State of Alaska Department of Revenue boosted its stake in nVent Electric plc (NYSE:NVT) by 4.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 28,992 shares of the company’s stock after buying an additional 1,235 shares during the quarter. State of Alaska Department of Revenue’s holdings in nVent Electric were worth $512,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NVT. Vanguard Group Inc. grew its stake in nVent Electric by 5.5% in the 2nd quarter. Vanguard Group Inc. now owns 15,660,322 shares of the company’s stock valued at $293,319,000 after purchasing an additional 810,848 shares during the period. Mairs & Power Inc. grew its stake in nVent Electric by 13.3% in the 2nd quarter. Mairs & Power Inc. now owns 4,406,512 shares of the company’s stock valued at $82,534,000 after purchasing an additional 518,480 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its stake in nVent Electric by 22.4% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,269,989 shares of the company’s stock valued at $61,247,000 after purchasing an additional 598,754 shares during the period. Geode Capital Management LLC grew its stake in nVent Electric by 2.8% in the 1st quarter. Geode Capital Management LLC now owns 2,082,909 shares of the company’s stock valued at $35,138,000 after purchasing an additional 56,815 shares during the period. Finally, Invesco Ltd. grew its stake in nVent Electric by 22.5% in the 1st quarter. Invesco Ltd. now owns 2,009,092 shares of the company’s stock valued at $33,893,000 after purchasing an additional 369,378 shares during the period. 86.75% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE NVT opened at $19.43 on Friday. nVent Electric plc has a 52 week low of $10.53 and a 52 week high of $28.75. The business has a 50-day simple moving average of $18.55 and a two-hundred day simple moving average of $18.44. The company has a quick ratio of 1.65, a current ratio of 2.29 and a debt-to-equity ratio of 0.46. The company has a market cap of $3.30 billion, a P/E ratio of 22.08, a P/E/G ratio of 2.96 and a beta of 1.43.

nVent Electric (NYSE:NVT) last issued its earnings results on Friday, July 31st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. nVent Electric had a return on equity of 10.49% and a net margin of 7.15%. The business had revenue of $447.00 million during the quarter, compared to the consensus estimate of $437.07 million. During the same quarter last year, the company earned $0.44 EPS. The firm’s revenue was down 17.2% compared to the same quarter last year. Equities research analysts anticipate that nVent Electric plc will post 1.36 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 6th. Shareholders of record on Friday, October 23rd will be paid a $0.175 dividend. The ex-dividend date of this dividend is Thursday, October 22nd. This represents a $0.70 annualized dividend and a yield of 3.60%. nVent Electric’s dividend payout ratio is currently 39.33%.

A number of brokerages have issued reports on NVT. Zacks Investment Research upgraded nVent Electric from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Wednesday, August 5th. Wolfe Research assumed coverage on nVent Electric in a research note on Tuesday, September 15th. They set a “peer perform” rating and a $24.00 price target for the company. ValuEngine upgraded nVent Electric from a “sell” rating to a “hold” rating in a research note on Thursday, October 1st. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $22.00 price target on shares of nVent Electric in a research note on Monday, July 20th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. nVent Electric currently has a consensus rating of “Buy” and an average target price of $26.29.

About nVent Electric

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Western and Eastern Europe included in European Union, China, Eastern Europe not included in European Union, Latin America, the Middle East, Southeast Asia, Australia, and Japan.

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

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