Eos Focused Equity Management L.P. raised its holdings in shares of nVent Electric PLC (NYSE:NVT) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,870 shares of the company’s stock after acquiring an additional 4,755 shares during the quarter. nVent Electric comprises approximately 2.5% of Eos Focused Equity Management L.P.’s portfolio, making the stock its 17th biggest holding. Eos Focused Equity Management L.P.’s holdings in nVent Electric were worth $2,079,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Personal Wealth Partners bought a new position in shares of nVent Electric during the second quarter valued at about $27,000. First Interstate Bank bought a new position in shares of nVent Electric during the second quarter valued at about $41,000. HCR Wealth Advisors bought a new position in shares of nVent Electric during the first quarter valued at about $422,000. Investors Research Corp bought a new position in shares of nVent Electric during the first quarter valued at about $101,000. Finally, World Asset Management Inc bought a new position in shares of nVent Electric during the first quarter valued at about $205,000. 88.19% of the stock is currently owned by institutional investors and hedge funds.
NVT has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of nVent Electric from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Buckingham Research downgraded shares of nVent Electric from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $29.00 to $23.00 in a research note on Tuesday, August 6th. Barclays reissued a “hold” rating and issued a $25.00 price target on shares of nVent Electric in a research note on Sunday, August 4th. ValuEngine cut shares of nVent Electric from a “sell” rating to a “strong sell” rating in a report on Thursday, July 11th. Finally, Vertical Research cut shares of nVent Electric from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $27.33.
In other nVent Electric news, CEO Beth Wozniak purchased 5,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $21.29 per share, for a total transaction of $106,450.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Ducker purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $20.51 per share, for a total transaction of $41,020.00. The disclosure for this purchase can be found here. 1.60% of the stock is currently owned by company insiders.
NVT stock traded up $0.16 on Friday, hitting $20.17. The company had a trading volume of 21,974 shares, compared to its average volume of 1,397,700. nVent Electric PLC has a 12-month low of $19.28 and a 12-month high of $29.65. The company has a current ratio of 1.87, a quick ratio of 1.25 and a debt-to-equity ratio of 0.41. The stock’s 50-day simple moving average is $22.48 and its 200 day simple moving average is $25.19. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 11.59 and a beta of 1.54.
nVent Electric (NYSE:NVT) last issued its earnings results on Thursday, August 1st. The company reported $0.44 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. nVent Electric had a net margin of 11.43% and a return on equity of 11.69%. The company had revenue of $539.50 million for the quarter, compared to analysts’ expectations of $550.75 million. During the same quarter last year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was down .6% on a year-over-year basis. Research analysts forecast that nVent Electric PLC will post 1.79 earnings per share for the current year.
About nVent Electric
nVent Electric plc designs, manufactures, markets, installs, and services electrical connection and protection products in the United States, Canada, Mexico, Europe, the Middle East, Africa, and internationally. The company operates through three segments: Enclosures, Thermal Management, and Electrical & Fastening Solutions.
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nVent Electric PLC (NYSE:NVT) Shares Purchased by Eos Focused Equity Management L.P.
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