Allstate Corp Makes New Investment in Pentair plc $PNR

Allstate Corp acquired a new position in shares of Pentair plc (NYSE:PNR) during the third quarter, Holdings Channel reports. The institutional investor acquired 6,049 shares of the industrial products company’s stock, valued at approximately $670,000.

Several other large investors have also recently made changes to their positions in the company. Richardson Financial Services Inc. lifted its holdings in Pentair by 64.9% in the 3rd quarter. Richardson Financial Services Inc. now owns 249 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 98 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Pentair by 105.4% during the second quarter. First Horizon Advisors Inc. now owns 345 shares of the industrial products company’s stock worth $35,000 after buying an additional 177 shares in the last quarter. North Star Investment Management Corp. raised its position in shares of Pentair by 91.5% in the second quarter. North Star Investment Management Corp. now owns 404 shares of the industrial products company’s stock valued at $41,000 after buying an additional 193 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of Pentair by 58.8% in the third quarter. CoreCap Advisors LLC now owns 405 shares of the industrial products company’s stock valued at $45,000 after buying an additional 150 shares during the last quarter. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Pentair in the second quarter worth about $45,000. 92.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PNR shares. TD Cowen cut shares of Pentair from a “buy” rating to a “market perform” rating in a research note on Monday, January 5th. Citigroup decreased their target price on shares of Pentair from $135.00 to $126.00 and set a “buy” rating on the stock in a research note on Monday, January 12th. Jefferies Financial Group upgraded Pentair from a “hold” rating to a “buy” rating and upped their price target for the company from $120.00 to $135.00 in a research report on Wednesday, December 10th. UBS Group increased their price target on Pentair from $120.00 to $124.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Pentair in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $117.47.

Insider Activity at Pentair

In related news, Director T Michael Glenn sold 6,558 shares of Pentair stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $104.33, for a total value of $684,196.14. Following the completion of the transaction, the director owned 31,192 shares in the company, valued at approximately $3,254,261.36. The trade was a 17.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert P. Fishman sold 7,786 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $105.42, for a total transaction of $820,800.12. Following the sale, the chief financial officer directly owned 63,164 shares in the company, valued at approximately $6,658,748.88. The trade was a 10.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.10% of the company’s stock.

Pentair Trading Up 0.9%

Shares of NYSE PNR opened at $108.13 on Friday. The company has a current ratio of 1.46, a quick ratio of 0.82 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $17.69 billion, a PE ratio of 27.44, a PEG ratio of 1.88 and a beta of 1.22. Pentair plc has a twelve month low of $74.25 and a twelve month high of $113.95. The stock has a fifty day simple moving average of $104.63 and a 200-day simple moving average of $106.56.

Pentair (NYSE:PNR) last announced its earnings results on Tuesday, October 21st. The industrial products company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.06. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1 billion. Pentair had a return on equity of 21.83% and a net margin of 15.84%.Pentair’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the business posted $1.09 EPS. On average, equities analysts forecast that Pentair plc will post 4.77 earnings per share for the current year.

Pentair Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 6th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.27 per share. This is a boost from Pentair’s previous quarterly dividend of $0.25. This represents a $1.08 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, January 23rd. Pentair’s dividend payout ratio is currently 25.38%.

Pentair Company Profile

Pentair plc (NYSE: PNR) is a global provider of water treatment and fluid management solutions. The company designs, manufactures and sells a broad range of products that move, treat, monitor and control the flow of water and other fluids across residential, commercial, industrial and municipal markets. Pentair’s offerings are focused on improving water quality, conserving resources and enabling efficient fluid handling in applications from household water systems and pools to large-scale industrial and municipal installations.

Product lines include pumps and pumping systems, water filtration and purification equipment, valves and controls, heat exchangers, pool and spa systems, and a range of aftermarket parts and services.