Granite Investment Partners LLC Sells 26,102 Shares of nVent Electric plc (NYSE:NVT)

Granite Investment Partners LLC trimmed its position in shares of nVent Electric plc (NYSE:NVT - Free Report) by 27.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,242 shares of the company's stock after selling 26,102 shares during the period. Granite Investment Partners LLC's holdings in nVent Electric were worth $4,651,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NVT. Franklin Resources Inc. boosted its stake in shares of nVent Electric by 22.1% in the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company's stock valued at $527,374,000 after purchasing an additional 1,269,335 shares in the last quarter. Norges Bank purchased a new stake in nVent Electric during the fourth quarter valued at about $197,434,000. Geode Capital Management LLC grew its stake in shares of nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company's stock valued at $194,894,000 after buying an additional 29,794 shares during the last quarter. William Blair Investment Management LLC increased its holdings in shares of nVent Electric by 8.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock worth $176,630,000 after buying an additional 210,690 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of nVent Electric by 1.7% in 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 last quarter. Institutional investors own 90.05% of the company's stock.

nVent Electric Price Performance

NVT stock traded up $0.20 during trading on Friday, reaching $49.79. The company's stock had a trading volume of 1,834,997 shares, compared to its average volume of 1,891,180. The company's fifty day moving average is $55.98 and its 200-day moving average is $66.60. nVent Electric plc has a 1 year low of $41.71 and a 1 year high of $86.57. The company has a market capitalization of $8.20 billion, a P/E ratio of 25.40, a price-to-earnings-growth ratio of 1.48 and a beta of 1.21. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. On average, research analysts expect that nVent Electric plc will post 3.04 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, May 9th. Investors of record on Friday, April 25th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Friday, April 25th. nVent Electric's payout ratio is 40.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NVT. The Goldman Sachs Group cut their price objective on nVent Electric from $86.00 to $74.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Royal Bank of Canada upped their price target on shares of nVent Electric from $85.00 to $86.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Seaport Res Ptn raised shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a report on Friday, March 21st. Citigroup cut their price target on shares of nVent Electric from $85.00 to $59.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, KeyCorp reduced their target price on nVent Electric from $75.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, nVent Electric currently has an average rating of "Buy" and a consensus target price of $69.00.

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.