Meyer Handelman Co. Lowers Stake in nVent Electric PLC (NVT)

Meyer Handelman Co. cut its holdings in nVent Electric PLC (NYSE:NVT) by 44.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,090 shares of the company’s stock after selling 22,811 shares during the quarter. Meyer Handelman Co.’s holdings in nVent Electric were worth $762,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. WINTON GROUP Ltd acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $12,869,000. American Century Companies Inc. grew its position in shares of nVent Electric by 5,608.2% in the third quarter. American Century Companies Inc. now owns 2,593,075 shares of the company’s stock valued at $70,428,000 after purchasing an additional 2,547,648 shares during the last quarter. Cadence Capital Management LLC grew its position in shares of nVent Electric by 105.2% in the third quarter. Cadence Capital Management LLC now owns 22,610 shares of the company’s stock valued at $614,000 after purchasing an additional 11,592 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new stake in shares of nVent Electric in the third quarter valued at approximately $102,000. Finally, US Bancorp DE grew its position in shares of nVent Electric by 9.3% in the third quarter. US Bancorp DE now owns 809,638 shares of the company’s stock valued at $21,991,000 after purchasing an additional 69,107 shares during the last quarter. Institutional investors and hedge funds own 81.17% of the company’s stock.

In related news, Director Randall J. Hogan sold 21,082 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $25.35, for a total transaction of $534,428.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William T. Monahan sold 17,133 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $28.08, for a total transaction of $481,094.64. The disclosure for this sale can be found here.

Several research firms have recently commented on NVT. Zacks Investment Research lowered shares of nVent Electric from a “hold” rating to a “sell” rating in a research report on Tuesday. Goldman Sachs Group upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and lowered their price target for the company from $31.00 to $30.00 in a research report on Friday, October 26th. Finally, Barclays reiterated a “hold” rating and issued a $25.00 price target on shares of nVent Electric in a research report on Friday, July 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $28.60.

NVT stock opened at $25.69 on Friday. nVent Electric PLC has a 12 month low of $21.00 and a 12 month high of $29.84. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.41 and a current ratio of 1.96.

nVent Electric (NYSE:NVT) last announced its earnings results on Thursday, October 25th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.07). The company had revenue of $563.90 million for the quarter, compared to analysts’ expectations of $558.40 million. As a group, sell-side analysts anticipate that nVent Electric PLC will post 1.75 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Friday, October 19th were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, October 18th. This represents a $0.70 dividend on an annualized basis and a yield of 2.72%.

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nVent Electric Company Profile

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products and solutions in the United States, Canada, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.

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Institutional Ownership by Quarter for nVent Electric (NYSE:NVT)

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