Argyle Capital Management Inc. Reduces Stock Position in nVent Electric plc (NYSE:NVT)

Argyle Capital Management Inc. lowered its position in nVent Electric plc (NYSE:NVT) by 23.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,566 shares of the company’s stock after selling 1,100 shares during the period. Argyle Capital Management Inc.’s holdings in nVent Electric were worth $251,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Nordea Investment Management AB increased its position in shares of nVent Electric by 15.5% during the first quarter. Nordea Investment Management AB now owns 75,323 shares of the company’s stock worth $5,684,000 after acquiring an additional 10,135 shares during the period. Federated Hermes Inc. increased its stake in shares of nVent Electric by 6.6% during the second quarter. Federated Hermes Inc. now owns 410,902 shares of the company’s stock valued at $31,479,000 after buying an additional 25,482 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in shares of nVent Electric by 4.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 190,240 shares of the company’s stock valued at $14,344,000 after purchasing an additional 8,489 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of nVent Electric by 18.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 306,319 shares of the company’s stock worth $23,099,000 after purchasing an additional 46,748 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of nVent Electric by 250.4% during the first quarter. SG Americas Securities LLC now owns 62,384 shares of the company’s stock valued at $4,704,000 after purchasing an additional 44,582 shares in the last quarter. Institutional investors own 90.05% of the company’s stock.

Insider Buying and Selling

In related news, Director Herbert K. Parker purchased 7,566 shares of nVent Electric stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $65.71 per share, for a total transaction of $497,161.86. Following the transaction, the director now directly owns 34,524 shares in the company, valued at approximately $2,268,572.04. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other nVent Electric news, Director Herbert K. Parker purchased 7,566 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $65.71 per share, with a total value of $497,161.86. Following the completion of the purchase, the director now owns 34,524 shares in the company, valued at approximately $2,268,572.04. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lynnette R. Heath sold 8,242 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 30,432 shares in the company, valued at approximately $1,833,832.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NVT shares. Barclays reduced their price objective on shares of nVent Electric from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. KeyCorp lifted their target price on nVent Electric from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, Royal Bank of Canada lowered their price target on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, nVent Electric presently has a consensus rating of “Buy” and a consensus price target of $85.67.

nVent Electric Stock Performance

NYSE NVT traded down $1.01 during mid-day trading on Tuesday, reaching $73.82. 179,805 shares of the stock were exchanged, compared to its average volume of 1,518,627. nVent Electric plc has a 1 year low of $46.63 and a 1 year 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. The business’s 50 day moving average is $68.91 and its 200-day moving average is $73.13. The company has a market capitalization of $12.26 billion, a P/E ratio of 21.82, a P/E/G ratio of 1.50 and a beta of 1.27.

nVent Electric (NYSE:NVT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). nVent Electric had a return on equity of 17.21% and a net margin of 16.59%. The business had revenue of $880.30 million during the quarter, compared to analyst estimates of $892.89 million. During the same period in the previous year, the company posted $0.77 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities research analysts forecast that nVent Electric plc will post 3.26 EPS for the current fiscal year.

nVent Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be paid a $0.19 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. nVent Electric’s dividend payout ratio is currently 22.16%.

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.