Allspring Global Investments Holdings LLC Cuts Holdings in Pentair plc (NYSE:PNR)

Allspring Global Investments Holdings LLC lessened its stake in shares of Pentair plc (NYSE:PNR) by 3.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,713 shares of the industrial products company’s stock after selling 243 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pentair were worth $754,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Board of Administration of Florida Retirement System grew its stake in Pentair by 5.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 185,155 shares of the industrial products company’s stock valued at $15,820,000 after purchasing an additional 8,966 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Pentair by 222.8% in the 1st quarter. Cetera Investment Advisers now owns 50,653 shares of the industrial products company’s stock worth $4,328,000 after buying an additional 34,959 shares during the last quarter. Norden Group LLC bought a new position in shares of Pentair during the 1st quarter worth approximately $1,103,000. Swedbank AB lifted its position in Pentair by 0.9% during the second quarter. Swedbank AB now owns 1,146,271 shares of the industrial products company’s stock valued at $87,885,000 after acquiring an additional 10,000 shares during the last quarter. Finally, ORG Partners LLC acquired a new stake in Pentair in the second quarter valued at approximately $631,000. 92.37% of the stock is currently owned by hedge funds and other institutional investors.

Pentair Trading Down 0.3 %

Shares of NYSE:PNR opened at $99.12 on Friday. Pentair plc has a 12-month low of $57.45 and a 12-month high of $101.00. 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 business has a 50 day moving average of $93.69 and a two-hundred day moving average of $85.31. The company has a market capitalization of $16.38 billion, a PE ratio of 24.78, a PEG ratio of 1.76 and a beta of 1.20.

Pentair (NYSE:PNR) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The business had revenue of $993.40 million during the quarter, compared to analysts’ expectations of $988.53 million. Pentair had a return on equity of 20.48% and a net margin of 16.29%. The business’s revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, analysts forecast that Pentair plc will post 4.28 EPS for the current year.

Pentair Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Friday, October 18th. Pentair’s dividend payout ratio is presently 23.00%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PNR. StockNews.com lowered Pentair from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Mizuho raised their price target on Pentair from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Oppenheimer boosted their price target on Pentair from $98.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus increased their price objective on shares of Pentair from $101.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada boosted their target price on shares of Pentair from $101.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.80.

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.