Merewether Investment Management LP Purchases 33,300 Shares of nVent Electric plc (NYSE:NVT)

Merewether Investment Management LP lifted its holdings in nVent Electric plc (NYSE:NVT) by 310.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,010 shares of the company’s stock after acquiring an additional 33,300 shares during the period. Merewether Investment Management LP’s holdings in nVent Electric were worth $3,092,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Larson Financial Group LLC boosted its holdings in shares of nVent Electric by 91.9% in the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the company’s stock worth $27,000 after purchasing an additional 181 shares during the period. UMB Bank n.a. raised its stake in shares of nVent Electric by 280.0% during the third quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $29,000 after acquiring an additional 308 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of nVent Electric in the third quarter valued at approximately $29,000. ORG Partners LLC bought a new position in nVent Electric in the second quarter worth approximately $31,000. Finally, First Foundation Advisors bought a new position in nVent Electric in the second quarter worth approximately $34,000. 90.05% of the stock is owned by institutional investors.

Insider Buying and Selling at nVent Electric

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $75.87, for a total transaction of $608,629.14. Following the sale, the chief accounting officer now owns 25,993 shares in the company, valued at approximately $1,972,088.91. The trade was a 23.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jerry W. Burris sold 6,558 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 96,382 shares of company stock worth $7,365,956. 2.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays decreased their target price on nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Royal Bank of Canada decreased their price objective on nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, nVent Electric presently has an average rating of “Buy” and an average price target of $85.33.

nVent Electric Stock Up 0.9 %

nVent Electric stock opened at $78.18 on Wednesday. nVent Electric plc has a 1-year low of $53.49 and a 1-year high of $86.57. The business has a fifty day moving average price of $73.89 and a 200-day moving average price of $73.04. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 22.93, a PEG ratio of 3.99 and a beta of 1.25.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The business had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $937.37 million. During the same quarter last year, the business posted $0.84 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts forecast that nVent Electric plc will post 2.5 EPS for the current fiscal year.

nVent Electric Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s dividend payout ratio is presently 22.29%.

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.