Palisade Asset Management LLC Sells 99,376 Shares of Pentair plc (NYSE:PNR)

Palisade Asset Management LLC trimmed its position in shares of Pentair plc (NYSE:PNR) by 87.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,717 shares of the industrial products company’s stock after selling 99,376 shares during the quarter. Palisade Asset Management LLC’s holdings in Pentair were worth $1,341,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in shares of Pentair in the 2nd quarter worth approximately $25,000. Crewe Advisors LLC boosted its stake in Pentair by 376.1% in the second quarter. Crewe Advisors LLC now owns 338 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 267 shares in the last quarter. Family Firm Inc. bought a new stake in shares of Pentair during the second quarter worth $48,000. Blue Trust Inc. increased its stake in shares of Pentair by 165.2% in the third quarter. Blue Trust Inc. now owns 525 shares of the industrial products company’s stock valued at $51,000 after buying an additional 327 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Pentair in the first quarter valued at about $56,000. Institutional investors and hedge funds own 92.37% of the company’s stock.

Pentair Trading Up 0.8 %

NYSE PNR opened at $106.91 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.60 and a quick ratio of 0.91. The stock’s 50-day moving average is $99.07 and its 200-day moving average is $87.97. Pentair plc has a one year low of $62.63 and a one year high of $107.78. The firm has a market cap of $17.66 billion, a P/E ratio of 26.73, a P/E/G ratio of 1.89 and a beta of 1.19.

Pentair (NYSE:PNR) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The firm had revenue of $993.40 million for the quarter, compared to analyst estimates of $988.53 million. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Sell-side analysts anticipate that Pentair plc will post 4.28 earnings per share for the current fiscal year.

Pentair Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, October 18th. Pentair’s dividend payout ratio (DPR) is presently 23.00%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $115.00 price objective on shares of Pentair in a report on Thursday. Stifel Nicolaus raised their price target on shares of Pentair from $101.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. TD Cowen upped their price objective on Pentair from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Oppenheimer lifted their target price on Pentair from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, KeyCorp upped their price target on Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pentair presently has an average rating of “Moderate Buy” and an average target price of $105.13.

Insider Buying and Selling at Pentair

In other Pentair 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 transaction of $357,615.96. Following the completion of the transaction, the executive vice president now owns 19,232 shares of the company’s stock, valued at $1,916,853.44. This represents a 15.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company’s stock.

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.