Soros Fund Management LLC Buys New Stake in nVent Electric plc (NYSE:NVT)

Soros Fund Management LLC bought a new stake in shares of nVent Electric plc (NYSE:NVT) in the 3rd quarter, Holdings Channel reports. The fund bought 57,810 shares of the company’s stock, valued at approximately $4,062,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its stake in nVent Electric by 0.9% during the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock valued at $353,522,000 after acquiring an additional 42,465 shares in the last quarter. Quantinno Capital Management LP grew its position in nVent Electric by 14.6% in the 3rd quarter. Quantinno Capital Management LP now owns 72,486 shares of the company’s stock valued at $5,093,000 after buying an additional 9,218 shares in the last quarter. Point72 DIFC Ltd lifted its stake in shares of nVent Electric by 20,166.3% in the 3rd quarter. Point72 DIFC Ltd now owns 37,898 shares of the company’s stock worth $2,663,000 after acquiring an additional 37,711 shares during the period. Merewether Investment Management LP increased its stake in shares of nVent Electric by 310.9% during the third quarter. Merewether Investment Management LP now owns 44,010 shares of the company’s stock valued at $3,092,000 after acquiring an additional 33,300 shares during the period. Finally, Millburn Ridgefield Corp bought a new stake in nVent Electric during the third quarter worth approximately $75,000. Institutional investors own 90.05% of the company’s stock.

Insider Activity

In related news, EVP Jon D. Lammers sold 67,297 shares of nVent Electric stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.07, for a total transaction of $5,119,282.79. Following the sale, the executive vice president now directly owns 58,121 shares in the company, valued at approximately $4,421,264.47. This trade represents a 53.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jerry W. Burris sold 6,558 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.00, for a total value of $524,640.00. Following the completion of the sale, the director now owns 45,040 shares in the company, valued at $3,603,200. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,382 shares of company stock valued at $7,365,956. 2.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NVT shares. Barclays lifted their price objective on shares of nVent Electric from $76.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday. KeyCorp raised their price objective on nVent Electric from $80.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, Royal Bank of Canada cut their target price 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $85.67.

nVent Electric Stock Performance

nVent Electric stock opened at $77.69 on Friday. nVent Electric plc has a 52-week low of $53.96 and a 52-week high of $86.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.83 and a quick ratio of 1.36. The stock has a fifty day moving average price of $74.22 and a two-hundred day moving average price of $73.11. The firm has a market capitalization of $12.80 billion, a P/E ratio of 22.78, a P/E/G ratio of 4.02 and a beta of 1.25.

nVent Electric (NYSE:NVT) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.18). nVent Electric had a net margin of 16.95% and a return on equity of 15.66%. The firm had revenue of $782.00 million during the quarter, compared to the consensus estimate of $937.37 million. During the same quarter in the previous year, the business posted $0.84 earnings per share. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, analysts anticipate that nVent Electric plc will post 2.5 EPS for the current fiscal year.

nVent Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Friday, October 18th. nVent Electric’s dividend payout ratio is presently 22.29%.

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.