Pentair (PNR) Rating Increased to Buy at Zacks Investment Research
Pentair (NYSE:PNR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $47.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.04% from the company’s previous close.
According to Zacks, “Pentair revised 2018 adjusted earnings per share guidance to around $2.33 from the previous expectation of roughly $2.31, reflecting the benefit of share repurchases as well as improved operating performance in the third-quarter. This marks the second consecutive quarter that the company has raised its guidance. Momentum in its segments, productivity improvement and benefits from restructuring actions will aid results. The company continues to introduce new products, make acquisitions and investments in sync with its key growth initiatives of advancing pool growth, and accelerating residential and commercial water treatment. “
Several other brokerages have also commented on PNR. ValuEngine upgraded shares of Pentair from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 24th. Seaport Global Securities reiterated a “buy” rating and issued a $48.00 price target on shares of Pentair in a research note on Friday, July 27th. Stifel Nicolaus increased their price target on shares of Pentair from $44.00 to $45.00 and gave the company a “hold” rating in a research note on Monday, October 8th. Barclays reissued a “sell” rating and issued a $39.00 price objective on shares of Pentair in a report on Thursday, July 26th. Finally, JPMorgan Chase & Co. increased their price objective on Pentair from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $56.00.
Pentair (NYSE:PNR) last announced its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The company had revenue of $711.40 million for the quarter, compared to analyst estimates of $698.88 million. Pentair had a net margin of 11.04% and a return on equity of 16.35%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. As a group, research analysts expect that Pentair will post 2.33 earnings per share for the current fiscal year.
In other news, Director Glynis Bryan sold 17,133 shares of the stock in a transaction that occurred on Tuesday, September 18th. The stock was sold at an average price of $45.00, for a total value of $770,985.00. Following the completion of the sale, the director now directly owns 35,115 shares of the company’s stock, valued at $1,580,175. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Gateway Investment Advisers LLC lifted its holdings in shares of Pentair by 15.5% during the third quarter. Gateway Investment Advisers LLC now owns 222,765 shares of the industrial products company’s stock worth $9,657,000 after purchasing an additional 29,934 shares during the period. Millennium Management LLC lifted its holdings in shares of Pentair by 215.0% during the second quarter. Millennium Management LLC now owns 251,442 shares of the industrial products company’s stock worth $10,581,000 after purchasing an additional 171,629 shares during the period. Marshwinds Advisory Co. acquired a new stake in shares of Pentair during the third quarter worth $200,000. Great West Life Assurance Co. Can lifted its holdings in shares of Pentair by 246.1% during the second quarter. Great West Life Assurance Co. Can now owns 426,826 shares of the industrial products company’s stock worth $17,993,000 after purchasing an additional 303,517 shares during the period. Finally, Korea Investment CORP lifted its holdings in shares of Pentair by 256.4% during the second quarter. Korea Investment CORP now owns 36,002 shares of the industrial products company’s stock worth $1,515,000 after purchasing an additional 25,900 shares during the period. 89.27% of the stock is owned by institutional investors and hedge funds.
Pentair Company Profile
Pentair plc provides various smart water solutions worldwide. It designs, manufactures, and services various products and solutions to meet filtration, separation, flow, and water management challenges. The company's products and services include water treatment equipment, including energy-efficient pumps, point-of-entry/point-of-use filtration products, valves, UV sanitization, and automation controls for residential and commercial applications, as well as engineered solutions in advanced filtration, desalination, water supply and disposal, process, and control for industrial and infrastructure applications.
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