Bank of Montreal Can Takes Position in Pentair PLC (PNR)
Bank of Montreal Can bought a new position in shares of Pentair PLC (NYSE:PNR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 63,879 shares of the company’s stock, valued at approximately $3,724,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its position in Pentair PLC by 8.9% in the first quarter. State Street Corp now owns 11,398,425 shares of the company’s stock worth $618,480,000 after buying an additional 934,908 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Pentair PLC by 0.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,652,844 shares of the company’s stock worth $252,463,000 after buying an additional 39,437 shares during the last quarter. Geode Capital Management LLC increased its position in Pentair PLC by 3.3% in the first quarter. Geode Capital Management LLC now owns 1,491,423 shares of the company’s stock worth $80,760,000 after buying an additional 47,150 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Pentair PLC by 50.0% in the first quarter. UBS Asset Management Americas Inc. now owns 1,019,958 shares of the company’s stock worth $55,344,000 after buying an additional 340,024 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of Pentair PLC by 41.8% in the first quarter. Royal Bank of Canada now owns 1,016,692 shares of the company’s stock worth $55,164,000 after buying an additional 299,610 shares during the period. Institutional investors own 90.53% of the company’s stock.
Pentair PLC (NYSE:PNR) traded down 0.12% during trading on Friday, hitting $58.74. 829,621 shares of the company’s stock traded hands. The company’s market cap is $10.64 billion. The company’s 50 day moving average price is $61.50 and its 200 day moving average price is $60.20. Pentair PLC has a 52-week low of $41.57 and a 52-week high of $66.99.
Pentair PLC (NYSE:PNR) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. The firm had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Pentair PLC had a return on equity of 17.25% and a net margin of 6.91%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 EPS. Analysts expect that Pentair PLC will post $3.12 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 4th. Shareholders of record on Friday, October 21st will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.32%. This is a boost from Pentair PLC’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, October 19th. Pentair PLC’s dividend payout ratio is presently 52.80%.
A number of analysts have recently commented on PNR shares. BMO Capital Markets upped their price target on Pentair PLC from $57.00 to $65.79 and gave the company a “market perform” rating in a research note on Monday, August 22nd. Buckingham Research reaffirmed a “neutral” rating and issued a $62.00 price target on shares of Pentair PLC in a research note on Sunday, August 21st. Credit Suisse Group AG started coverage on Pentair PLC in a research note on Monday, September 26th. They issued a “neutral” rating and a $66.00 price target for the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Pentair PLC in a research note on Monday, June 27th. Finally, Cowen and Company cut Pentair PLC from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $64.05 to $55.00 in a research note on Thursday, September 1st. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. Pentair PLC presently has an average rating of “Hold” and a consensus 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 transaction, the director now directly owns 22,535 shares in the company, valued at approximately $1,410,916.35. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Randall J. Hogan sold 102,282 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $64.00, for a total value of $6,546,048.00. Following the completion of the transaction, the chairman now owns 104,904 shares in the company, valued at $6,713,856. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.
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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