Citigroup Inc. Lowers Holdings in Pentair plc (NYSE:PNR)

Citigroup Inc. reduced its stake in shares of Pentair plc (NYSE:PNR) by 19.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,888 shares of the industrial products company’s stock after selling 43,937 shares during the period. Citigroup Inc.’s holdings in Pentair were worth $18,080,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its position in Pentair by 1.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 7,956 shares of the industrial products company’s stock valued at $610,000 after acquiring an additional 121 shares during the period. Wedmont Private Capital grew its holdings in shares of Pentair by 3.9% during the 2nd quarter. Wedmont Private Capital now owns 3,403 shares of the industrial products company’s stock worth $270,000 after purchasing an additional 128 shares during the period. Fifth Third Bancorp increased its position in Pentair by 3.8% during the 2nd quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock worth $267,000 after purchasing an additional 129 shares in the last quarter. Inspire Advisors LLC raised its holdings in Pentair by 1.6% in the third quarter. Inspire Advisors LLC now owns 8,121 shares of the industrial products company’s stock valued at $794,000 after buying an additional 130 shares during the period. Finally, Retirement Systems of Alabama lifted its position in Pentair by 0.4% during the second quarter. Retirement Systems of Alabama now owns 36,624 shares of the industrial products company’s stock valued at $2,808,000 after buying an additional 139 shares in the last quarter. 92.37% of the stock is owned by institutional investors and hedge funds.

Pentair Trading Down 0.1 %

NYSE:PNR opened at $108.96 on Thursday. The company has a market cap of $18.00 billion, a PE ratio of 27.24, a P/E/G ratio of 1.92 and a beta of 1.19. The business’s 50 day moving average is $99.99 and its two-hundred day moving average is $88.57. The company has a quick ratio of 0.91, a current ratio of 1.60 and a debt-to-equity ratio of 0.47. Pentair plc has a 52 week low of $63.09 and a 52 week high of $110.71.

Pentair (NYSE:PNR) last released its earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The firm had revenue of $993.40 million during the quarter, compared to analyst estimates of $988.53 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, analysts predict that Pentair plc will post 4.28 EPS for the current year.

Pentair Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were paid a $0.23 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.92 dividend on an annualized basis and a yield of 0.84%. Pentair’s payout ratio is currently 23.00%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PNR shares. KeyCorp raised their target price on shares of Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. TD Cowen boosted their price objective on Pentair from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group upped their target price on Pentair from $93.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. UBS Group raised their target price on Pentair from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Stifel Nicolaus upped their price target on Pentair from $101.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $106.38.

Insider Activity

In related news, EVP Philip M. Rolchigo sold 3,588 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.67, for a total transaction of $357,615.96. Following the completion of the transaction, the executive vice president now owns 19,232 shares in the company, valued at $1,916,853.44. The trade was a 15.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

About Pentair

Pentair plc provides various water solutions in the United States, Western Europe, China, Eastern Europe, Latin America, the Middle East, Southeast Asia, Australia, Canada, and Japan. The company operates through three segments: Flow, Water Solutions, and Pool. The Flow segment designs, manufactures, and sells fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles for fluid delivery, ion exchange, desalination, food and beverage, separation technologies in the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation, and crop spray in residential, commercial, and industrial markets.