Norges Bank Acquires New Position in nVent Electric plc (NYSE:NVT)

Norges Bank bought a new stake in shares of nVent Electric plc (NYSE:NVT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,896,626 shares of the company's stock, valued at approximately $197,434,000. Norges Bank owned approximately 1.76% of nVent Electric at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in NVT. NEOS Investment Management LLC acquired a new position in shares of nVent Electric during the fourth quarter worth about $462,000. JPMorgan Chase & Co. raised its holdings in shares of nVent Electric by 113.7% during the 4th quarter. JPMorgan Chase & Co. now owns 1,075,409 shares of the company's stock valued at $73,300,000 after buying an additional 572,086 shares during the period. Segall Bryant & Hamill LLC acquired a new position in nVent Electric during the 4th quarter worth approximately $9,341,000. Haverford Trust Co lifted its position in nVent Electric by 0.8% during the 4th quarter. Haverford Trust Co now owns 553,146 shares of the company's stock worth $37,702,000 after acquiring an additional 4,538 shares in the last quarter. Finally, LPL Financial LLC boosted its holdings in nVent Electric by 12.6% in the 4th quarter. LPL Financial LLC now owns 140,043 shares of the company's stock worth $9,545,000 after acquiring an additional 15,685 shares during the period. 90.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NVT. Citigroup dropped their price objective on shares of nVent Electric from $91.00 to $90.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Seaport Res Ptn raised shares of nVent Electric from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 21st. The Goldman Sachs Group decreased their price objective on shares of nVent Electric from $86.00 to $74.00 and set a "buy" rating for the company in a research report on Wednesday. KeyCorp lowered their target price on nVent Electric from $84.00 to $75.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Finally, Barclays cut their price target on nVent Electric from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Friday. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $77.50.

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nVent Electric Stock Down 6.3 %

NVT stock traded down $3.04 during mid-day trading on Friday, hitting $45.28. 5,400,240 shares of the company were exchanged, compared to its average volume of 1,846,758. The firm has a fifty day simple moving average of $59.82 and a 200 day simple moving average of $68.29. The company has a market capitalization of $7.47 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 1.48 and a beta of 1.21. nVent Electric plc has a twelve month low of $41.92 and a twelve month high of $86.57. The company has a current ratio of 1.73, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65.

nVent Electric (NYSE:NVT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, hitting analysts' consensus estimates of $0.59. nVent Electric had a return on equity of 14.52% and a net margin of 10.09%. On average, research analysts forecast that nVent Electric plc will post 3.04 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 25th will be issued a $0.20 dividend. The ex-dividend date is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.77%. nVent Electric's dividend payout ratio (DPR) is 40.82%.

About nVent Electric

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.