Pentair PLC. (PNR) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Pentair PLC. (NYSE:PNR) from a buy rating to a hold rating in a research note released on Thursday.
According to Zacks, “Pentair’s bottom line improved 13.6% year over year in second-quarter 2017 and came in line with the Zacks Consensus Estimate. The top line decreased 3% year over year and missed the Consensus mark. Pentair has constricted its full-year 2017 adjusted earnings per share (EPS) guidance to around $3.50 due to incremental costs caused by the spin-off of its Electrical business. The company guided third-quarter adjusted EPS guidance range of $0.91–$0.93 and adjusted core sales to grow roughly 4% for the quarter. Going forward, its focus on reorganization activities will fuel growth. The company will also gain from strong performance of the Aquatic & Environmental Systems business. However, lingering weakness in the Engineered Pump businesses, Thermal business and Telecom business, strengthening of the U.S. dollar, as well as price volatility for raw materials remain headwinds. “
Several other research firms have also recently weighed in on PNR. BMO Capital Markets restated a hold rating and issued a $61.00 price objective on shares of Pentair PLC. in a research report on Wednesday, April 26th. Royal Bank Of Canada restated a buy rating and issued a $77.00 price objective on shares of Pentair PLC. in a research report on Tuesday, June 6th. KeyCorp upgraded shares of Pentair PLC. from a sector weight rating to an overweight rating and set a $77.00 price objective on the stock in a research report on Wednesday, May 17th. Wolfe Research started coverage on shares of Pentair PLC. in a research report on Tuesday, July 11th. They issued a market perform rating on the stock. Finally, Jefferies Group LLC upped their price objective on shares of Pentair PLC. from $58.00 to $59.00 and gave the stock a hold rating in a research report on Friday, April 28th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. Pentair PLC. currently has a consensus rating of Hold and an average price target of $66.86.
Shares of Pentair PLC. (NYSE PNR) traded down 0.40% during midday trading on Thursday, hitting $63.02. 452,448 shares of the company traded hands. Pentair PLC. has a 52 week low of $53.80 and a 52 week high of $69.03. The stock has a 50 day moving average of $65.76 and a 200-day moving average of $62.91. The stock has a market capitalization of $11.44 billion, a PE ratio of 18.55 and a beta of 1.40.
Pentair PLC. (NYSE:PNR) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.00 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.00. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Pentair PLC. had a net margin of 12.86% and a return on equity of 13.17%. Pentair PLC.’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 earnings per share. Equities analysts forecast that Pentair PLC. will post $3.51 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, August 4th. Stockholders of record on Friday, July 21st will be issued a $0.345 dividend. This represents a $1.38 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Wednesday, July 19th. Pentair PLC.’s dividend payout ratio is 40.71%.
In other news, Director Edward P. Garden bought 398,000 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were purchased at an average price of $65.13 per share, for a total transaction of $25,921,740.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David A. /Wi Jones sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $67.68, for a total transaction of $676,800.00. Following the completion of the transaction, the director now owns 20,804 shares in the company, valued at approximately $1,408,014.72. The disclosure for this sale can be found here. In the last 90 days, insiders bought 1,726,000 shares of company stock worth $112,619,140 and sold 237,500 shares worth $15,706,725. 9.90% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Pentair PLC. by 3.7% in the first quarter. Vanguard Group Inc. now owns 15,766,592 shares of the industrial products company’s stock valued at $989,827,000 after buying an additional 557,786 shares in the last quarter. BlackRock Inc. boosted its position in shares of Pentair PLC. by 1,577.2% in the first quarter. BlackRock Inc. now owns 11,564,179 shares of the industrial products company’s stock valued at $726,001,000 after buying an additional 10,874,699 shares in the last quarter. State Street Corp boosted its position in shares of Pentair PLC. by 1.6% in the first quarter. State Street Corp now owns 11,282,638 shares of the industrial products company’s stock valued at $708,327,000 after buying an additional 180,937 shares in the last quarter. Parnassus Investments CA boosted its position in shares of Pentair PLC. by 1.3% in the first quarter. Parnassus Investments CA now owns 9,038,266 shares of the industrial products company’s stock valued at $551,514,000 after buying an additional 114,323 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Pentair PLC. by 16.1% in the first quarter. Clearbridge Investments LLC now owns 6,133,909 shares of the industrial products company’s stock valued at $385,087,000 after buying an additional 850,370 shares in the last quarter. Hedge funds and other institutional investors own 86.70% of the company’s stock.
About Pentair PLC.
Pentair, Inc (Pentair) is a focused diversified industrial manufacturing company. The Company operates in two segments: Water & Fluid Solutions and Technical Products. Water & Fluid Solutions is providing products and systems used worldwide in the movement, storage and treatment of water. Technical Products is engaged in the global enclosures and thermal management markets, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components and protect the people that use them.
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