Bank of New York Mellon Corp Has $169.17 Million Stock Position in nVent Electric PLC $NVT

Bank of New York Mellon Corp increased its holdings in shares of nVent Electric PLC (NYSE:NVT) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,715,006 shares of the company’s stock after buying an additional 32,128 shares during the quarter. Bank of New York Mellon Corp owned 1.07% of nVent Electric worth $169,168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Global Trust Asset Management LLC acquired a new stake in shares of nVent Electric during the third quarter worth about $30,000. Root Financial Partners LLC acquired a new position in shares of nVent Electric in the 3rd quarter valued at approximately $31,000. First Horizon Corp bought a new stake in nVent Electric during the 3rd quarter worth approximately $41,000. Trust Co. of Vermont raised its holdings in nVent Electric by 57.8% during the 2nd quarter. Trust Co. of Vermont now owns 434 shares of the company’s stock worth $32,000 after buying an additional 159 shares during the period. Finally, Manchester Capital Management LLC lifted its stake in nVent Electric by 222.2% in the second quarter. Manchester Capital Management LLC now owns 435 shares of the company’s stock valued at $32,000 after buying an additional 300 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors.

Insider Transactions at nVent Electric

In other news, CEO Beth Wozniak sold 4,137 shares of nVent Electric stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $110.35, for a total value of $456,517.95. Following the completion of the transaction, the chief executive officer owned 47,984 shares of the company’s stock, valued at $5,295,034.40. This trade represents a 7.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lynnette R. Heath sold 32,943 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $113.04, for a total transaction of $3,723,876.72. Following the completion of the sale, the executive vice president directly owned 30,562 shares in the company, valued at approximately $3,454,728.48. The trade was a 51.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 163,228 shares of company stock valued at $18,345,001. 1.80% of the stock is owned by company insiders.

nVent Electric Stock Performance

NVT opened at $112.25 on Friday. The business’s 50-day simple moving average is $106.45 and its 200 day simple moving average is $98.86. nVent Electric PLC has a 52-week low of $41.71 and a 52-week high of $117.52. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.11 and a current ratio of 1.57. The firm has a market capitalization of $18.11 billion, a PE ratio of 30.92, a PEG ratio of 1.24 and a beta of 1.34.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Friday, October 31st. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. nVent Electric had a return on equity of 14.29% and a net margin of 16.83%.The business’s quarterly revenue was up 34.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.63 EPS. As a group, sell-side analysts expect that nVent Electric PLC will post 3.04 earnings per share for the current fiscal year.

nVent Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Friday, January 23rd will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.7%. This is an increase from nVent Electric’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, January 23rd. nVent Electric’s payout ratio is currently 23.14%.

Analysts Set New Price Targets

A number of brokerages recently commented on NVT. Citigroup raised their price objective on shares of nVent Electric from $114.00 to $131.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. UBS Group started coverage on nVent Electric in a report on Thursday, November 20th. They issued a “buy” rating and a $128.00 price target on the stock. The Goldman Sachs Group upped their price objective on nVent Electric from $111.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Wall Street Zen upgraded nVent Electric from a “buy” rating to a “strong-buy” rating in a research note on Sunday, January 18th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $130.00 price target (up previously from $115.00) on shares of nVent Electric in a research report on Monday, November 3rd. Nine research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, nVent Electric has a consensus rating of “Buy” and an average price target of $123.63.

About nVent Electric

nVent Electric PLC is a global manufacturer of electrical connection, protection and thermal management solutions. The company designs, engineers and produces a broad portfolio of products aimed at enhancing safety, reliability and performance in electrical systems across a variety of industries. Its core offerings include electrical enclosures, heat tracing systems, grounding and bonding products, cable management, and fastening solutions. nVent serves markets such as commercial and industrial construction, oil and gas, telecommunications, data centers, utilities, and renewable energy.

The company’s electrical enclosures and housing solutions protect sensitive components from environmental hazards, while its Raychem brand heat tracing products provide freeze protection and temperature maintenance for critical piping and equipment.