Chesapeake Capital Corp IL Cuts Stake in nVent Electric plc (NYSE:NVT)

Chesapeake Capital Corp IL lowered its stake in nVent Electric plc (NYSE:NVT) by 50.3% during the 2nd quarter, Holdings Channel reports. The firm owned 5,889 shares of the company’s stock after selling 5,966 shares during the quarter. Chesapeake Capital Corp IL’s holdings in nVent Electric were worth $451,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NVT. Texas Permanent School Fund Corp lifted its position in shares of nVent Electric by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 146,067 shares of the company’s stock worth $11,190,000 after buying an additional 863 shares in the last quarter. Choreo LLC bought a new stake in shares of nVent Electric in the 2nd quarter worth about $266,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of nVent Electric during the 2nd quarter worth about $34,000. First Foundation Advisors bought a new position in nVent Electric during the 2nd quarter valued at about $34,000. Finally, Trium Capital LLP raised its position in nVent Electric by 138.1% in the 2nd quarter. Trium Capital LLP now owns 13,204 shares of the company’s stock worth $1,012,000 after purchasing an additional 7,658 shares during the period. Institutional investors own 90.05% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the completion of the sale, the executive vice president now owns 30,432 shares in the company, valued at approximately $1,833,832.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other nVent Electric news, insider Michael B. Faulconer sold 20,004 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $63.34, for a total transaction of $1,267,053.36. Following the sale, the insider now owns 19,766 shares of the company’s stock, valued at approximately $1,251,978.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $60.26, for a total value of $496,662.92. Following the completion of the transaction, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at $1,833,832.32. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NVT. KeyCorp upgraded nVent Electric from a “sector weight” rating to an “overweight” rating and set a $80.00 target price for the company in a research report on Wednesday, September 4th. Royal Bank of Canada dropped their price objective on nVent Electric from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Barclays increased their target price on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $86.50.

nVent Electric Stock Up 0.6 %

Shares of NYSE NVT opened at $62.03 on Tuesday. The stock has a 50 day moving average price of $69.37 and a 200 day moving average price of $73.46. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 1.18 and a beta of 1.27. nVent Electric plc has a 52-week low of $45.60 and a 52-week high of $86.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.49 and a current ratio of 2.17.

nVent Electric (NYSE:NVT) last issued its earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $880.30 million during the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. nVent Electric’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.77 earnings per share. Sell-side analysts expect that nVent Electric plc will post 3.26 earnings per share for the current year.

nVent Electric Company 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.