Park Avenue Securities LLC reduced its position in shares of Pentair plc (NYSE:PNR – Get Rating) by 4.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 10,371 shares of the industrial products company’s stock after selling 521 shares during the period. Park Avenue Securities LLC’s holdings in Pentair were worth $421,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of PNR. LS Investment Advisors LLC purchased a new position in shares of Pentair during the second quarter worth $41,000. Wipfli Financial Advisors LLC purchased a new position in Pentair in the third quarter valued at $45,000. Dupont Capital Management Corp boosted its holdings in Pentair by 50.9% in the second quarter. Dupont Capital Management Corp now owns 999 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 337 shares during the period. Ancora Advisors LLC purchased a new position in Pentair in the first quarter valued at $56,000. Finally, Venture Visionary Partners LLC purchased a new position in Pentair in the second quarter valued at $64,000. 90.74% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Barclays lifted their target price on Pentair from $55.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, January 5th. Citigroup cut their target price on Pentair from $56.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, December 9th. StockNews.com upgraded Pentair from a “sell” rating to a “hold” rating in a research report on Friday, January 6th. Morgan Stanley lifted their target price on Pentair from $39.00 to $41.00 and gave the stock an “underweight” rating in a research report on Friday, January 6th. Finally, Stifel Nicolaus lifted their target price on Pentair from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.80.
Pentair Trading Up 2.4 %
Pentair (NYSE:PNR – Get Rating) last issued its quarterly earnings results on Tuesday, October 25th. The industrial products company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Pentair had a return on equity of 24.47% and a net margin of 13.02%. Pentair’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.89 EPS. As a group, analysts forecast that Pentair plc will post 3.65 EPS for the current year.
Pentair Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 3rd. Stockholders of record on Friday, January 20th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.79%. This is an increase from Pentair’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, January 19th. Pentair’s dividend payout ratio is presently 26.17%.
Insider Transactions at Pentair
In other news, Director Glynis Bryan sold 3,947 shares of the company’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $45.14, for a total transaction of $178,167.58. Following the completion of the sale, the director now directly owns 27,609 shares in the company, valued at approximately $1,246,270.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.89% of the company’s stock.
Pentair Company Profile
Pentair plc provides various water solutions worldwide. It operates through Consumer Solutions; and Industrial & Flow Technologies segments. The Consumer Solutions segment 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 the use in residential whole home water filtration, drinking water filtration, and water softening solutions, as well as in commercial total water management and filtration in foodservice operations.
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