Wellington Management Group LLP Reduces Position in nVent Electric plc (NYSE:NVT)

Wellington Management Group LLP decreased its holdings in nVent Electric plc (NYSE:NVT - Free Report) by 27.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 326,388 shares of the company's stock after selling 126,199 shares during the period. Wellington Management Group LLP owned about 0.20% of nVent Electric worth $22,932,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of NVT. Signaturefd LLC grew its holdings in shares of nVent Electric by 22.0% in the second quarter. Signaturefd LLC now owns 860 shares of the company's stock worth $66,000 after acquiring an additional 155 shares during the period. CIBC Asset Management Inc grew its stake in shares of nVent Electric by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 4,823 shares of the company's stock valued at $339,000 after purchasing an additional 166 shares during the period. Larson Financial Group LLC increased its position in shares of nVent Electric by 91.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company's stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. Huntington National Bank lifted its stake in shares of nVent Electric by 57.3% in the 3rd quarter. Huntington National Bank now owns 612 shares of the company's stock worth $43,000 after purchasing an additional 223 shares during the period. Finally, Anchor Investment Management LLC boosted its holdings in shares of nVent Electric by 94.0% in the second quarter. Anchor Investment Management LLC now owns 578 shares of the company's stock worth $44,000 after buying an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

nVent Electric Price Performance

NVT stock traded down $0.56 during midday trading on Friday, hitting $75.03. The company's stock had a trading volume of 1,439,354 shares, compared to its average volume of 1,569,457. 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 12 month low of $55.19 and a 12 month high of $86.57. The company has a 50 day moving average of $74.96 and a two-hundred day moving average of $72.78. The firm has a market capitalization of $12.37 billion, a price-to-earnings ratio of 21.99, a price-to-earnings-growth ratio of 3.88 and a beta of 1.25.

nVent Electric (NYSE:NVT - Get Free Report) last issued its 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 for the quarter, compared to the consensus estimate of $937.37 million. nVent Electric had a return on equity of 15.66% and a net margin of 16.95%. nVent Electric's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 EPS. On average, analysts expect that nVent Electric plc will post 2.5 EPS for the current year.

nVent Electric Dividend Announcement

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

Insider Activity at nVent Electric

In other nVent Electric news, Director Jerry W. Burris sold 6,558 shares of the company's stock in a transaction that occurred 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 directly owns 45,040 shares in the company, valued at $3,603,200. This represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 shares were sold at an average price of $76.07, for a total value of $5,119,282.79. Following the completion of the sale, the executive vice president now directly owns 58,121 shares of the company's stock, valued at $4,421,264.47. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,382 shares of company stock valued at $7,365,956. 2.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Barclays lifted their target price on nVent Electric from $76.00 to $88.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Royal Bank of Canada cut 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. KeyCorp increased their target price on shares of nVent Electric from $80.00 to $84.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Finally, Citigroup upped their price target on shares of nVent Electric from $78.00 to $91.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, nVent Electric currently has an average rating of "Buy" and a consensus price target of $85.50.

About nVent Electric

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.