JPMorgan Chase & Co. Lowers Position in Pentair plc (NYSE:PNR)

JPMorgan Chase & Co. decreased its holdings in shares of Pentair plc (NYSE:PNR) by 34.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 840,814 shares of the industrial products company’s stock after selling 436,787 shares during the quarter. JPMorgan Chase & Co.’s holdings in Pentair were worth $82,223,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quarry LP lifted its position in Pentair by 105.5% during the third quarter. Quarry LP now owns 261 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 134 shares during the last quarter. Blue Trust Inc. raised its position in shares of Pentair by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 525 shares of the industrial products company’s stock valued at $51,000 after buying an additional 327 shares in the last quarter. True Wealth Design LLC lifted its holdings in shares of Pentair by 4,450.0% during the 3rd quarter. True Wealth Design LLC now owns 637 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 623 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Pentair in the second quarter worth $67,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in Pentair by 59.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 705 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 262 shares during the last quarter. Hedge funds and other institutional investors own 92.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. KeyCorp upped their price objective on Pentair from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. TD Cowen upped their target price on Pentair from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group lifted their price target on shares of Pentair from $93.00 to $103.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Pentair in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Pentair from $106.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $109.38.

Pentair Price Performance

PNR opened at $100.40 on Friday. 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 stock has a market capitalization of $16.59 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 1.91 and a beta of 1.20. The stock’s 50 day moving average price is $104.37 and its 200-day moving average price is $92.99. Pentair plc has a 52-week low of $68.08 and a 52-week high of $110.71.

Pentair (NYSE:PNR) last issued its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.07 by $0.02. The business had revenue of $993.40 million during the quarter, compared to analyst estimates of $988.53 million. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 EPS. On average, equities research analysts predict that Pentair plc will post 4.28 EPS for the current year.

Pentair Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, January 24th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.00%. This is a boost from Pentair’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Friday, January 24th. Pentair’s payout ratio is presently 25.00%.

Insider Transactions at Pentair

In related news, EVP Philip M. Rolchigo sold 3,588 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 19,232 shares of the company’s stock, valued at $1,916,853.44. This represents a 15.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% 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.