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Franklin Resources Inc. Boosts Stake in nVent Electric plc (NYSE:NVT)

nVent Electric logo with Computer and Technology background

Franklin Resources Inc. lifted its stake in shares of nVent Electric plc (NYSE:NVT - Free Report) by 22.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,020,425 shares of the company's stock after purchasing an additional 1,269,335 shares during the quarter. Franklin Resources Inc. owned about 4.26% of nVent Electric worth $527,374,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of NVT. Federated Hermes Inc. lifted its holdings in shares of nVent Electric by 6.6% in the 2nd quarter. Federated Hermes Inc. now owns 410,902 shares of the company's stock valued at $31,479,000 after buying an additional 25,482 shares during the period. Fifth Third Bancorp lifted its holdings in nVent Electric by 43.5% in the second quarter. Fifth Third Bancorp now owns 1,951 shares of the company's stock valued at $149,000 after acquiring an additional 591 shares during the period. AQR Capital Management LLC boosted its position in shares of nVent Electric by 101.2% during the 2nd quarter. AQR Capital Management LLC now owns 358,757 shares of the company's stock worth $27,484,000 after purchasing an additional 180,488 shares in the last quarter. MQS Management LLC acquired a new position in shares of nVent Electric during the 2nd quarter worth $606,000. Finally, Van ECK Associates Corp increased its holdings in shares of nVent Electric by 19.0% in the 2nd quarter. Van ECK Associates Corp now owns 68,722 shares of the company's stock valued at $5,265,000 after purchasing an additional 10,955 shares in the last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.

nVent Electric Price Performance

Shares of nVent Electric stock traded down $0.56 during trading on Friday, hitting $75.03. 1,439,354 shares of the company were exchanged, compared to its average volume of 1,569,457. The firm has a 50 day moving average price of $74.96 and a 200 day moving average price of $72.78. The stock has a market capitalization of $12.37 billion, a price-to-earnings ratio of 21.99, a P/E/G 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. nVent Electric plc has a fifty-two week low of $55.19 and a fifty-two week high of $86.57.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing analysts' consensus estimates of $0.81 by ($0.18). The company had revenue of $782.00 million during the quarter, compared to analyst estimates of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The business's revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $0.84 earnings per share. On average, equities analysts expect that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Friday, October 18th. nVent Electric's payout ratio is 22.29%.

Wall Street Analyst Weigh In

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

Get Our Latest Stock Report on NVT

Insider Buying and Selling

In other news, Director Jerry W. Burris sold 6,558 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.00, for a total transaction of $524,640.00. Following the transaction, the director now directly owns 45,040 shares in the company, valued at $3,603,200. This represents a 12.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jon D. Lammers sold 67,297 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the completion of the sale, the executive vice president now directly owns 58,121 shares in the company, valued at $4,421,264.47. This represents a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,382 shares of company stock worth $7,365,956. 2.50% of the stock is owned by insiders.

nVent Electric Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for nVent Electric (NYSE:NVT)

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