The Manufacturers Life Insurance Company Sells 917 Shares of Pentair plc (NYSE:PNR)

The Manufacturers Life Insurance Company trimmed its position in shares of Pentair plc (NYSE:PNR) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,282 shares of the industrial products company’s stock after selling 917 shares during the period. The Manufacturers Life Insurance Company’s holdings in Pentair were worth $9,512,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Qsemble Capital Management LP bought a new position in shares of Pentair during the third quarter valued at approximately $1,469,000. Independent Advisor Alliance increased its stake in Pentair by 2.3% in the third quarter. Independent Advisor Alliance now owns 7,525 shares of the industrial products company’s stock worth $736,000 after purchasing an additional 170 shares during the period. Harvest Fund Management Co. Ltd lifted its position in shares of Pentair by 81,975.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 3,283 shares of the industrial products company’s stock worth $321,000 after purchasing an additional 3,279 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Pentair by 1.5% during the third quarter. Fisher Asset Management LLC now owns 140,707 shares of the industrial products company’s stock valued at $13,760,000 after purchasing an additional 2,072 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in Pentair by 30.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 59,880 shares of the industrial products company’s stock worth $5,856,000 after buying an additional 14,057 shares during the period. 92.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PNR shares. Royal Bank of Canada restated an “outperform” rating and issued a $115.00 target price on shares of Pentair in a research note on Thursday, November 21st. Barclays increased their price objective on Pentair from $105.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Oppenheimer upped their target price on Pentair from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Wolfe Research initiated coverage on Pentair in a research note on Tuesday, November 26th. They set an “outperform” rating and a $125.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Pentair from $106.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $106.38.

Pentair Price Performance

NYSE PNR opened at $108.82 on Wednesday. Pentair plc has a 12-month low of $65.31 and a 12-month high of $110.71. The firm’s fifty day simple moving average is $101.11 and its two-hundred day simple moving average is $89.28. The company has a current ratio of 1.60, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $17.98 billion, a P/E ratio of 27.21, a P/E/G ratio of 1.94 and a beta of 1.20.

Pentair (NYSE:PNR) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.02. The company had revenue of $993.40 million for the quarter, compared to the consensus estimate of $988.53 million. Pentair had a net margin of 16.29% and a return on equity of 20.48%. Pentair’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS. Analysts forecast that Pentair plc will post 4.28 EPS for the current fiscal year.

Pentair Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were given a dividend of $0.23 per share. The ex-dividend date was Friday, October 18th. This represents a $0.92 dividend on an annualized basis and a yield of 0.85%. Pentair’s dividend payout ratio is currently 23.00%.

Insider Activity

In related news, EVP Philip M. Rolchigo sold 3,588 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.67, for a total value of $357,615.96. Following the sale, the executive vice president now owns 19,232 shares in the company, valued at $1,916,853.44. This represents a 15.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.28% 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.