nVent Electric plc (NVT) Increased on Full Year Guidance
Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Ariel Appreciation fund gained +5.04% ahead of the Russell Midcap Value Index’s +3.86% return while trailing the Russell Midcap Index’s +4.76% return. The average annual returns of Ariel Appreciation Fund (investor class) for the 1-, 5-, and 10-year periods ended June 30, 2023, were +15.95%, +6.14%, and +8.01%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Appreciation Fund highlighted stocks like nVent Electric plc (NYSE:NVT) in the second quarter 2023 investor letter. Headquartered in London, the United Kingdom., nVent Electric plc (NYSE:NVT) engages in the design, production, and distribution of electrical connection and protection products. On September 7, 2023, nVent Electric plc (NYSE:NVT) stock closed at $57.21 per share. One-month return of nVent Electric plc (NYSE:NVT) was 6.52%, and its shares gained 62.34% of their value over the last 52 weeks. nVent Electric plc (NYSE:NVT) has a market capitalization of $9.484 billion.
Ariel Appreciation Fund made the following comment about nVent Electric plc (NYSE:NVT) in its Q2 2023 investor letter:
In addition, shares of global leader in electrical protection and connection solutions, nVent Electric plc (NYSE:NVT), jumped following a top- and bottom-line earnings beat and subsequent raise in full year guidance. This performance reflects strong sales, margin expansion, robust cash flow and continued execution of the company’s global strategy, which is focused on high-growth verticals, new products and innovation. Looking ahead, we expect NVT to benefit from secular trends towards increased electrification and data center development, as well as from internal operational improvements.
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nVent Electric plc (NYSE:NVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held nVent Electric plc (NYSE:NVT) at the end of second quarter which was 39 in the previous quarter.
We discussed nVent Electric plc (NYSE:NVT) in another article and shared the list of best electrical equipment stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
