JPMorgan Chase & Co. Sells 436,787 Shares of Pentair plc (NYSE:PNR)

JPMorgan Chase & Co. lessened its holdings in shares of Pentair plc (NYSE:PNR) by 34.2% in the third quarter, according to its most recent 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. owned 0.51% of Pentair worth $82,223,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in shares of Pentair by 5.5% in the 3rd quarter. Principal Financial Group Inc. now owns 219,061 shares of the industrial products company’s stock worth $21,422,000 after acquiring an additional 11,392 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Pentair by 3.5% in the third quarter. Franklin Resources Inc. now owns 32,249 shares of the industrial products company’s stock worth $3,187,000 after purchasing an additional 1,093 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Pentair by 35.1% in the third quarter. Tidal Investments LLC now owns 14,430 shares of the industrial products company’s stock valued at $1,411,000 after purchasing an additional 3,752 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Pentair during the third quarter valued at approximately $117,000. Finally, World Investment Advisors LLC bought a new stake in Pentair during the third quarter worth $302,000. Institutional investors and hedge funds own 92.37% of the company’s stock.

Wall Street Analysts Forecast Growth

PNR has been the subject of several recent analyst reports. UBS Group upped their target price on shares of Pentair from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Citigroup upped their price objective on shares of Pentair from $113.00 to $126.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. The Goldman Sachs Group lifted 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Pentair in a report on Thursday, November 21st. Finally, TD Cowen lifted their price target on Pentair from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.38.

Insider Activity at Pentair

In related news, EVP Philip M. Rolchigo sold 3,588 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $99.67, for a total transaction of $357,615.96. Following the sale, the executive vice president now owns 19,232 shares of the company’s stock, valued at approximately $1,916,853.44. This represents a 15.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Pentair Price Performance

NYSE PNR opened at $100.40 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.60 and a debt-to-equity ratio of 0.47. The company has a market cap 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. Pentair plc has a 52 week low of $68.08 and a 52 week high of $110.71. The firm’s 50-day simple moving average is $104.37 and its two-hundred day simple moving average is $92.99.

Pentair (NYSE:PNR) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The company had revenue of $993.40 million for the quarter, compared to analysts’ expectations of $988.53 million. During the same period in the prior year, the company posted $0.94 EPS. Pentair’s revenue was down 1.5% compared to the same quarter last year. Research analysts predict that Pentair plc will post 4.28 earnings per share for the current year.

Pentair Increases Dividend

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

Pentair 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.