Massachusetts Financial Services Co. MA Takes $19.19 Million Position in nVent Electric plc (NYSE:NVT)

Massachusetts Financial Services Co. MA bought a new stake in nVent Electric plc (NYSE:NVT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 687,529 shares of the company’s stock, valued at approximately $19,189,000. Massachusetts Financial Services Co. MA owned approximately 0.41% of nVent Electric as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its holdings in shares of nVent Electric by 716.9% in the first quarter. Meeder Asset Management Inc. now owns 1,111 shares of the company’s stock valued at $31,000 after purchasing an additional 975 shares in the last quarter. Capital Asset Advisory Services LLC purchased a new stake in shares of nVent Electric in the fourth quarter valued at $36,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of nVent Electric in the first quarter valued at $56,000. Truvestments Capital LLC purchased a new stake in shares of nVent Electric in the fourth quarter valued at $50,000. Finally, Rockefeller Capital Management L.P. lifted its holdings in shares of nVent Electric by 180.9% in the first quarter. Rockefeller Capital Management L.P. now owns 2,371 shares of the company’s stock valued at $65,000 after purchasing an additional 1,527 shares in the last quarter. Institutional investors own 86.42% of the company’s stock.

A number of analysts have recently issued reports on NVT shares. Barclays increased their target price on nVent Electric from $39.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, May 3rd. Zacks Investment Research raised shares of nVent Electric from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Thursday, June 17th. Royal Bank of Canada upped their price target on shares of nVent Electric from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, March 4th. Rosenblatt Securities upped their price target on shares of nVent Electric from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, May 3rd. Finally, KeyCorp upped their price target on shares of nVent Electric from $34.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 8th. Six research analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and a consensus price target of $35.83.

In other news, Director Randall J. Hogan sold 77,764 shares of the firm’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $32.12, for a total value of $2,497,779.68. Following the sale, the director now directly owns 250,528 shares of the company’s stock, valued at $8,046,959.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Randall J. Hogan sold 21,060 shares of the firm’s stock in a transaction dated Thursday, May 6th. The shares were sold at an average price of $31.61, for a total value of $665,706.60. Following the completion of the sale, the director now directly owns 193,824 shares in the company, valued at $6,126,776.64. The disclosure for this sale can be found here. Insiders have sold 109,660 shares of company stock worth $3,510,455 over the last three months. Company insiders own 2.00% of the company’s stock.

nVent Electric stock opened at $31.24 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.72 and a quick ratio of 1.21. The firm has a market capitalization of $5.24 billion, a P/E ratio of -3,124,000.00, a price-to-earnings-growth ratio of 1.97 and a beta of 1.56. nVent Electric plc has a one year low of $16.92 and a one year high of $33.29. The stock’s fifty day simple moving average is $31.27.

nVent Electric (NYSE:NVT) last posted its earnings results on Thursday, April 29th. The company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.08. The firm had revenue of $548.90 million for the quarter, compared to the consensus estimate of $503.25 million. nVent Electric had a negative net margin of 0.02% and a positive return on equity of 11.02%. Equities research analysts forecast that nVent Electric plc will post 1.73 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 6th. Shareholders of record on Friday, July 23rd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, July 22nd. nVent Electric’s payout ratio is 46.67%.

nVent Electric Company Profile

nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Western and Eastern Europe included in European Union, China, Eastern Europe not included in European Union, Latin America, the Middle East, Southeast Asia, Australia, and Japan.

Further Reading: Cost of Debt

Institutional Ownership by Quarter for nVent Electric (NYSE:NVT)

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