CIBC Asset Management Inc Sells 699 Shares of Pentair plc (NYSE:PNR)

CIBC Asset Management Inc decreased its position in shares of Pentair plc (NYSE:PNR) by 3.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,084 shares of the industrial products company’s stock after selling 699 shares during the period. CIBC Asset Management Inc’s holdings in Pentair were worth $1,315,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC bought a new stake in Pentair during the 4th quarter worth approximately $268,000. KBC Group NV raised its stake in Pentair by 49.2% during the 4th quarter. KBC Group NV now owns 1,191,049 shares of the industrial products company’s stock worth $86,601,000 after acquiring an additional 392,785 shares during the period. Biechele Royce Advisors raised its stake in Pentair by 1.1% during the 4th quarter. Biechele Royce Advisors now owns 155,766 shares of the industrial products company’s stock worth $11,326,000 after acquiring an additional 1,668 shares during the period. Dorsey & Whitney Trust CO LLC raised its stake in Pentair by 51.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,794 shares of the industrial products company’s stock worth $639,000 after acquiring an additional 2,985 shares during the period. Finally, TFO Wealth Partners LLC grew its holdings in Pentair by 46,425.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,861 shares of the industrial products company’s stock valued at $135,000 after buying an additional 1,857 shares in the last quarter. Institutional investors own 92.37% of the company’s stock.

Insider Transactions at Pentair

In other news, CEO Jerome O. Pedretti sold 24,747 shares of Pentair stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $84.45, for a total transaction of $2,089,884.15. Following the completion of the sale, the chief executive officer now directly owns 38,538 shares in the company, valued at $3,254,534.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PNR shares. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $91.00 price objective on shares of Pentair in a report on Friday, March 22nd. TD Cowen increased their price objective on shares of Pentair from $80.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Northcoast Research raised shares of Pentair from a “neutral” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Monday, April 15th. BNP Paribas started coverage on shares of Pentair in a report on Tuesday, March 12th. They set a “neutral” rating and a $86.00 price objective for the company. Finally, KeyCorp increased their price objective on shares of Pentair from $82.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, March 7th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.93.

Pentair Stock Down 1.0 %

NYSE PNR opened at $77.55 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.90 and a debt-to-equity ratio of 0.63. The company has a fifty day moving average of $81.35 and a two-hundred day moving average of $76.14. The firm has a market capitalization of $12.87 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 1.33 and a beta of 1.22. Pentair plc has a 52 week low of $57.18 and a 52 week high of $85.84.

Pentair (NYSE:PNR) last posted its quarterly earnings data on Tuesday, April 23rd. The industrial products company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.90 by $0.04. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Pentair had a net margin of 15.30% and a return on equity of 20.16%. Pentair’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 earnings per share. On average, analysts predict that Pentair plc will post 4.24 earnings per share for the current year.

Pentair Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, July 19th. Pentair’s payout ratio is 24.47%.

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.