Palisade Asset Management LLC Sells 100,000 Shares of nVent Electric plc (NYSE:NVT)

Palisade Asset Management LLC cut its stake in shares of nVent Electric plc (NYSE:NVT) by 94.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,035 shares of the company’s stock after selling 100,000 shares during the quarter. Palisade Asset Management LLC’s holdings in nVent Electric were worth $424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB purchased a new stake in shares of nVent Electric during the third quarter valued at approximately $110,663,000. Millennium Management LLC raised its holdings in nVent Electric by 159.9% during the 2nd quarter. Millennium Management LLC now owns 1,346,576 shares of the company’s stock valued at $103,161,000 after buying an additional 828,425 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in nVent Electric by 16.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock valued at $374,201,000 after buying an additional 673,990 shares during the period. HM Payson & Co. grew its holdings in nVent Electric by 109,496.5% in the 3rd quarter. HM Payson & Co. now owns 438,386 shares of the company’s stock worth $30,801,000 after acquiring an additional 437,986 shares during the last quarter. Finally, DigitalBridge Group Inc. purchased a new position in shares of nVent Electric in the second quarter valued at about $21,291,000. 90.05% of the stock is currently owned by institutional investors.

nVent Electric Stock Performance

nVent Electric stock opened at $78.34 on Friday. nVent Electric plc has a fifty-two week low of $52.26 and a fifty-two week high of $86.57. The stock’s 50 day simple moving average is $72.62 and its two-hundred day simple moving average is $73.31. 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 stock has a market cap of $12.91 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 4.01 and a beta of 1.26.

nVent Electric (NYSE:NVT) last released its 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). The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 EPS. As a group, analysts expect that nVent Electric plc will post 2.5 earnings per share for the current fiscal year.

nVent Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were paid a $0.19 dividend. The ex-dividend date was Friday, October 18th. This represents a $0.76 annualized dividend and a dividend yield of 0.97%. nVent Electric’s payout ratio is 22.29%.

Insider Buying and Selling

In other nVent Electric news, CAO Randolph A. Wacker sold 8,022 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,972,088.91. This trade represents a 23.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jon D. Lammers sold 67,297 shares of nVent Electric stock in a transaction that occurred on 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 transaction, the executive vice president now 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. Insiders sold a total of 89,824 shares of company stock worth $6,841,316 in the last three months. 2.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.