OneAscent Wealth Management LLC Reduces Stock Holdings in Pentair plc (NYSE:PNR)

OneAscent Wealth Management LLC trimmed its holdings in shares of Pentair plc (NYSE:PNR) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,114 shares of the industrial products company’s stock after selling 419 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Pentair were worth $266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its stake in Pentair by 191.8% during the 4th quarter. Nordea Investment Management AB now owns 70,424 shares of the industrial products company’s stock worth $5,122,000 after buying an additional 46,290 shares during the last quarter. UBS Group AG grew its stake in Pentair by 5.2% during the 4th quarter. UBS Group AG now owns 479,261 shares of the industrial products company’s stock valued at $34,847,000 after purchasing an additional 23,494 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Pentair during the 4th quarter valued at about $2,908,000. Point72 Europe London LLP purchased a new stake in Pentair during the 4th quarter valued at about $921,000. Finally, Kodai Capital Management LP purchased a new stake in Pentair during the 4th quarter valued at about $173,280,000. 92.37% of the stock is currently owned by hedge funds and other institutional investors.

Pentair Price Performance

Shares of Pentair stock opened at $76.67 on Friday. The business has a 50 day simple moving average of $80.24 and a two-hundred day simple moving average of $77.59. Pentair plc has a 12 month low of $57.18 and a 12 month high of $85.84. The stock has a market capitalization of $12.73 billion, a P/E ratio of 20.39, a PEG ratio of 1.33 and a beta of 1.22. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.90 and a quick ratio of 1.17.

Pentair (NYSE:PNR) last announced its earnings results on Tuesday, April 23rd. The industrial products company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. Pentair had a return on equity of 20.16% and a net margin of 15.30%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.91 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts predict that Pentair plc will post 4.22 EPS for the current fiscal year.

Pentair Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.20%. Pentair’s payout ratio is currently 24.47%.

Analysts Set New Price Targets

Several analysts have weighed in on PNR shares. Northcoast Research upgraded Pentair from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Monday, April 15th. Oppenheimer boosted their price objective on Pentair from $88.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Mizuho boosted their price objective on Pentair from $82.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Barclays boosted their price objective on Pentair from $92.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, April 24th. Finally, BNP Paribas initiated coverage on Pentair in a report on Tuesday, March 12th. They issued a “neutral” rating and a $86.00 price objective for the company. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.71.

Insider Buying and Selling at Pentair

In other news, CEO Jerome O. Pedretti sold 24,747 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $84.45, for a total value 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Pentair Profile

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.