Pinnacle Associates Ltd. Buys 1,171 Shares of Pentair plc (NYSE:PNR)

Pinnacle Associates Ltd. increased its stake in shares of Pentair plc (NYSE:PNR) by 13.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,131 shares of the industrial products company’s stock after acquiring an additional 1,171 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Pentair were worth $991,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of Pentair by 1.5% during 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 in the last quarter. Wedmont Private Capital grew its stake in Pentair by 3.9% in the second quarter. Wedmont Private Capital now owns 3,403 shares of the industrial products company’s stock valued at $270,000 after acquiring an additional 128 shares during the period. Fifth Third Bancorp increased its holdings 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 acquiring an additional 129 shares in the last quarter. Inspire Advisors LLC raised its position in shares of Pentair by 1.6% during the third quarter. Inspire Advisors LLC now owns 8,121 shares of the industrial products company’s stock worth $794,000 after purchasing an additional 130 shares during the period. Finally, Retirement Systems of Alabama lifted its holdings in shares of Pentair by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 36,624 shares of the industrial products company’s stock worth $2,808,000 after purchasing an additional 139 shares in the last quarter. 92.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNR has been the topic of several research reports. Oppenheimer upped their price objective on shares of Pentair from $98.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. UBS Group raised their price target on shares of Pentair from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group boosted their price objective on Pentair from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. KeyCorp raised their target price on Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Pentair from $90.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.80.

Pentair Stock Performance

NYSE:PNR opened at $98.47 on Friday. The company has a market capitalization of $16.27 billion, a P/E ratio of 24.62, a P/E/G ratio of 1.77 and a beta of 1.19. The business has a fifty day simple moving average of $94.22 and a two-hundred day simple moving average of $85.53. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.60 and a quick ratio of 0.91. Pentair plc has a 1 year low of $59.61 and a 1 year high of $101.00.

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

Pentair Dividend Announcement

The business 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 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend was Friday, October 18th. Pentair’s dividend payout ratio is presently 23.00%.

Pentair 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.