Geode Capital Management LLC Boosts Holdings in Pentair plc (NYSE:PNR)

Geode Capital Management LLC grew its position in Pentair plc (NYSE:PNR) by 0.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,999,519 shares of the industrial products company’s stock after purchasing an additional 19,853 shares during the period. Geode Capital Management LLC’s holdings in Pentair were worth $389,800,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in Pentair by 1.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,956 shares of the industrial products company’s stock worth $610,000 after purchasing an additional 121 shares during the period. Fifth Third Bancorp grew its stake in shares of Pentair by 3.8% during the second quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock valued at $267,000 after buying an additional 129 shares during the last quarter. Inspire Advisors LLC lifted its stake in shares of Pentair by 1.6% during the 3rd quarter. Inspire Advisors LLC now owns 8,121 shares of the industrial products company’s stock worth $794,000 after acquiring an additional 130 shares during the last quarter. Quarry LP boosted its holdings in Pentair by 105.5% during the 3rd quarter. Quarry LP now owns 261 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 134 shares during the period. Finally, Retirement Systems of Alabama grew its position in Pentair by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 36,624 shares of the industrial products company’s stock valued at $2,808,000 after acquiring an additional 139 shares during the last quarter. Institutional investors own 92.37% of the company’s stock.

Wall Street Analysts Forecast Growth

PNR has been the subject of several research analyst reports. UBS Group lifted their target price on Pentair from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada restated an “outperform” rating and issued a $115.00 target price on shares of Pentair in a research note on Thursday, November 21st. Stifel Nicolaus lifted their price target on shares of Pentair from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Wednesday. Wolfe Research began coverage on Pentair in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $125.00 price objective on the stock. Finally, KeyCorp lifted their target price on Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $109.38.

Pentair Price Performance

Shares of PNR stock opened at $107.16 on Friday. The stock’s 50-day moving average is $103.23 and its 200 day moving average is $90.75. Pentair plc has a 1-year low of $68.08 and a 1-year high of $110.71. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.60 and a quick ratio of 0.91. The company has a market cap of $17.71 billion, a P/E ratio of 26.79, a PEG ratio of 1.95 and a beta of 1.20.

Pentair (NYSE:PNR) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The business had revenue of $993.40 million for the quarter, compared to analysts’ expectations of $988.53 million. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The company’s revenue was down 1.5% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS. Research analysts predict that Pentair plc will post 4.28 earnings per share for the current fiscal year.

Pentair Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Friday, October 18th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, October 18th. Pentair’s payout ratio is presently 23.00%.

Insider Activity

In other news, EVP Philip M. Rolchigo sold 3,588 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.67, for a total transaction of $357,615.96. Following the sale, the executive vice president now owns 19,232 shares in the company, valued at approximately $1,916,853.44. The trade was a 15.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.

Pentair Company Profile

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.