Pentair plc (NYSE:PNR) Stake Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its position in shares of Pentair plc (NYSE:PNR - Free Report) by 34.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). 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. owned approximately 0.51% of Pentair worth $82,223,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PNR. Harbour Investments Inc. increased its stake in Pentair by 10.7% in the third quarter. Harbour Investments Inc. now owns 6,585 shares of the industrial products company's stock valued at $644,000 after purchasing an additional 636 shares during the last quarter. Algert Global LLC acquired a new position in shares of Pentair during the 3rd quarter valued at about $479,000. FMR LLC lifted its holdings in shares of Pentair by 4.7% during the 3rd quarter. FMR LLC now owns 5,704,672 shares of the industrial products company's stock worth $557,860,000 after acquiring an additional 258,134 shares during the period. Pathstone Holdings LLC boosted its position in shares of Pentair by 47.4% in the third quarter. Pathstone Holdings LLC now owns 19,881 shares of the industrial products company's stock worth $1,944,000 after acquiring an additional 6,391 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Pentair by 69.9% in the third quarter. Advisors Asset Management Inc. now owns 25,002 shares of the industrial products company's stock valued at $2,445,000 after purchasing an additional 10,284 shares during the period. Institutional investors and hedge funds own 92.37% of the company's stock.

Pentair Stock Up 0.7 %

Shares of NYSE PNR traded up $0.66 during midday trading on Friday, reaching $101.06. 915,450 shares of the company's stock were exchanged, compared to its average volume of 913,625. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.60. Pentair plc has a 52-week low of $68.08 and a 52-week high of $110.71. The business's fifty day moving average price is $104.41 and its two-hundred day moving average price is $93.15. The stock has a market capitalization of $16.70 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.91 and a beta of 1.20.

Pentair (NYSE:PNR - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $988.53 million. During the same period in the previous year, the business earned $0.94 EPS. Pentair's revenue for the quarter was down 1.5% compared to the same quarter last year. Analysts forecast that Pentair plc will post 4.28 EPS for the current year.

Pentair Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 24th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Friday, January 24th. This is a positive change from Pentair's previous quarterly dividend of $0.23. Pentair's dividend payout ratio is 25.00%.

Insider Transactions at Pentair

In other news, EVP Philip M. Rolchigo sold 3,588 shares of the business's 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 in the company, valued at approximately $1,916,853.44. The trade was a 15.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PNR. Barclays lifted their price target on shares of Pentair from $108.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Mizuho lifted 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. Citigroup upped their price target on Pentair from $113.00 to $126.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. 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, The Goldman Sachs Group increased their target price on shares of Pentair from $93.00 to $103.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $109.38.

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.