New York Life Investment Management LLC Cuts Stake in nVent Electric plc (NYSE:NVT)

New York Life Investment Management LLC cut its holdings in shares of nVent Electric plc (NYSE:NVT) by 7.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,544 shares of the company’s stock after selling 1,497 shares during the period. New York Life Investment Management LLC’s holdings in nVent Electric were worth $1,196,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Nordea Investment Management AB grew its stake in shares of nVent Electric by 16.9% during the fourth quarter. Nordea Investment Management AB now owns 93,172 shares of the company’s stock valued at $6,378,000 after acquiring an additional 13,483 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of nVent Electric by 1.1% during the third quarter. Geode Capital Management LLC now owns 2,773,168 shares of the company’s stock valued at $194,894,000 after acquiring an additional 29,794 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of nVent Electric during the fourth quarter valued at about $1,520,000. TT International Asset Management LTD grew its stake in shares of nVent Electric by 20.4% during the fourth quarter. TT International Asset Management LTD now owns 108,395 shares of the company’s stock valued at $7,388,000 after acquiring an additional 18,376 shares in the last quarter. Finally, LVM Capital Management Ltd. MI grew its stake in shares of nVent Electric by 8.1% during the fourth quarter. LVM Capital Management Ltd. MI now owns 151,221 shares of the company’s stock valued at $10,307,000 after acquiring an additional 11,349 shares in the last quarter. 90.05% of the stock is currently owned by institutional investors and hedge funds.

nVent Electric Stock Down 6.7 %

NYSE:NVT opened at $56.31 on Tuesday. The company has a market capitalization of $9.29 billion, a price-to-earnings ratio of 28.73, a price-to-earnings-growth ratio of 1.48 and a beta of 1.26. nVent Electric plc has a one year low of $55.69 and a one year high of $86.57. The stock has a 50-day simple moving average of $67.49 and a 200 day simple moving average of $70.06. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.28 and a current ratio of 1.73.

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

nVent Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 25th will be issued a $0.20 dividend. The ex-dividend date is Friday, April 25th. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. nVent Electric’s dividend payout ratio is currently 40.82%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NVT. Barclays lowered their target price on nVent Electric from $88.00 to $83.00 and set an “overweight” rating for the company in a research note on Monday. Citigroup lowered their target price on nVent Electric from $91.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Royal Bank of Canada lifted their price target on nVent Electric from $85.00 to $86.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $85.50.

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.