Pentair PLC (PNR) Declares Dividend Increase – $0.34 Per Share
Pentair PLC (NYSE:PNR) announced a quarterly dividend on Tuesday, October 4th. Stockholders of record on Friday, October 21st will be given a dividend of 0.34 per share on Friday, November 4th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.19%. This is a boost from Pentair PLC’s previous quarterly dividend of $0.33.
Shares of Pentair PLC (NYSE:PNR) opened at 62.18 on Wednesday. The stock has a 50 day moving average of $62.75 and a 200-day moving average of $59.96. Pentair PLC has a 12-month low of $41.57 and a 12-month high of $66.99. The firm’s market capitalization is $11.26 billion.
Pentair PLC (NYSE:PNR) last released its quarterly earnings data on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.02. Pentair PLC had a return on equity of 17.25% and a net margin of 6.91%. The company earned $1.70 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the firm posted $1.08 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts predict that Pentair PLC will post $3.12 EPS for the current fiscal year.
Several research analysts have recently issued reports on PNR shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $60.00 price objective on shares of Pentair PLC in a research note on Tuesday, June 7th. Seaport Global Securities raised shares of Pentair PLC from a “neutral” rating to a “buy” rating and increased their target price for the company from $59.00 to $70.00 in a research report on Friday, June 10th. FBR & Co raised shares of Pentair PLC from a “market perform” rating to an “outperform” rating in a research report on Friday, June 10th. Sanford C. Bernstein reissued an “outperform” rating on shares of Pentair PLC in a research report on Monday, June 27th. Finally, Vertical Research assumed coverage on shares of Pentair PLC in a research report on Tuesday, July 19th. They set a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $59.81.
In related news, Director T Michael Glenn sold 10,000 shares of the stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $62.61, for a total value of $626,100.00. Following the completion of the sale, the director now directly owns 22,535 shares of the company’s stock, valued at approximately $1,410,916.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark C. Borin sold 13,326 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $65.19, for a total value of $868,721.94. Following the completion of the sale, the insider now directly owns 32,209 shares of the company’s stock, valued at $2,099,704.71. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Pentair PLC by 278.1% in the second quarter. FMR LLC now owns 5,491,991 shares of the company’s stock worth $320,129,000 after buying an additional 4,039,536 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Pentair PLC during the second quarter worth approximately $28,830,000. Thrivent Financial for Lutherans raised its stake in Pentair PLC by 5,844.8% in the second quarter. Thrivent Financial for Lutherans now owns 316,797 shares of the company’s stock worth $18,466,000 after buying an additional 311,468 shares during the last quarter. Allianz Asset Management AG raised its stake in Pentair PLC by 348.9% in the second quarter. Allianz Asset Management AG now owns 305,715 shares of the company’s stock worth $17,821,000 after buying an additional 237,616 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in Pentair PLC by 236.9% in the second quarter. Lord Abbett & CO. LLC now owns 274,200 shares of the company’s stock worth $15,983,000 after buying an additional 192,800 shares during the last quarter. 90.53% of the stock is owned by institutional investors and hedge funds.
About Pentair PLC
Pentair, Inc (Pentair) is a focused diversified industrial manufacturing company. The Company operates in two segments: Water & Fluid Solutions and Technical Products. Water & Fluid Solutions is providing products and systems used worldwide in the movement, storage and treatment of water. Technical Products is engaged in the global enclosures and thermal management markets, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components and protect the people that use them.
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