Mirae Asset Global Investments Co. Ltd. Raises Stock Position in Pool Corporation (NASDAQ:POOL)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Pool Corporation (NASDAQ:POOL) by 12.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,954 shares of the specialty retailer’s stock after buying an additional 559 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Pool were worth $1,560,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in shares of Pool in the fourth quarter valued at about $116,833,000. GAMMA Investing LLC raised its holdings in shares of Pool by 33,549.5% in the first quarter. GAMMA Investing LLC now owns 259,774 shares of the specialty retailer’s stock valued at $82,699,000 after buying an additional 259,002 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Pool by 27.5% in the fourth quarter. Wellington Management Group LLP now owns 1,042,514 shares of the specialty retailer’s stock valued at $355,435,000 after buying an additional 224,674 shares during the last quarter. Berkshire Hathaway Inc raised its holdings in shares of Pool by 48.2% in the fourth quarter. Berkshire Hathaway Inc now owns 598,689 shares of the specialty retailer’s stock valued at $204,117,000 after buying an additional 194,632 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in shares of Pool by 25.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 636,007 shares of the specialty retailer’s stock valued at $216,840,000 after buying an additional 129,780 shares during the last quarter. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Pool Trading Down 0.4%

Shares of Pool stock opened at $301.55 on Friday. Pool Corporation has a 12-month low of $282.22 and a 12-month high of $395.60. The company has a current ratio of 1.79, a quick ratio of 0.53 and a debt-to-equity ratio of 0.78. The stock has a market cap of $11.34 billion, a PE ratio of 28.29, a price-to-earnings-growth ratio of 3.86 and a beta of 1.10. The company has a 50-day moving average of $300.65 and a two-hundred day moving average of $321.60.

Pool (NASDAQ:POOL) last issued its earnings results on Thursday, April 24th. The specialty retailer reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.10). Pool had a net margin of 7.77% and a return on equity of 30.11%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the business posted $1.85 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis. On average, research analysts anticipate that Pool Corporation will post 11.32 EPS for the current fiscal year.

Pool declared that its Board of Directors has authorized a share buyback program on Wednesday, April 30th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the specialty retailer to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Pool Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.66%. This is a boost from Pool’s previous quarterly dividend of $1.20. The ex-dividend date was Thursday, May 15th. Pool’s dividend payout ratio (DPR) is 46.90%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Oppenheimer reduced their target price on shares of Pool from $370.00 to $322.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Robert W. Baird reduced their target price on shares of Pool from $325.00 to $310.00 and set a “neutral” rating for the company in a report on Friday, April 25th. Stephens cut their price target on shares of Pool from $400.00 to $350.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Stifel Nicolaus set a $300.00 price target on shares of Pool in a report on Friday, April 25th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Pool in a report on Tuesday, April 1st. They set a “hold” rating and a $344.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Pool presently has a consensus rating of “Hold” and a consensus target price of $342.00.

About Pool

Pool Corporation distributes swimming pool supplies, equipment, and related leisure products in the United States and internationally. The company offers maintenance products, including chemicals, supplies, and pool accessories; repair and replacement parts for pool equipment, such as cleaners, filters, heaters, pumps, and lights; and building materials, such as concrete, plumbing and electrical components, functional and decorative pool surfaces, decking materials, tiles, hardscapes, and natural stones for pool installations and remodeling.