Pinnacle Associates Ltd. Purchases New Position in Pentair plc $PNR

Pinnacle Associates Ltd. acquired a new position in Pentair plc (NYSE:PNR) during the third quarter, Holdings Channel reports. The institutional investor acquired 12,195 shares of the industrial products company’s stock, valued at approximately $646,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Uncommon Cents Investing Inc acquired a new position in shares of Pentair during the 3rd quarter worth $1,657,000. Nisa Investment Advisors LLC acquired a new stake in shares of Pentair in the 3rd quarter valued at $1,977,000. Revisor Wealth Management LLC acquired a new stake in shares of Pentair in the 3rd quarter valued at $341,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Pentair in the 3rd quarter valued at $386,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Pentair in the third quarter worth $296,000. Institutional investors own 92.37% of the company’s stock.

Wall Street Analyst Weigh In

PNR has been the subject of a number of analyst reports. Wolfe Research raised Pentair from a “peer perform” rating to an “outperform” rating and set a $91.00 price target for the company in a research report on Tuesday, September 15th. Seaport Research Partners downgraded Pentair from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 15th. Zacks Research raised Pentair from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 7th. William Blair set a $50.00 target price on Pentair in a report on Wednesday, October 14th. Finally, Royal Bank Of Canada decreased their target price on Pentair from $73.00 to $61.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $76.19.

Pentair Price Performance

NYSE PNR opened at $55.30 on Friday. Pentair plc has a twelve month low of $51.13 and a twelve month high of $111.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.76 and a current ratio of 1.45. The stock has a market capitalization of $8.83 billion, a PE ratio of 13.89, a P/E/G ratio of 1.41 and a beta of 1.04. The stock has a 50-day simple moving average of $56.82 and a 200 day simple moving average of $68.76.

Pentair (NYSE:PNR) last released its earnings results on Wednesday, July 29th. The industrial products company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.02. The firm had revenue of $932.60 million for the quarter, compared to analyst estimates of $943.24 million. Pentair had a return on equity of 20.62% and a net margin of 16.24%. The company’s revenue was down 17.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 EPS. Research analysts anticipate that Pentair plc will post 4.63 EPS for the current year.

Pentair Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 6th. Stockholders of record on Friday, October 23rd will be paid a $0.27 dividend. The ex-dividend date is Friday, October 23rd. This represents a $1.08 annualized dividend and a dividend yield of 2.0%. Pentair’s dividend payout ratio (DPR) is presently 27.14%.

Pentair Company Profile

Pentair plc (NYSE: PNR) is a water treatment and management company that designs and manufactures products and systems for residential, commercial, industrial, and recreational applications. Its offerings include water filtration, softening, and purification systems; pumps, valves, controls, and related equipment; and solutions that help customers manage water quality, flow, and conservation.

The company also serves the swimming pool and spa market through equipment such as pumps, filters, heaters, lighting, automation systems, and water-treatment products.