Pentair (PNR) Rating Increased to Buy at Zacks Investment Research
Pentair (NYSE:PNR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $48.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 19.17% from the company’s previous close.
According to Zacks, “Pentair revised 2018 adjusted earnings per share guidance to around $2.33 from the previous expectation of roughly $2.31, reflecting the benefit of share repurchases as well as improved operating performance in the third-quarter. This marks the second consecutive quarter that the company has raised its guidance. Momentum in its segments, productivity improvement and benefits from restructuring actions will aid results. The company continues to introduce new products, make acquisitions and investments in sync with its key growth initiatives of advancing pool growth, and accelerating residential and commercial water treatment. “
Several other research firms have also weighed in on PNR. Stifel Nicolaus upgraded shares of Pentair from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Wednesday, October 24th. ValuEngine upgraded shares of Pentair from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Pentair from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $56.08.
Pentair (NYSE:PNR) last posted its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The company had revenue of $711.40 million during the quarter, compared to analyst estimates of $698.88 million. Pentair had a net margin of 11.04% and a return on equity of 16.35%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. Analysts predict that Pentair will post 2.33 earnings per share for the current year.
In other Pentair news, Director Glynis Bryan sold 17,133 shares of the stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $45.00, for a total transaction of $770,985.00. Following the completion of the transaction, the director now owns 35,115 shares in the company, valued at $1,580,175. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.90% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the business. Wells Fargo & Company MN boosted its position in shares of Pentair by 39.1% in the second quarter. Wells Fargo & Company MN now owns 3,619,549 shares of the industrial products company’s stock valued at $152,309,000 after acquiring an additional 1,017,611 shares during the period. Parnassus Investments CA boosted its position in shares of Pentair by 13.6% in the second quarter. Parnassus Investments CA now owns 7,973,507 shares of the industrial products company’s stock valued at $335,525,000 after acquiring an additional 955,374 shares during the period. Nordea Investment Management AB bought a new position in shares of Pentair in the third quarter valued at approximately $30,745,000. Bank of New York Mellon Corp boosted its position in shares of Pentair by 56.5% in the third quarter. Bank of New York Mellon Corp now owns 1,774,904 shares of the industrial products company’s stock valued at $76,942,000 after acquiring an additional 640,849 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Pentair by 273.5% in the third quarter. Prudential Financial Inc. now owns 855,530 shares of the industrial products company’s stock valued at $37,087,000 after acquiring an additional 626,490 shares during the period. Hedge funds and other institutional investors own 85.79% of the company’s stock.
Pentair plc provides various smart water solutions worldwide. It designs, manufactures, and services various products and solutions to meet filtration, separation, flow, and water management challenges. The company's products and services include water treatment equipment, including energy-efficient pumps, point-of-entry/point-of-use filtration products, valves, UV sanitization, and automation controls for residential and commercial applications, as well as engineered solutions in advanced filtration, desalination, water supply and disposal, process, and control for industrial and infrastructure applications.
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