Pentair plc (NYSE:PNR) to Issue $0.23 Quarterly Dividend

Pentair plc (NYSE:PNR) declared a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Investors of record on Friday, July 19th will be given a dividend of 0.23 per share by the industrial products company on Friday, August 2nd. This represents a $0.92 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, July 19th.

Pentair has raised its dividend by an average of 5.0% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Pentair has a dividend payout ratio of 19.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pentair to earn $4.79 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 19.2%.

Pentair Stock Up 0.6 %

Shares of Pentair stock traded up $0.46 on Wednesday, hitting $83.48. 146,878 shares of the company’s stock traded hands, compared to its average volume of 1,611,765. The stock has a market cap of $13.86 billion, a P/E ratio of 22.08, a PEG ratio of 1.37 and a beta of 1.24. Pentair has a 52-week low of $55.26 and a 52-week high of $85.81. The firm’s 50-day moving average is $81.12 and its 200 day moving average is $72.93. The company has a quick ratio of 1.17, a current ratio of 1.90 and a debt-to-equity ratio of 0.63.

Pentair (NYSE:PNR) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.04. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Pentair had a net margin of 15.30% and a return on equity of 20.16%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 earnings per share. Equities analysts anticipate that Pentair will post 4.24 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on PNR. KeyCorp raised their target price on Pentair from $82.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, March 7th. The Goldman Sachs Group restated a “neutral” rating and set a $91.00 price target on shares of Pentair in a report on Friday, March 22nd. Oppenheimer increased their target price on shares of Pentair from $88.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Stifel Nicolaus increased their price target on shares of Pentair from $88.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Finally, Citigroup upped their price objective on shares of Pentair from $85.00 to $101.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pentair has an average rating of “Moderate Buy” and a consensus target price of $89.93.

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.