Pentair (NYSE:PNR) Sets New 52-Week High on Better-Than-Expected Earnings

Pentair plc (NYSE:PNR) shares reached a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $99.96 and last traded at $98.93, with a volume of 1047039 shares traded. The stock had previously closed at $98.36.

The industrial products company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. Pentair had a return on equity of 20.39% and a net margin of 16.05%. The company had revenue of $993.40 million for the quarter, compared to analyst estimates of $988.53 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year.

Pentair Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be issued a $0.23 dividend. The ex-dividend date is Friday, October 18th. This represents a $0.92 annualized dividend and a dividend yield of 0.94%. Pentair’s dividend payout ratio is presently 23.29%.

Analysts Set New Price Targets

Several research analysts recently commented on PNR shares. Stifel Nicolaus boosted their target price on Pentair from $101.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price on Pentair from $106.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday. Oppenheimer boosted their target price on Pentair from $98.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday. Northcoast Research cut Pentair from a “buy” rating to a “neutral” rating in a research note on Friday, July 19th. Finally, StockNews.com cut Pentair from a “buy” rating to a “hold” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Pentair currently has a consensus rating of “Moderate Buy” and an average target price of $104.80.

Institutional Trading of Pentair

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its stake 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 buying an additional 121 shares in the last quarter. Wedmont Private Capital raised its stake in shares of Pentair by 3.9% during the 2nd quarter. Wedmont Private Capital now owns 3,403 shares of the industrial products company’s stock worth $270,000 after buying an additional 128 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Pentair by 3.8% during the 2nd quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock worth $267,000 after buying an additional 129 shares in the last quarter. Inspire Advisors LLC raised 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 buying an additional 130 shares in the last quarter. Finally, Retirement Systems of Alabama raised its stake in shares of Pentair by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 36,624 shares of the industrial products company’s stock worth $2,808,000 after buying an additional 139 shares in the last quarter. 92.37% of the stock is owned by hedge funds and other institutional investors.

Pentair Trading Down 0.3 %

The firm has a market capitalization of $16.22 billion, a PE ratio of 24.81, a P/E/G ratio of 1.78 and a beta of 1.20. The business has a 50 day moving average price of $92.24 and a 200-day moving average price of $84.73. The company has a current ratio of 1.65, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51.

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.