Bank of New York Mellon Corp Has $54.48 Million Stock Position in Pentair plc (NYSE:PNR)

Posted by Defense World Staff on Mar 11th, 2023

Pentair logo Bank of New York Mellon Corp increased its stake in Pentair plc (NYSE:PNR – Get Rating) by 0.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,340,926 shares of the industrial products company’s stock after acquiring an additional 6,104 shares during the quarter. Bank of New York Mellon Corp owned about 0.82% of Pentair worth $54,482,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bayesian Capital Management LP bought a new stake in Pentair in the third quarter worth approximately $228,000. Blueshift Asset Management LLC bought a new stake in Pentair in the third quarter worth approximately $265,000. CI Investments Inc. increased its holdings in Pentair by 19,877.8% in the third quarter. CI Investments Inc. now owns 1,798 shares of the industrial products company’s stock worth $73,000 after purchasing an additional 1,789 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Pentair by 31.0% in the third quarter. Commonwealth Equity Services LLC now owns 28,594 shares of the industrial products company’s stock worth $1,161,000 after purchasing an additional 6,772 shares in the last quarter. Finally, AlphaCrest Capital Management LLC increased its holdings in Pentair by 46.0% in the third quarter. AlphaCrest Capital Management LLC now owns 36,754 shares of the industrial products company’s stock worth $1,493,000 after purchasing an additional 11,573 shares in the last quarter. 90.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on PNR. Cowen boosted their price objective on Pentair from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Friday, February 24th. Barclays boosted their price objective on Pentair from $56.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, February 1st. Mizuho boosted their price objective on Pentair from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 1st. Robert W. Baird boosted their price objective on Pentair from $48.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, February 1st. Finally, Morgan Stanley lifted their target price on Pentair from $41.00 to $49.00 and gave the company an “underweight” rating in a research report on Wednesday, February 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.31.

Pentair Stock Down 3.1 %

Shares of NYSE PNR opened at $52.68 on Friday. Pentair plc has a one year low of $38.55 and a one year high of $60.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.47 and a quick ratio of 0.72. The business’s fifty day moving average price is $53.15 and its 200-day moving average price is $46.97. The stock has a market capitalization of $8.67 billion, a PE ratio of 18.23, a P/E/G ratio of 1.89 and a beta of 1.13.

Pentair (NYSE:PNR – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The industrial products company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03. Pentair had a return on equity of 23.40% and a net margin of 11.67%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $993.68 million. During the same quarter in the prior year, the firm earned $0.87 EPS. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities research analysts anticipate that Pentair plc will post 3.54 EPS for the current year.

Pentair Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 5th. Stockholders of record on Friday, April 21st will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, April 20th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.67%. Pentair’s dividend payout ratio is presently 30.45%.

Insider Activity at Pentair

In related news, Director Glynis Bryan sold 3,947 shares of the business’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $45.14, for a total transaction of $178,167.58. Following the sale, the director now directly owns 27,609 shares in the company, valued at approximately $1,246,270.26. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.96% of the stock is currently owned by corporate insiders.

Pentair Company Profile

(Get Rating)

Pentair plc engages in the provision of water solutions for residential, commercial, industrial, infrastructure, and agriculture applications. Its portfolio of solutions enables people, businesses, and industries to access clean, safe water, reduce water consumption, and recover and reuse it. The firm operates through the following business segments: Consumer Solutions and Industrial & Flow Technologies.