Pentair plc (NYSE:PNR) Stock Position Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Pentair plc (NYSE:PNR) by 9.3% during the third quarter, Holdings Channel.com reports. The fund owned 19,329 shares of the industrial products company’s stock after purchasing an additional 1,640 shares during the period. CIBC Asset Management Inc’s holdings in Pentair were worth $1,890,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Millennium Management LLC raised its position in Pentair by 0.7% in the second quarter. Millennium Management LLC now owns 2,944,812 shares of the industrial products company’s stock worth $225,779,000 after acquiring an additional 20,946 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Pentair by 2.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,727,718 shares of the industrial products company’s stock worth $209,132,000 after purchasing an additional 53,787 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Pentair by 91.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,082,362 shares of the industrial products company’s stock valued at $159,655,000 after purchasing an additional 996,325 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Pentair by 6.9% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,639,547 shares of the industrial products company’s stock worth $125,704,000 after buying an additional 105,724 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Pentair by 352.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,577,208 shares of the industrial products company’s stock valued at $134,695,000 after buying an additional 1,228,635 shares in the last quarter. 92.37% of the stock is currently owned by institutional investors and hedge funds.

Pentair Price Performance

Shares of PNR opened at $104.76 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.60. The firm has a market cap of $17.31 billion, a PE ratio of 26.19, a PEG ratio of 1.89 and a beta of 1.19. The firm’s 50 day moving average price is $98.44 and its 200 day moving average price is $87.73. Pentair plc has a twelve month low of $62.04 and a twelve month high of $107.78.

Pentair (NYSE:PNR) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. Pentair had a return on equity of 20.48% and a net margin of 16.29%. The company had revenue of $993.40 million during the quarter, compared to the consensus estimate of $988.53 million. During the same quarter in the prior year, the company posted $0.94 EPS. The firm’s revenue was down 1.5% on a year-over-year basis. As a group, research analysts expect that Pentair plc will post 4.28 EPS for the current fiscal year.

Pentair Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date was Friday, October 18th. Pentair’s dividend payout ratio (DPR) is 23.00%.

Analyst Upgrades and Downgrades

PNR has been the subject of several analyst reports. Mizuho upped their target price on Pentair from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Pentair from $90.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on shares of Pentair from $106.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. KeyCorp lifted their price objective on shares of Pentair from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered Pentair from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and ten 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 target price of $105.13.

Insider Activity

In other news, EVP Philip M. Rolchigo sold 3,588 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.67, for a total value of $357,615.96. Following the completion of the sale, the executive vice president now directly owns 19,232 shares of the company’s stock, valued at approximately $1,916,853.44. This represents a 15.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.28% of the stock is currently owned by company insiders.

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.