Kornitzer Capital Management Inc. KS increased its stake in shares of nVent Electric PLC (NYSE:NVT) by 21.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,150 shares of the company’s stock after purchasing an additional 10,700 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in nVent Electric were worth $1,491,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of NVT. Personal Wealth Partners acquired a new position in shares of nVent Electric during the 2nd quarter worth approximately $27,000. Investors Research Corp purchased a new stake in shares of nVent Electric during the 1st quarter valued at $101,000. World Asset Management Inc purchased a new stake in shares of nVent Electric during the 1st quarter valued at $205,000. Raymond James Trust N.A. purchased a new stake in shares of nVent Electric during the 1st quarter valued at $217,000. Finally, Machina Capital S.A.S. purchased a new stake in shares of nVent Electric during the 2nd quarter valued at $222,000. Hedge funds and other institutional investors own 88.99% of the company’s stock.
In other news, Director Michael L. Ducker acquired 2,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were purchased at an average price of $24.07 per share, for a total transaction of $48,140.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Beth Wozniak acquired 5,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average price of $21.29 per share, for a total transaction of $106,450.00. The disclosure for this purchase can be found here. Insiders acquired a total of 9,000 shares of company stock worth $195,610 in the last quarter. 1.60% of the stock is currently owned by company insiders.
nVent Electric (NYSE:NVT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.44 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.44. nVent Electric had a net margin of 11.43% and a return on equity of 11.69%. The firm had revenue of $539.50 million during the quarter, compared to analysts’ expectations of $550.75 million. During the same period in the prior year, the company earned $0.44 EPS. The firm’s revenue was down .6% on a year-over-year basis. Analysts anticipate that nVent Electric PLC will post 1.79 EPS for the current year.
Several brokerages have recently issued reports on NVT. Vertical Research cut shares of nVent Electric from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of nVent Electric from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Barclays reissued a “hold” rating and set a $25.00 price objective 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 research note on Thursday, July 11th. Finally, Buckingham Research cut shares of nVent Electric from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $29.00 to $23.00 in a research note on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.33.
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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