Pinnacle Associates Ltd. Has $301,000 Stock Position in nVent Electric plc (NYSE:NVT)

Pinnacle Associates Ltd. cut its holdings in nVent Electric plc (NYSE:NVT - Free Report) by 81.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,281 shares of the company's stock after selling 18,705 shares during the quarter. Pinnacle Associates Ltd.'s holdings in nVent Electric were worth $301,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Swedbank AB bought a new position in nVent Electric during the 3rd quarter worth approximately $110,663,000. Millennium Management LLC boosted its position in shares of nVent Electric by 159.9% during the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company's stock worth $103,161,000 after purchasing an additional 828,425 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of 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 buying an additional 673,990 shares during the period. Jennison Associates LLC bought a new stake in shares of nVent Electric in the 1st quarter valued at $22,784,000. Finally, DigitalBridge Group Inc. acquired a new stake in nVent Electric during the 2nd quarter worth $21,291,000. Institutional investors and hedge funds own 90.05% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. KeyCorp increased 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. Royal Bank of Canada dropped their target price on shares of nVent Electric from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Monday. Finally, Barclays reduced their price target on shares of nVent Electric from $87.00 to $86.00 and set an "overweight" rating for the company in a report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $85.33.

nVent Electric Stock Up 0.7 %

Shares of NVT traded up $0.51 during mid-day trading on Monday, hitting $68.79. 3,563,321 shares of the company's stock were exchanged, compared to its average volume of 1,567,538. 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 plc has a 52 week low of $49.08 and a 52 week high of $86.57. The company has a market cap of $11.43 billion, a PE ratio of 20.11, a P/E/G ratio of 1.52 and a beta of 1.26. The company has a 50-day simple moving average of $69.47 and a 200 day simple moving average of $73.12.

nVent Electric (NYSE:NVT - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share 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 the consensus estimate of $892.89 million. During the same period last year, the business posted $0.77 EPS. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. On average, research analysts forecast that nVent Electric plc will post 3.26 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric's dividend payout ratio is currently 22.22%.

Insider Activity

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