First Trust Advisors LP has reduced its stake in nVent Electric PLC (NYSE:NVT) by 3.5% during the second quarter of 2023, as disclosed in a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 859,331 shares of nVent Electric, following the sale of 30,870 shares during the period. As of this filing, First Trust Advisors owned approximately 0.53% of nVent Electric, valued at about $62,946,000.
A number of other institutional investors have also adjusted their positions in nVent Electric. Trust Co. of Vermont increased its holdings by an impressive 57.8%, now owning 434 shares valued at $32,000 after acquiring an additional 159 shares. Similarly, Manchester Capital Management LLC raised its stake by 222.2%, acquiring 435 shares worth $32,000 after adding 300 shares during the quarter. True Wealth Design LLC achieved a remarkable increase of 1,202.9%, now owning 443 shares valued at $32,000 after purchasing 409 additional shares.
New investments have also been made by SVB Wealth LLC and American National Bank & Trust, the latter investing approximately $46,000 in the second quarter. Currently, institutional investors and hedge funds collectively own 90.05% of nVent Electric shares.
nVent Electric has shown solid price performance, with shares opening at $107.75 recently. The company boasts a market capitalization of $17.39 billion and a P/E ratio of 29.68. Over the past year, nVent Electric has seen a low of $41.71 and a high of $117.52. The company’s quick ratio stands at 1.11, its current ratio at 1.57, and it has a debt-to-equity ratio of 0.44.
On October 31, 2023, nVent Electric reported its quarterly earnings, revealing earnings per share (EPS) of $0.91, surpassing analysts’ expectations of $0.88 by $0.03. The company achieved revenues of $1.05 billion for the quarter, exceeding the consensus estimate of $1.01 billion. This reflects a significant year-over-year revenue increase of 34.8%, compared to $0.63 EPS in the same quarter last year. For the upcoming quarter, nVent Electric has set its EPS guidance between $0.870 and $0.890, with full-year guidance of $3.310 to $3.330.
In terms of dividends, nVent Electric announced a quarterly dividend of $0.20 per share, paid on November 7, 2023, to shareholders of record on October 17, 2023. This equates to an annualized dividend of $0.80, offering a yield of 0.7%.
In insider trading news, CEO Beth Wozniak sold 4,137 shares on November 20, 2023, at an average price of $110.35, totaling approximately $456,517.95. Following this transaction, Wozniak retains 47,984 shares valued at around $5,295,034.40, marking a 7.94% decrease in her ownership. Chief Accounting Officer Randolph A. Wacker also sold 5,000 shares at an average price of $110.08, resulting in a total transaction of $550,400.00. Wacker now owns 26,400 shares valued at approximately $2,906,112, reflecting a 15.92% decrease in their stake.
Analysts have been optimistic about nVent Electric, with several raising their price targets recently. Roth Capital reiterated a “buy” rating and set a target price of $130.00, up from $115.00. The Royal Bank of Canada also increased its target from $117.00 to $133.00, while Barclays adjusted its price target from $130.00 to $140.00, maintaining an “overweight” rating.
Overall, nVent Electric has garnered a consensus “buy” rating from analysts, with an average price target of $123.25, as reported by MarketBeat.com. As the company continues to navigate the market landscape, the recent trading activity and positive earnings results suggest a solid outlook moving forward.
