Magnetar Financial LLC Has $3.02 Million Stock Holdings in nVent Electric plc (NYSE:NVT)

Magnetar Financial LLC cut its holdings in shares of nVent Electric plc (NYSE:NVT) by 45.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,284 shares of the company’s stock after selling 36,515 shares during the period. Magnetar Financial LLC’s holdings in nVent Electric were worth $3,018,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Franklin Resources Inc. boosted its position in nVent Electric by 22.1% during the 3rd quarter. Franklin Resources Inc. now owns 7,020,425 shares of the company’s stock worth $527,374,000 after buying an additional 1,269,335 shares during the period. State Street Corp boosted its position in nVent Electric by 0.9% during the 3rd quarter. State Street Corp now owns 5,031,623 shares of the company’s stock worth $353,522,000 after buying an additional 42,465 shares during the period. Geode Capital Management LLC raised its holdings in nVent Electric by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock worth $194,894,000 after purchasing an additional 29,794 shares during the last quarter. William Blair Investment Management LLC raised its holdings in nVent Electric by 8.8% during the 4th quarter. William Blair Investment Management LLC now owns 2,591,405 shares of the company’s stock worth $176,630,000 after purchasing an additional 210,690 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in nVent Electric by 23.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,441,154 shares of the company’s stock worth $171,492,000 after purchasing an additional 466,042 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NVT shares. Citigroup lowered their price target on shares of nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a report on Monday, January 13th. CL King upgraded shares of nVent Electric from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday. Royal Bank of Canada raised their price target on shares of nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Barclays lowered their price objective on shares of nVent Electric from $88.00 to $83.00 and set an “overweight” rating for the company in a research note on Monday, March 3rd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, nVent Electric presently has an average rating of “Buy” and a consensus target price of $83.33.

nVent Electric Stock Performance

NYSE:NVT opened at $56.85 on Friday. The company has a fifty day moving average of $63.87 and a 200-day moving average of $69.05. The firm has a market capitalization of $9.38 billion, a P/E ratio of 29.01, a P/E/G ratio of 1.48 and a beta of 1.31. The company has a quick ratio of 1.28, a current ratio of 1.73 and a debt-to-equity ratio of 0.65. nVent Electric plc has a twelve month low of $51.99 and a twelve month high of $86.57.

nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.59 EPS for the quarter, meeting analysts’ consensus estimates of $0.59. nVent Electric had a net margin of 10.09% and a return on equity of 14.52%. As a group, sell-side analysts anticipate that nVent Electric plc will post 3.04 EPS for the current year.

nVent Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a yield of 1.41%. nVent Electric’s dividend payout ratio (DPR) is presently 40.82%.

About nVent Electric

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.