480,779 nVent Electric PLC $NVT Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its position in nVent Electric PLC (NYSE:NVT) by 26.0% in the third quarter, Holdings Channel.com reports. The fund owned 1,368,843 shares of the company’s stock after selling 480,779 shares during the period. Pictet Asset Management Holding SA’s holdings in nVent Electric were worth $219,521,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its position in nVent Electric by 4.9% in the 2nd quarter. State Street Corp now owns 5,313,122 shares of the company’s stock valued at $901,159,000 after acquiring an additional 250,248 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in nVent Electric by 3.5% during the 1st quarter. Bank of New York Mellon Corp now owns 2,018,579 shares of the company’s stock valued at $238,758,000 after purchasing an additional 68,818 shares during the last quarter. First Trust Advisors LP boosted its stake in nVent Electric by 32.8% during the 1st quarter. First Trust Advisors LP now owns 1,696,369 shares of the company’s stock valued at $200,647,000 after purchasing an additional 419,239 shares during the last quarter. Amundi boosted its stake in nVent Electric by 146.8% during the 1st quarter. Amundi now owns 1,092,802 shares of the company’s stock valued at $129,257,000 after purchasing an additional 649,992 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of nVent Electric by 31.6% in the 1st quarter. Royal Bank of Canada now owns 719,484 shares of the company’s stock worth $85,101,000 after purchasing an additional 172,742 shares in the last quarter. 90.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Robert van der Kolk sold 5,858 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $164.32, for a total transaction of $962,586.56. Following the completion of the sale, the insider owned 27,387 shares in the company, valued at approximately $4,500,231.84. This trade represents a 17.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

nVent Electric Stock Up 7.8%

nVent Electric stock opened at $106.10 on Friday. The stock has a market cap of $17.15 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 0.54 and a beta of 1.39. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.93 and a current ratio of 2.40. nVent Electric PLC has a one year low of $93.22 and a one year high of $184.64. The stock has a fifty day moving average of $148.90 and a 200 day moving average of $144.49.

nVent Electric (NYSE:NVT) last posted its quarterly earnings results on Friday, October 30th. The company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.12. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period last year, the firm earned $0.91 earnings per share. The business’s quarterly revenue was up 43.7% on a year-over-year basis. As a group, sell-side analysts predict that nVent Electric PLC will post 5.36 EPS for the current year.

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 6th. Investors of record on Friday, October 23rd were given a dividend of $0.21 per share. The ex-dividend date was Friday, October 23rd. This represents a $0.84 annualized dividend and a dividend yield of 0.8%. nVent Electric’s dividend payout ratio (DPR) is currently 20.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NVT shares. Roth Capital restated a “buy” rating and issued a $200.00 price target on shares of nVent Electric in a research note on Wednesday, October 28th. JPMorgan Chase & Co. assumed coverage on nVent Electric in a report on Tuesday, October 20th. They set an “overweight” rating and a $167.00 price target on the stock. UBS Group reaffirmed a “buy” rating on shares of nVent Electric in a research report on Tuesday, August 25th. Clear Str upgraded nVent Electric to a “strong-buy” rating in a report on Monday, July 13th. Finally, BMO Capital Markets assumed coverage on nVent Electric in a research report on Sunday, October 4th. They issued an “outperform” rating and a $212.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $197.82.

About nVent Electric

nVent Electric plc designs and manufactures products and solutions that protect and connect electrical systems. Its offerings include electrical enclosures, cable management and fastening products, grounding and bonding solutions, and systems for managing heat in electrical and industrial applications.

The company serves customers across industries such as data centers, energy, infrastructure, commercial construction and manufacturing. Its products are marketed under brands including Hoffman, ERICO, CADDY, Raychem and Schroff, and it serves customers in markets around the world.

nVent became an independent, publicly traded company in 2018 after its separation from Pentair.