Riverhead Capital Management LLC raised its holdings in shares of Pentair PLC (NYSE:PNR) by 503.2% in the third quarter, Holdings Channel reports. The firm owned 69,287 shares of the industrial products company’s stock after buying an additional 57,800 shares during the quarter. Riverhead Capital Management LLC’s holdings in Pentair were worth $3,003,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its position in Pentair by 2.0% during the 2nd quarter. BlackRock Inc. now owns 13,079,804 shares of the industrial products company’s stock valued at $550,398,000 after purchasing an additional 260,074 shares during the last quarter. Parnassus Investments CA raised its position in Pentair by 13.6% during the 2nd quarter. Parnassus Investments CA now owns 7,973,507 shares of the industrial products company’s stock valued at $335,525,000 after purchasing an additional 955,374 shares during the last quarter. Wells Fargo & Company MN raised its position in Pentair by 0.8% during the 3rd quarter. Wells Fargo & Company MN now owns 3,647,218 shares of the industrial products company’s stock valued at $158,107,000 after purchasing an additional 27,669 shares during the last quarter. Sound Shore Management Inc. CT raised its position in Pentair by 5.2% during the 3rd quarter. Sound Shore Management Inc. CT now owns 3,095,282 shares of the industrial products company’s stock valued at $134,180,000 after purchasing an additional 152,601 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Pentair by 15.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,561,825 shares of the industrial products company’s stock valued at $111,056,000 after purchasing an additional 335,640 shares during the last quarter. 85.79% of the stock is owned by institutional investors and hedge funds.
PNR stock opened at $39.72 on Friday. Pentair PLC has a fifty-two week low of $36.06 and a fifty-two week high of $50.25. The company has a current ratio of 1.40, a quick ratio of 0.85 and a debt-to-equity ratio of 0.42. The company has a market cap of $6.99 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 1.55 and a beta of 1.30.
Pentair (NYSE:PNR) last posted its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $711.40 million for the quarter, compared to the consensus estimate of $698.88 million. Pentair had a return on equity of 16.35% and a net margin of 11.04%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. On average, analysts expect that Pentair PLC will post 2.33 EPS for the current year.
A number of research firms have weighed in on PNR. ValuEngine downgraded Pentair from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 17th. Zacks Investment Research downgraded Pentair from a “buy” rating to a “hold” rating in a report on Monday, November 19th. Stifel Nicolaus upped their target price on Pentair from $44.00 to $45.00 and gave the stock a “hold” rating in a report on Monday, October 8th. Finally, JPMorgan Chase & Co. upped their target price on Pentair from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $56.08.
In related news, Director Glynis Bryan sold 17,133 shares of the company’s 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 sale, the director now owns 35,115 shares in the company, valued at approximately $1,580,175. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.90% of the company’s stock.
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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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