Pentair plc (NYSE:PNR) Holdings Trimmed by Palisade Asset Management LLC

Palisade Asset Management LLC lowered its holdings in Pentair plc (NYSE:PNR) by 87.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,717 shares of the industrial products company’s stock after selling 99,376 shares during the period. Palisade Asset Management LLC’s holdings in Pentair were worth $1,341,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PNR. Opal Wealth Advisors LLC purchased a new stake in Pentair in the 2nd quarter worth about $25,000. Crewe Advisors LLC lifted its position in shares of Pentair by 376.1% in the second quarter. Crewe Advisors LLC now owns 338 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 267 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Pentair by 165.2% during the third quarter. Blue Trust Inc. now owns 525 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 327 shares during the period. Family Firm Inc. acquired a new stake in shares of Pentair during the second quarter worth approximately $48,000. Finally, LRI Investments LLC purchased a new position in Pentair during the first quarter valued at approximately $58,000. Institutional investors and hedge funds own 92.37% of the company’s stock.

Analyst Ratings Changes

PNR has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their target price on shares of Pentair from $93.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Oppenheimer increased their price objective on Pentair from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. KeyCorp boosted their target price on Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Mizuho raised their price target on Pentair from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, TD Cowen lifted their price target on Pentair from $95.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.13.

Insider Activity

In related news, EVP Philip M. Rolchigo sold 3,588 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $99.67, for a total value of $357,615.96. Following the completion of the transaction, the executive vice president now directly owns 19,232 shares in the company, valued at approximately $1,916,853.44. This represents a 15.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is owned by company insiders.

Pentair Price Performance

Shares of Pentair stock opened at $106.91 on Friday. Pentair plc has a 1-year low of $62.63 and a 1-year high of $107.78. The firm has a fifty day simple moving average of $99.07 and a 200-day simple moving average of $87.97. The company has a current ratio of 1.60, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $17.66 billion, a price-to-earnings ratio of 26.73, a PEG ratio of 1.89 and a beta of 1.19.

Pentair (NYSE:PNR) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The company had revenue of $993.40 million during the quarter, compared to analysts’ expectations of $988.53 million. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 earnings per share. On average, sell-side analysts expect that Pentair plc will post 4.28 earnings per share for the current year.

Pentair Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.92 annualized dividend and a dividend yield of 0.86%. Pentair’s payout ratio is 23.00%.

Pentair Company Profile

Pentair plc provides various water solutions in the United States, Western Europe, China, Eastern Europe, Latin America, the Middle East, Southeast Asia, Australia, Canada, and Japan. The company operates through three segments: Flow, Water Solutions, and Pool. The Flow segment designs, manufactures, and sells fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles for fluid delivery, ion exchange, desalination, food and beverage, separation technologies in the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation, and crop spray in residential, commercial, and industrial markets.