quarter. Company insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. KeyCorp increased their price objective 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. Royal Bank of Canada reduced their price target on nVent Electric from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Monday, November 4th. Barclays increased their target price on shares of nVent Electric from $76.00 to $88.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Finally, Citigroup increased their price objective on shares of nVent Electric from $78.00 to $91.00 and gave the company a "buy" rating in a report on Monday, December 9th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $85.50.

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.