Prudential Financial Inc. has significantly increased its stake in nVent Electric PLC, as outlined in its recent 13F filing with the Securities and Exchange Commission. The investment firm raised its position by an impressive 136.7% in the second quarter of 2023, acquiring an additional 118,927 shares to reach a total of 205,946 shares. This increase brings Prudential’s ownership to 0.13% of nVent Electric, valued at approximately $15.1 million at the end of the reporting period.
Several other institutional investors have also adjusted their stakes in nVent Electric recently. Coldstream Capital Management Inc. raised its ownership by 1.2%, acquiring an additional 169 shares for a total of 13,917 shares, valued at about $1.02 million. Meanwhile, Charles Schwab Investment Management Inc. increased its holdings by 2.9%, now owning 1,081,899 shares, worth approximately $79.2 million after purchasing an extra 30,267 shares.
In addition, new positions were established by Tableaux LLC, Journey Strategic Wealth LLC, and Seeds Investor LLC, with respective investments of $97,000, $332,000, and $272,000. Currently, institutional investors hold an overwhelming 90.05% of nVent Electric’s stock.
Recent Insider Transactions and Financial Performance
In related news, nVent Electric’s Director Greg Scheu sold 5,591 shares on November 24, 2023, for a total of approximately $581,688 at an average price of $104.04. Following this transaction, Scheu retains 14,348 shares, valued at around $1.49 million, marking a 28.04% decrease in his ownership. Similarly, Chief Accounting Officer Randolph A. Wacker sold 5,000 shares on November 6, 2023, for $550,400. This sale resulted in a 15.92% reduction in his holdings, leaving him with 26,400 shares valued at approximately $2.91 million. Over the past 90 days, insiders have sold a total of 163,228 shares valued at $18.35 million, while insiders now represent 1.80% of the company’s total stock.
nVent Electric reported its quarterly earnings on October 31, 2023, revealing earnings per share (EPS) of $0.91, exceeding analysts’ expectations of $0.88 by $0.03. The company generated revenue of $1.05 billion, surpassing the consensus estimate of $1.01 billion. This revenue reflects a remarkable 34.8% increase year-over-year. nVent Electric’s net margin stands at 16.83%, with a return on equity of 14.29%. The firm has provided guidance for Q4 2025 of $0.870-$0.890 EPS and for the full fiscal year 2025, a range of $3.310-$3.330 EPS.
Dividend Announcements and Analyst Ratings
On November 7, 2023, nVent Electric announced a quarterly dividend of $0.20 per share, which was paid to investors recorded on October 17, 2023. This dividend represents an annualized rate of $0.80, yielding 0.8%. The company’s dividend payout ratio stands at 22.04%.
Recent analyst reports have also influenced investor sentiment. KeyCorp raised its target price for nVent Electric from $103.00 to $114.00, designating the stock as “overweight.” UBS Group initiated coverage with a “buy” rating and a price target of $128.00. Goldman Sachs Group increased its target from $111.00 to $140.00 while maintaining a “buy” rating. Wall Street Zen upgraded its rating from “buy” to “strong-buy.” Currently, one analyst has issued a Strong Buy rating, while nine analysts have given a Buy rating, resulting in a consensus target price of $122.00, according to MarketBeat.com.
nVent Electric plc operates across various regions, providing electrical connection and protection solutions through its segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management. The company’s robust performance and increasing institutional interest underscore its growing significance in the electrical solutions market.
