PNC Financial Services Group Inc. grew its holdings in Pentair plc (NYSE:PNR – Free Report) by 12.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 36,632 shares of the industrial products company’s stock after acquiring an additional 3,973 shares during the period. PNC Financial Services Group Inc.’s holdings in Pentair were worth $2,372,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in PNR. Assetmark Inc. lifted its position in shares of Pentair by 935.1% in the third quarter. Assetmark Inc. now owns 383 shares of the industrial products company’s stock valued at $25,000 after buying an additional 346 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Pentair by 97.6% during the third quarter. IFP Advisors Inc now owns 409 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 202 shares during the period. Baystate Wealth Management LLC bought a new position in shares of Pentair during the third quarter worth approximately $30,000. Rational Advisors LLC bought a new position in shares of Pentair during the third quarter worth approximately $41,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Pentair by 62.7% during the third quarter. EverSource Wealth Advisors LLC now owns 703 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 271 shares during the period. 88.60% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director David A. /Wi Jones sold 2,260 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $67.85, for a total transaction of $153,341.00. Following the transaction, the director now owns 23,081 shares in the company, valued at $1,566,045.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.10% of the company’s stock.
Pentair Stock Performance
Pentair stock opened at $75.29 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.65 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $12.45 billion, a PE ratio of 20.08, a P/E/G ratio of 1.71 and a beta of 1.20. The firm has a fifty day simple moving average of $72.31 and a two-hundred day simple moving average of $67.63. Pentair plc has a twelve month low of $50.15 and a twelve month high of $75.94.
Pentair (NYSE:PNR – Get Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.86 by $0.01. The firm had revenue of $984.60 million during the quarter, compared to the consensus estimate of $975.36 million. Pentair had a net margin of 15.17% and a return on equity of 20.80%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 earnings per share. Research analysts expect that Pentair plc will post 4.21 EPS for the current year.
Pentair Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 3rd. Stockholders of record on Friday, April 19th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Thursday, April 18th. Pentair’s dividend payout ratio (DPR) is 24.53%.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on PNR shares. Bank of America upgraded Pentair from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $46.00 to $76.00 in a research note on Thursday, January 11th. Royal Bank of Canada cut their price objective on Pentair from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, January 31st. StockNews.com downgraded Pentair from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Barclays lifted their target price on Pentair from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. Finally, KeyCorp raised Pentair from a “sector weight” rating to an “overweight” rating and set a $82.00 target price on the stock in a report on Wednesday, December 13th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $77.08.
Read Our Latest Stock Analysis on Pentair
About Pentair
Pentair plc provides various water solutions worldwide. The company operates through three segments: Pool, Water Solutions, Industrial & Flow Technologies. It designs, manufactures, and sells residential and commercial pool equipment and accessories, including pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment, and pool accessories for residential and commercial pool maintenance, repair, renovation, service, and construction applications; and water treatment products and systems comprising pressure tanks, control valves, activated carbon products, conventional filtration products, and point-of-entry and point-of-use systems for use in residential whole home water filtration, drinking water filtration, water softening solutions, commercial total water management and filtration, and foodservice operations.
Further Reading
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Source: americanbankingnews.com
