Parnassus Investments LLC Decreases Holdings in Pentair plc (NYSE:PNR)

Parnassus Investments LLC cut its stake in shares of Pentair plc (NYSE:PNR) by 2.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 547,711 shares of the industrial products company’s stock after selling 14,607 shares during the period. Parnassus Investments LLC owned 0.33% of Pentair worth $53,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Millennium Management LLC raised its holdings in Pentair by 0.7% during the 2nd quarter. Millennium Management LLC now owns 2,944,812 shares of the industrial products company’s stock valued at $225,779,000 after buying an additional 20,946 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Pentair by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,727,718 shares of the industrial products company’s stock valued at $209,132,000 after acquiring an additional 53,787 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Pentair by 91.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,082,362 shares of the industrial products company’s stock worth $159,655,000 after acquiring an additional 996,325 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Pentair by 6.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,639,547 shares of the industrial products company’s stock worth $125,704,000 after purchasing an additional 105,724 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in Pentair by 352.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,577,208 shares of the industrial products company’s stock valued at $134,695,000 after purchasing an additional 1,228,635 shares during the last quarter. 92.37% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Philip M. Rolchigo sold 3,588 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $99.67, for a total transaction of $357,615.96. Following the sale, the executive vice president now owns 19,232 shares of the company’s stock, valued at approximately $1,916,853.44. This represents a 15.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.28% of the stock is owned by insiders.

Analyst Ratings Changes

PNR has been the subject of a number of recent analyst reports. Barclays boosted their price objective on Pentair from $105.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group upped their price target on shares of Pentair from $93.00 to $103.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Royal Bank of Canada lifted their price objective on shares of Pentair from $101.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. TD Cowen upped their target price on shares of Pentair from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, KeyCorp lifted their price target on shares of Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Pentair currently has a consensus rating of “Moderate Buy” and an average target price of $105.13.

Pentair Stock Performance

Shares of Pentair stock opened at $105.87 on Tuesday. The business’s fifty day simple moving average is $98.09 and its 200-day simple moving average is $87.55. The company has a quick ratio of 0.91, a current ratio of 1.60 and a debt-to-equity ratio of 0.47. The firm has a market cap of $17.49 billion, a PE ratio of 26.47, a price-to-earnings-growth ratio of 1.89 and a beta of 1.19. Pentair plc has a 52 week low of $62.04 and a 52 week high of $107.78.

Pentair (NYSE:PNR) last announced 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 during 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%. Pentair’s revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.94 earnings per share. Equities analysts forecast that Pentair plc will post 4.28 earnings per share for the current 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 given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date was Friday, October 18th. Pentair’s payout ratio is 23.00%.

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.