Allspring Global Investments Holdings LLC Sells 6,121 Shares of Pentair plc (NYSE:PNR)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Pentair plc (NYSE:PNRGet Rating) by 35.9% during the third quarter, HoldingsChannel reports. The fund owned 10,922 shares of the industrial products company’s stock after selling 6,121 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pentair were worth $443,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Mirabella Financial Services LLP acquired a new stake in Pentair in the third quarter valued at $346,000. Wipfli Financial Advisors LLC bought a new position in shares of Pentair during the third quarter worth about $45,000. Janney Montgomery Scott LLC lifted its stake in shares of Pentair by 32.5% in the third quarter. Janney Montgomery Scott LLC now owns 171,582 shares of the industrial products company’s stock worth $6,971,000 after acquiring an additional 42,068 shares during the period. Fifth Third Bancorp boosted its holdings in Pentair by 34.6% in the third quarter. Fifth Third Bancorp now owns 3,593 shares of the industrial products company’s stock valued at $146,000 after acquiring an additional 924 shares during the last quarter. Finally, Texas Permanent School Fund increased its position in Pentair by 6.1% during the 3rd quarter. Texas Permanent School Fund now owns 23,125 shares of the industrial products company’s stock valued at $940,000 after purchasing an additional 1,332 shares during the period. Institutional investors own 90.74% of the company’s stock.

Insider Transactions at Pentair

In related news, Director Glynis Bryan sold 3,947 shares of Pentair stock in a transaction that occurred 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 transaction, the director now owns 27,609 shares of the company’s stock, valued at $1,246,270.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.89% of the company’s stock.

Pentair Stock Performance

NYSE PNR opened at $50.44 on Tuesday. The company has a market cap of $8.30 billion, a P/E ratio of 15.71, a PEG ratio of 1.61 and a beta of 1.07. The company has a fifty day simple moving average of $46.16 and a 200 day simple moving average of $45.27. The company has a current ratio of 1.42, a quick ratio of 0.71 and a debt-to-equity ratio of 0.93. Pentair plc has a 12-month low of $38.55 and a 12-month high of $65.45.

Pentair (NYSE:PNRGet Rating) last issued its quarterly earnings data on Tuesday, October 25th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. Pentair had a net margin of 13.02% and a return on equity of 24.47%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the company earned $0.89 earnings per share. The business’s revenue was up 8.9% on a year-over-year basis. Sell-side analysts predict that Pentair plc will post 3.65 earnings per share for the current fiscal year.

Pentair Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 3rd. Shareholders of record on Friday, January 20th will be issued a dividend of $0.22 per share. This is a positive change from Pentair’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, January 19th. Pentair’s payout ratio is currently 27.41%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Mizuho upgraded shares of Pentair from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $60.00 in a research report on Friday, January 13th. The Goldman Sachs Group decreased their price target on Pentair to $55.00 in a report on Thursday, October 27th. JPMorgan Chase & Co. initiated coverage on Pentair in a research note on Wednesday, October 26th. They issued a “neutral” rating and a $42.00 price objective on the stock. Barclays raised their target price on Pentair from $55.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, January 5th. Finally, Morgan Stanley boosted their price target on Pentair from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, January 6th. One 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.80.

Pentair Profile

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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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Institutional Ownership by Quarter for Pentair (NYSE:PNR)

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