In a recent financial maneuver, First Trust Advisors LP reduced its holdings in nVent Electric PLC (NYSE:NVT) by 3.5% during the second quarter of 2023. According to the firm’s latest disclosure with the Securities and Exchange Commission (SEC), First Trust now holds 859,331 shares after selling 30,870 shares in the period. This reduction leaves First Trust with approximately 0.53% of nVent Electric, valued at about $62.9 million.
Several other hedge funds have also adjusted their investments in nVent Electric. Trust Co. of Vermont increased its stake by 57.8%, acquiring an additional 159 shares to own a total of 434 shares, now valued at $32,000. Manchester Capital Management LLC grew its holdings by an impressive 222.2%, owning 435 shares worth $32,000 after acquiring 300 additional shares.
Similarly, True Wealth Design LLC significantly expanded its investment by 1,202.9%, owning 443 shares valued at $32,000 following an acquisition of 409 shares. Additionally, SVB Wealth LLC and American National Bank & Trust entered new positions in nVent Electric, valued at approximately $25,000 and $46,000 respectively. Currently, institutional investors and hedge funds collectively own 90.05% of nVent Electric’s stock.
Investors have taken note of nVent Electric’s market performance. As of Monday, shares opened at $107.75, with a fifty-day moving average of $103.81 and a two-hundred-day moving average of $89.01. The company holds a market capitalization of $17.39 billion and has a price-to-earnings (P/E) ratio of 29.68. Over the past year, nVent Electric’s stock has fluctuated between a low of $41.71 and a high of $117.52.
On October 31, 2023, nVent Electric released its quarterly earnings, reporting earnings per share (EPS) of $0.91. This figure surpassed analysts’ expectations of $0.88 by $0.03. The company generated revenue of $1.05 billion, exceeding the consensus estimate of $1.01 billion. Notably, this revenue marked a 34.8% increase compared to the same quarter last year, during which the company reported an EPS of $0.63.
Looking ahead, nVent Electric has provided guidance for the fourth quarter of 2025, projecting EPS between $0.870-$0.890, and an annual guidance of $3.310-$3.330. Analysts anticipate that the company will report an EPS of $3.04 for the current fiscal year.
In addition to its financial performance, nVent Electric announced a quarterly dividend of $0.20 per share, payable on November 7, 2023, to shareholders recorded on October 17, 2023. This equates to an annualized dividend of $0.80 and a yield of 0.7%, with a payout ratio of 22.04%.
Further developments include notable insider transactions. CEO Beth Wozniak sold 4,137 shares at an average price of $110.35 on November 20, 2023, amounting to a total of $456,517.95. Following this sale, Wozniak retains 47,984 shares, valued at approximately $5.3 million, reflecting a 7.94% decrease in her ownership.
Additionally, Chief Accounting Officer Randolph A. Wacker sold 5,000 shares on November 6, 2023, for a total of $550,400. After this transaction, Wacker owns 26,400 shares, valued at around $2.9 million, a decrease of 15.92% in ownership.
Analysts have responded positively to the company’s performance, with several raising their price targets for nVent Electric. Roth Capital reaffirmed a “buy” rating with a target price of $130.00, up from $115.00. Similarly, Royal Bank of Canada lifted its target from $117.00 to $133.00, while Barclays increased its target from $130.00 to $140.00.
Citigroup also raised its price objective from $114.00 to $131.00, maintaining a “buy” rating. Overall, nVent Electric has received a consensus rating of “buy,” with an average target price of $123.25 according to MarketBeat.com.
Founded in 2018, nVent Electric designs, manufactures, and markets electrical connection and protection solutions. The company operates across several segments, including Enclosures, Electrical & Fastening Solutions, and Thermal Management, serving markets in North America, Europe, the Middle East, Africa, and the Asia Pacific.
