Zurcher Kantonalbank Zurich Cantonalbank Increases Position in Pentair PLC (PNR)
Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Pentair PLC (NYSE:PNR) by 44.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,107 shares of the industrial products company’s stock after acquiring an additional 24,400 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pentair were worth $3,329,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Point72 Asia Hong Kong Ltd purchased a new stake in Pentair in the first quarter valued at $170,000. Alps Advisors Inc. acquired a new position in Pentair in the second quarter valued at $205,000. TLP Group LLC increased its stake in Pentair by 5,880.0% in the first quarter. TLP Group LLC now owns 3,289 shares of the industrial products company’s stock valued at $224,000 after purchasing an additional 3,234 shares during the period. Summit Trail Advisors LLC increased its stake in Pentair by 3,358.1% in the first quarter. Summit Trail Advisors LLC now owns 236,018 shares of the industrial products company’s stock valued at $236,000 after purchasing an additional 229,193 shares during the period. Finally, IBM Retirement Fund acquired a new position in Pentair in the first quarter valued at $248,000. 87.28% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:PNR opened at $42.80 on Monday. The stock has a market capitalization of $7.59 billion, a P/E ratio of 12.12, a PEG ratio of 1.87 and a beta of 1.36. Pentair PLC has a fifty-two week low of $39.70 and a fifty-two week high of $50.25. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.89 and a current ratio of 1.40.
A number of research firms have commented on PNR. Zacks Investment Research upgraded shares of Pentair from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Monday, July 30th. Stifel Nicolaus dropped their price objective on shares of Pentair from $70.00 to $44.00 and set a “hold” rating on the stock in a research note on Wednesday, May 2nd. Robert W. Baird restated a “hold” rating and issued a $44.00 price objective on shares of Pentair in a research note on Friday, July 20th. Barclays restated a “sell” rating and issued a $39.00 price objective on shares of Pentair in a research note on Thursday, July 26th. Finally, ValuEngine lowered shares of Pentair from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $57.43.
In other Pentair news, SVP Ademir Sarcevic sold 1,042 shares of the firm’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $41.67, for a total value of $43,420.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Trian Fund Management, L.P. sold 1,675,000 shares of the firm’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $44.14, for a total transaction of $73,934,500.00. Following the completion of the transaction, the director now owns 2,862 shares of the company’s stock, valued at $126,328.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,376,042 shares of company stock valued at $145,632,920. Corporate insiders own 10.70% 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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