Pentair (NYSE:PNR) Price Target Raised to $98.00

Pentair (NYSE:PNR) had its target price raised by Oppenheimer from $92.00 to $98.00 in a research report report published on Wednesday, Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also recently weighed in on the company. Citigroup lifted their price target on Pentair from $85.00 to $101.00 and gave the company a buy rating in a report on Monday, April 8th. KeyCorp lifted their price target on Pentair from $92.00 to $97.00 and gave the company an overweight rating in a report on Wednesday. Stifel Nicolaus lifted their price target on Pentair from $94.00 to $100.00 and gave the company a buy rating in a report on Thursday, July 18th. TD Cowen raised their price objective on shares of Pentair from $80.00 to $85.00 and gave the company a buy rating in a research note on Wednesday, April 24th. Finally, UBS Group raised their price objective on shares of Pentair from $83.00 to $91.00 and gave the company a buy rating in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $92.87.

Pentair Stock Performance

Shares of NYSE PNR opened at $88.50 on Wednesday. The firm’s 50-day moving average price is $79.42 and its two-hundred day moving average price is $78.76. The stock has a market capitalization of $14.65 billion, a P/E ratio of 23.54, a P/E/G ratio of 1.55 and a beta of 1.21. The company has a quick ratio of 1.17, a current ratio of 1.65 and a debt-to-equity ratio of 0.51. Pentair has a 52-week low of $57.18 and a 52-week high of $88.96.

Pentair (NYSE:PNR) last released its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.08. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Pentair had a return on equity of 20.39% and a net margin of 16.05%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 earnings per share. As a group, sell-side analysts forecast that Pentair will post 4.25 earnings per share for the current year.

Pentair Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.92 annualized dividend and a yield of 1.04%. Pentair’s dividend payout ratio (DPR) is 24.47%.

Insiders Place Their Bets

In other Pentair news, CEO Jerome O. Pedretti sold 24,747 shares of Pentair stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $84.45, for a total value of $2,089,884.15. Following the transaction, the chief executive officer now owns 38,538 shares in the company, valued at $3,254,534.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PNR. Raymond James Financial Services Advisors Inc. boosted its stake in Pentair by 1.9% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 19,232 shares of the industrial products company’s stock worth $1,398,000 after purchasing an additional 351 shares during the period. Assenagon Asset Management S.A. boosted its stake in Pentair by 228.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 373,082 shares of the industrial products company’s stock worth $27,127,000 after purchasing an additional 259,385 shares during the period. McGlone Suttner Wealth Management Inc. acquired a new position in Pentair in the 4th quarter worth approximately $106,000. Quent Capital LLC boosted its stake in Pentair by 112.7% in the 4th quarter. Quent Capital LLC now owns 402 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 213 shares during the period. Finally, Blackhawk Capital Partners LLC. boosted its stake in Pentair by 3.8% in the 4th quarter. Blackhawk Capital Partners LLC. now owns 9,498 shares of the industrial products company’s stock worth $691,000 after purchasing an additional 351 shares during the period. Institutional investors and hedge funds own 92.37% of the company’s stock.

About Pentair

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.