State Treasurer State of Michigan Invests $1.50 Million in nVent Electric PLC (NVT) Stock
State Treasurer State of Michigan bought a new position in nVent Electric PLC (NYSE:NVT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 59,802 shares of the company’s stock, valued at approximately $1,501,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. First Bank & Trust purchased a new stake in nVent Electric in the second quarter worth approximately $105,000. Kohmann Bosshard Financial Services LLC purchased a new stake in nVent Electric in the second quarter worth approximately $113,000. World Asset Management Inc purchased a new stake in nVent Electric in the second quarter worth approximately $204,000. Reliance Trust Co. of Delaware purchased a new stake in nVent Electric in the second quarter worth approximately $209,000. Finally, Perkins Capital Management Inc. purchased a new stake in nVent Electric in the second quarter worth approximately $238,000. 31.59% of the stock is owned by institutional investors and hedge funds.
Shares of NVT stock opened at $27.39 on Tuesday. The company has a current ratio of 2.12, a quick ratio of 1.53 and a debt-to-equity ratio of 0.36. nVent Electric PLC has a fifty-two week low of $21.00 and a fifty-two week high of $29.84.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 17th. Shareholders of record on Friday, August 3rd were given a $0.175 dividend. The ex-dividend date was Thursday, August 2nd. This represents a $0.70 annualized dividend and a yield of 2.56%.
In other nVent Electric news, Director Randall J. Hogan sold 204,462 shares of the business’s stock in a transaction that occurred on Friday, June 22nd. The stock was sold at an average price of $26.79, for a total value of $5,477,536.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. acquired 698,998 shares of the stock in a transaction on Thursday, May 31st. The stock was bought at an average price of $26.70 per share, with a total value of $18,663,246.60. The disclosure for this purchase can be found here.
Several analysts have issued reports on NVT shares. Royal Bank of Canada started coverage on nVent Electric in a research note on Thursday, May 10th. They issued an “outperform” rating and a $29.00 target price for the company. Barclays reaffirmed a “hold” rating and issued a $25.00 target price on shares of nVent Electric in a research note on Friday, July 27th. Susquehanna Bancshares started coverage on nVent Electric in a research note on Friday, May 18th. They issued a “positive” rating and a $30.00 target price for the company. KeyCorp started coverage on nVent Electric in a research note on Tuesday, May 15th. They issued an “overweight” rating and a $29.00 target price for the company. Finally, Oppenheimer initiated coverage on nVent Electric in a research note on Wednesday, May 2nd. They issued a “market perform” rating for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $28.25.
nVent Electric 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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