Point72 Asset Management L.P. Sells 282,003 Shares of nVent Electric plc (NYSE:NVT)

Point72 Asset Management L.P. cut its position in nVent Electric plc (NYSE:NVT - Free Report) by 54.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 235,400 shares of the company's stock after selling 282,003 shares during the period. Point72 Asset Management L.P. owned about 0.14% of nVent Electric worth $16,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Swedbank AB bought a new position in nVent Electric in the 3rd quarter worth $110,663,000. Millennium Management LLC lifted its position in shares of nVent Electric by 159.9% in the second quarter. Millennium Management LLC now owns 1,346,576 shares of the company's stock valued at $103,161,000 after acquiring an additional 828,425 shares in the last quarter. Clean Energy Transition LLP boosted its stake in shares of nVent Electric by 56.5% in the third quarter. Clean Energy Transition LLP now owns 2,254,633 shares of the company's stock worth $158,411,000 after acquiring an additional 813,909 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of nVent Electric by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company's stock worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of nVent Electric by 23.6% during the third quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company's stock worth $171,492,000 after purchasing an additional 466,042 shares in the last quarter. 90.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NVT has been the topic of a number of research analyst reports. 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. Barclays boosted their target price on shares of nVent Electric from $76.00 to $88.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Royal Bank of Canada dropped their target price on shares of nVent Electric from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Monday, November 4th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $85.67.

Insider Buying and Selling

In related news, Director Jerry W. Burris sold 6,558 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $80.00, for a total transaction of $524,640.00. Following the sale, the director now owns 45,040 shares in the company, valued at approximately $3,603,200. This represents a 12.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Randolph A. Wacker sold 8,022 shares of nVent Electric stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total transaction of $608,629.14. Following the transaction, the chief accounting officer now directly owns 25,993 shares of the company's stock, valued at $1,972,088.91. The trade was a 23.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,382 shares of company stock worth $7,365,956. Corporate insiders own 2.50% of the company's stock.

nVent Electric Price Performance

NYSE:NVT traded down $0.80 during trading hours on Friday, reaching $76.89. The stock had a trading volume of 993,149 shares, compared to its average volume of 1,522,910. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.36 and a current ratio of 1.83. The stock has a market capitalization of $12.67 billion, a PE ratio of 22.55, a PEG ratio of 4.08 and a beta of 1.25. nVent Electric plc has a 52 week low of $53.96 and a 52 week high of $86.57. The company has a 50 day moving average price of $74.34 and a two-hundred day moving average price of $73.08.

nVent Electric (NYSE:NVT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.18). nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. The business had revenue of $782.00 million during the quarter, compared to the consensus estimate of $937.37 million. During the same quarter in the prior year, the firm posted $0.84 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts anticipate that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Friday, October 18th. nVent Electric's payout ratio is 22.29%.

nVent Electric 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.