Zweig DiMenna Associates LLC Purchases New Position in nVent Electric plc (NYSE:NVT)

Zweig DiMenna Associates LLC purchased a new position in shares of nVent Electric plc (NYSE:NVT - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 56,000 shares of the company's stock, valued at approximately $3,935,000.

A number of other institutional investors also recently added to or reduced their stakes in NVT. Swedbank AB acquired a new stake in shares of nVent Electric in the third quarter valued at about $110,663,000. Millennium Management LLC grew its holdings in shares of nVent Electric by 159.9% in the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company's stock worth $103,161,000 after acquiring an additional 828,425 shares during the period. Massachusetts Financial Services Co. MA increased its stake in nVent Electric by 16.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company's stock valued at $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Jennison Associates LLC acquired a new position in nVent Electric during the first quarter worth $22,784,000. Finally, DigitalBridge Group Inc. acquired a new stake in nVent Electric in the second quarter valued at $21,291,000. Hedge funds and other institutional investors own 90.05% of the company's stock.

Wall Street Analyst Weigh In

NVT has been the topic of several recent research reports. Barclays decreased their price objective on shares of nVent Electric from $87.00 to $86.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 2nd. Royal Bank of Canada lowered their target price on nVent Electric from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Finally, KeyCorp boosted 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 analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $85.67.

nVent Electric Trading Down 1.1 %

NVT traded down $0.80 during trading on Friday, hitting $73.34. The company's stock had a trading volume of 1,141,195 shares, compared to its average volume of 1,525,423. nVent Electric plc has a twelve month low of $45.60 and a twelve month high of $86.57. The stock has a market cap of $12.18 billion, a PE ratio of 21.38, a PEG ratio of 1.50 and a beta of 1.27. The firm's 50 day moving average price is $68.73 and its 200-day moving average price is $73.16. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.17 and a quick ratio of 1.49.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 EPS for the quarter, missing analysts' consensus estimates of $0.83 by ($0.01). nVent Electric had a net margin of 16.59% and a return on equity of 17.21%. The business had revenue of $880.30 million during the quarter, compared to analysts' expectations of $892.89 million. During the same period in the prior year, the firm earned $0.77 EPS. nVent Electric's revenue for the quarter was up 9.6% on a year-over-year basis. On average, analysts expect that nVent Electric plc will post 3.26 earnings per share for the current year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.19 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 1.04%. nVent Electric's payout ratio is 22.16%.

Insider Buying and Selling

In other news, EVP Lynnette R. Heath sold 8,242 shares of the business's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total transaction of $496,662.92. Following the completion of the sale, the executive vice president now directly owns 30,432 shares of the company's stock, valued at $1,833,832.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Michael B. Faulconer sold 20,004 shares of the firm's stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total value of $1,267,053.36. Following the transaction, the insider now directly owns 19,766 shares in the company, valued at $1,251,978.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lynnette R. Heath sold 8,242 shares of nVent Electric stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the completion of the transaction, the executive vice president now directly owns 30,432 shares in the company, valued at $1,833,832.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

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.