State of Michigan Retirement System Lowers Position in Pool Co. (NASDAQ:POOL)

Posted by Defense World Staff on Apr 12th, 2023

State of Michigan Retirement System lessened its stake in shares of Pool Co. (NASDAQ:POOL – Get Rating) by 13.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,689 shares of the specialty retailer’s stock after selling 1,800 shares during the period. State of Michigan Retirement System’s holdings in Pool were worth $3,534,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prospera Financial Services Inc increased its position in Pool by 33.7% during the 3rd quarter. Prospera Financial Services Inc now owns 722 shares of the specialty retailer’s stock valued at $231,000 after buying an additional 182 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Pool by 127.4% during the 3rd quarter. Canada Pension Plan Investment Board now owns 3,570 shares of the specialty retailer’s stock valued at $1,136,000 after buying an additional 2,000 shares in the last quarter. LVW Advisors LLC increased its position in Pool by 3.0% during the 3rd quarter. LVW Advisors LLC now owns 2,435 shares of the specialty retailer’s stock valued at $775,000 after buying an additional 71 shares in the last quarter. Raymond James & Associates increased its position in Pool by 50.0% during the 3rd quarter. Raymond James & Associates now owns 246,292 shares of the specialty retailer’s stock valued at $78,373,000 after buying an additional 82,140 shares in the last quarter. Finally, Eaton Vance Management increased its position in Pool by 4.1% during the 3rd quarter. Eaton Vance Management now owns 84,175 shares of the specialty retailer’s stock valued at $26,785,000 after buying an additional 3,352 shares in the last quarter. Institutional investors own 98.15% of the company’s stock.

Analyst Upgrades and Downgrades

POOL has been the subject of a number of research analyst reports. Bank of America initiated coverage on Pool in a report on Thursday, December 15th. They issued an “underperform” rating and a $291.00 target price for the company. Loop Capital raised Pool from a “hold” rating to a “buy” rating and lifted their target price for the stock from $395.00 to $415.00 in a report on Thursday, April 6th. Oppenheimer started coverage on Pool in a report on Thursday, March 9th. They issued an “outperform” rating and a $408.00 target price for the company. Jefferies Financial Group lifted their price objective on Pool from $325.00 to $350.00 and gave the stock a “hold” rating in a report on Monday, February 13th. Finally, The Goldman Sachs Group lifted their price objective on Pool from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Friday, February 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pool has a consensus rating of “Hold” and an average price target of $395.18.

Pool Price Performance

NASDAQ POOL opened at $345.82 on Wednesday. Pool Co. has a 12 month low of $278.10 and a 12 month high of $473.98. The stock has a market cap of $13.51 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 3.38 and a beta of 0.94. The company’s 50 day moving average is $355.84 and its two-hundred day moving average is $334.78. The company has a current ratio of 2.99, a quick ratio of 0.63 and a debt-to-equity ratio of 1.10.

Pool (NASDAQ:POOL – Get Rating) last released its earnings results on Thursday, February 16th. The specialty retailer reported $1.79 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.21). Pool had a return on equity of 61.70% and a net margin of 12.11%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business posted $2.30 EPS. Pool’s revenue was up 5.8% on a year-over-year basis. As a group, research analysts anticipate that Pool Co. will post 16.49 earnings per share for the current year.

Pool Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 29th. Shareholders of record on Wednesday, March 15th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Tuesday, March 14th. Pool’s payout ratio is 21.46%.

About Pool

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Pool Corp. engages in the wholesale distribution of swimming pool supplies, equipment, and related leisure products. It also offers non-discretionary pool maintenance products such as chemicals and replacement parts, discretionary products like packaged pool kits, whole goods, irrigation, and landscape products, including a complete line of commercial and residential irrigation products and parts, power equipment for the professional landscape market, specialty products such as outdoor lighting, grills, and outdoor kitchen components, and golf irrigation and water management products.