Merewether Investment Management LP Purchases 33,300 Shares of nVent Electric plc (NYSE:NVT)

Merewether Investment Management LP raised its stake in nVent Electric plc (NYSE:NVT - Free Report) by 310.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 44,010 shares of the company's stock after buying an additional 33,300 shares during the period. Merewether Investment Management LP's holdings in nVent Electric were worth $3,092,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC grew its position in shares of nVent Electric by 91.9% in the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company's stock valued at $27,000 after buying an additional 181 shares during the last quarter. ORG Partners LLC bought a new stake in shares of nVent Electric in the 2nd quarter valued at about $31,000. ORG Wealth Partners LLC bought a new stake in shares of nVent Electric in the 3rd quarter valued at about $29,000. UMB Bank n.a. grew its position in shares of nVent Electric by 280.0% in the 3rd quarter. UMB Bank n.a. now owns 418 shares of the company's stock valued at $29,000 after buying an additional 308 shares during the last quarter. Finally, First Foundation Advisors acquired a new position in shares of nVent Electric in the 2nd quarter valued at about $34,000. Institutional investors own 90.05% of the company's stock.

nVent Electric Stock Performance

Shares of NVT stock traded up $1.01 during trading on Wednesday, hitting $79.19. The company's stock had a trading volume of 1,517,302 shares, compared to its average volume of 1,578,186. The business has a fifty day moving average of $73.89 and a 200-day moving average of $73.04. The company has a market cap of $13.05 billion, a PE ratio of 23.15, a P/E/G ratio of 3.99 and a beta of 1.25. nVent Electric plc has a 52 week low of $53.81 and a 52 week high of $86.57. The company has a current ratio of 1.83, a quick ratio of 1.36 and a debt-to-equity ratio of 0.68.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.81 by ($0.18). nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The company had revenue of $782.00 million for the quarter, compared to analysts' expectations of $937.37 million. During the same quarter last year, the business posted $0.84 EPS. The business's quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts anticipate that nVent Electric plc will post 2.5 earnings per share for the current year.

nVent Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 0.96%. nVent Electric's payout ratio is 22.29%.

Insider Transactions at nVent Electric

In other news, Director Jerry W. Burris sold 6,558 shares of nVent Electric stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the transaction, the director now owns 45,040 shares in the company, valued at $3,603,200. This trade represents a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Randolph A. Wacker sold 8,022 shares of nVent Electric stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total transaction of $608,629.14. Following the completion of the transaction, the chief accounting officer now owns 25,993 shares of the company's stock, 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 96,382 shares of company stock worth $7,365,956 over the last quarter. Corporate insiders own 2.50% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NVT. Royal Bank of Canada dropped their price objective on nVent Electric from $82.00 to $80.00 and set an "outperform" rating on the stock in a research note on Monday, November 4th. Barclays dropped their target price on nVent Electric from $87.00 to $86.00 and set an "overweight" rating on the stock in a report on Wednesday, October 2nd. Finally, KeyCorp upped their price target on nVent Electric from $80.00 to $84.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, nVent Electric has a consensus rating of "Buy" and an average target price of $85.33.

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.