PDT Partners LLC Purchases 11,502 Shares of nVent Electric plc (NYSE:NVT)

PDT Partners LLC increased its position in nVent Electric plc (NYSE:NVT) by 17.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,508 shares of the company’s stock after acquiring an additional 11,502 shares during the quarter. nVent Electric comprises about 0.5% of PDT Partners LLC’s investment portfolio, making the stock its 21st biggest position. PDT Partners LLC’s holdings in nVent Electric were worth $5,516,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Larson Financial Group LLC lifted 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 worth $27,000 after purchasing an additional 181 shares during the last quarter. UMB Bank n.a. lifted its holdings 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 worth $29,000 after buying an additional 308 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in shares of nVent Electric during the third quarter worth approximately $29,000. ORG Partners LLC acquired a new stake in shares of nVent Electric in the second quarter worth $31,000. Finally, First Foundation Advisors bought a new position in nVent Electric during the second quarter worth $34,000. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Price Performance

Shares of nVent Electric stock opened at $78.31 on Friday. nVent Electric plc has a twelve month low of $52.70 and a twelve month high of $86.57. 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 firm has a market cap of $12.91 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 3.94 and a beta of 1.26. The firm’s 50-day simple moving average is $73.57 and its 200-day simple moving average is $73.21.

nVent Electric (NYSE:NVT) last released its quarterly earnings data 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). The company had revenue of $782.00 million during the quarter, compared to the consensus estimate of $937.37 million. nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 earnings per share. As a group, research analysts expect that nVent Electric plc will post 2.5 EPS for the current fiscal year.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued 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 0.97%. nVent Electric’s payout ratio is presently 22.29%.

Insider Activity

In related news, EVP Jon D. Lammers sold 67,297 shares of nVent Electric stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the completion of the transaction, the executive vice president now directly owns 58,121 shares of the company’s stock, valued at $4,421,264.47. This trade represents a 53.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Randolph A. Wacker sold 8,022 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $75.87, for a total transaction of $608,629.14. Following the completion of the transaction, the chief accounting officer now owns 25,993 shares in the company, valued at approximately $1,972,088.91. This trade represents a 23.58 % decrease in their ownership of the stock. 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. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NVT. Royal Bank of Canada reduced their price target on shares of nVent Electric from $82.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Barclays reduced their target price on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Finally, KeyCorp boosted their price target on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $85.33.

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.