Meyer Handelman Co. Has $1.16 Million Stock Holdings in Pentair plc (NYSE:PNR)

Meyer Handelman Co. lowered its stake in Pentair plc (NYSE:PNR) by 5.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,620 shares of the industrial products company’s stock after selling 747 shares during the period. Meyer Handelman Co.’s holdings in Pentair were worth $1,164,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PNR. PNC Financial Services Group Inc. boosted its position in Pentair by 12.2% in the third quarter. PNC Financial Services Group Inc. now owns 36,632 shares of the industrial products company’s stock valued at $2,372,000 after buying an additional 3,973 shares in the last quarter. Prudential PLC acquired a new stake in Pentair in the third quarter valued at approximately $566,000. Rafferty Asset Management LLC boosted its position in Pentair by 57.7% in the third quarter. Rafferty Asset Management LLC now owns 18,820 shares of the industrial products company’s stock valued at $1,219,000 after buying an additional 6,884 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in Pentair in the third quarter valued at approximately $563,000. Finally, Envestnet Asset Management Inc. boosted its position in Pentair by 2.8% in the third quarter. Envestnet Asset Management Inc. now owns 257,646 shares of the industrial products company’s stock valued at $16,683,000 after buying an additional 6,970 shares in the last quarter. Institutional investors and hedge funds own 92.37% of the company’s stock.

Analyst Upgrades and Downgrades

PNR has been the topic of a number of recent research reports. Mizuho lifted their price target on shares of Pentair from $82.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Citigroup lifted their price target on shares of Pentair from $85.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, April 8th. TD Cowen lifted their price target on shares of Pentair from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Barclays lifted their price target on shares of Pentair from $92.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Finally, Oppenheimer lifted their price target on shares of Pentair from $88.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Pentair presently has an average rating of “Moderate Buy” and an average price target of $89.93.

Insider Activity

In other news, CEO Jerome O. Pedretti sold 24,747 shares of Pentair stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $84.45, for a total transaction of $2,089,884.15. Following the completion of the transaction, the chief executive officer now directly owns 38,538 shares in the company, valued at $3,254,534.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.10% of the company’s stock.

Pentair Trading Up 0.2 %

PNR opened at $79.47 on Friday. Pentair plc has a 1-year low of $57.18 and a 1-year high of $85.84. The company has a current ratio of 1.90, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. The company has a market cap of $13.19 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 1.36 and a beta of 1.22. The company has a fifty day moving average price of $80.52 and a two-hundred day moving average price of $77.26.

Pentair (NYSE:PNR) last posted its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.04. Pentair had a net margin of 15.30% and a return on equity of 20.16%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. Analysts predict that Pentair plc will post 4.24 EPS for the current fiscal year.

Pentair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Friday, July 19th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend is Friday, July 19th. Pentair’s dividend payout ratio is currently 24.47%.

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.