Principal Financial Group Inc. Decreases Holdings in Pentair plc (NYSE:PNR)

Principal Financial Group Inc. trimmed its stake in shares of Pentair plc (NYSE:PNR) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 322,839 shares of the industrial products company’s stock after selling 3,502 shares during the quarter. Principal Financial Group Inc.’s holdings in Pentair were worth $21,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. boosted its position in shares of Pentair by 62.0% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 15,069 shares of the industrial products company’s stock valued at $1,017,000 after purchasing an additional 5,766 shares in the last quarter. Ethic Inc. boosted its position in shares of Pentair by 58.0% during the second quarter. Ethic Inc. now owns 8,074 shares of the industrial products company’s stock valued at $545,000 after purchasing an additional 2,964 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Pentair by 155.0% during the second quarter. BNP Paribas Arbitrage SA now owns 185,995 shares of the industrial products company’s stock valued at $12,553,000 after purchasing an additional 113,054 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Pentair by 15.7% during the second quarter. Van ECK Associates Corp now owns 978 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 133 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. boosted its position in shares of Pentair by 9.1% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 26,685 shares of the industrial products company’s stock valued at $1,801,000 after purchasing an additional 2,217 shares in the last quarter. Institutional investors own 82.01% of the company’s stock.

NYSE:PNR opened at $77.23 on Friday. The stock has a 50-day simple moving average of $75.89 and a two-hundred day simple moving average of $69.13. Pentair plc has a 52-week low of $44.07 and a 52-week high of $80.40. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.69 and a current ratio of 1.19. The firm has a market capitalization of $12.81 billion, a PE ratio of 27.29, a P/E/G ratio of 1.54 and a beta of 1.17.

Pentair (NYSE:PNR) last released its quarterly earnings data on Tuesday, July 27th. The industrial products company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.04. The firm had revenue of $941.10 million during the quarter, compared to analyst estimates of $912.55 million. Pentair had a return on equity of 23.69% and a net margin of 13.95%. The business’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 earnings per share. Equities analysts forecast that Pentair plc will post 3.39 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 5th. Stockholders of record on Friday, October 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Thursday, October 21st. Pentair’s dividend payout ratio (DPR) is 32.00%.

A number of research analysts have issued reports on the company. Morgan Stanley lifted their price objective on Pentair from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Wednesday, July 28th. JPMorgan Chase & Co. cut Pentair from an “overweight” rating to an “underweight” rating and set a $65.00 price objective for the company. in a research note on Thursday, August 26th. They noted that the move was a valuation call. Cowen lifted their price objective on Pentair from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, June 17th. Oppenheimer boosted their price target on Pentair from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Rosenblatt Securities boosted their price target on Pentair from $87.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $75.29.

About Pentair

Pentair Plc engages in the provision of water solutions for residential, commercial, industrial, infrastructure, and agriculture applications. Its portfolio of solutions enables people, businesses, and industries to access clean, safe water, reduce water consumption, and recover and reuse it. The firm operates through the following business segments: Consumer Solutions and Industrial & Flow Technologies.

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Institutional Ownership by Quarter for Pentair (NYSE:PNR)

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