Massachusetts Financial Services Co. MA trimmed its position in nVent Electric plc (NYSE:NVT - Free Report) by 50.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,598,942 shares of the company's stock after selling 1,641,252 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.97% of nVent Electric worth $108,984,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Franklin Resources Inc. lifted its position in shares of nVent Electric by 22.1% during the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company's stock worth $527,374,000 after purchasing an additional 1,269,335 shares during the last quarter. State Street Corp grew its stake in shares of nVent Electric by 0.9% in the third quarter. State Street Corp now owns 5,031,623 shares of the company's stock worth $353,522,000 after acquiring an additional 42,465 shares during the last quarter. Norges Bank bought a new position in nVent Electric during the fourth quarter worth $197,434,000. Geode Capital Management LLC raised its stake in nVent Electric by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company's stock valued at $194,894,000 after purchasing an additional 29,794 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in nVent Electric by 8.8% in the 4th quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company's stock valued at $176,630,000 after purchasing an additional 210,690 shares during the period. Institutional investors and hedge funds own 90.05% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on NVT. The Goldman Sachs Group cut 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, April 2nd. Citigroup dropped their price target on shares of nVent Electric from $91.00 to $90.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Seaport Res Ptn upgraded nVent Electric from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 21st. Barclays lowered their price target on nVent Electric from $70.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada upped their target price on shares of nVent Electric from $85.00 to $86.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, nVent Electric currently has a consensus rating of "Buy" and an average price target of $74.17.
Check Out Our Latest Research Report on nVent Electric
nVent Electric Trading Down 5.5 %
NVT traded down $2.84 during midday trading on Thursday, reaching $49.03. 704,355 shares of the company were exchanged, compared to its average volume of 1,866,253. The stock has a market capitalization of $8.09 billion, a P/E ratio of 25.05, a PEG ratio of 1.48 and a beta of 1.21. nVent Electric plc has a one year low of $41.71 and a one year high of $86.57. The stock's 50-day simple moving average is $58.18 and its 200 day simple moving average is $67.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73.
nVent Electric (NYSE:NVT - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported $0.59 earnings per share (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%. As a group, 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. Shareholders of record on Friday, April 25th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Friday, April 25th. nVent Electric's dividend payout ratio (DPR) is currently 40.82%.
About nVent Electric
(
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.
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