Everpure (NYSE:P) Downgraded by Wall Street Zen to Buy

Key Points

• Wall Street Zen downgraded Everpure from “strong buy” to “buy,” while the broader analyst consensus remains “moderate buy,” with an average price target of $129.10.
• Everpure reported quarterly earnings of $0.70 per share, beating estimates of $0.19, while revenue rose 37.7% year over year to $1.19 billion.
• Shares opened at $98.05 after rising 4.2%; however, insiders have sold approximately $70.2 million worth of stock over the past 90 days, while institutional investors own 83.42% of shares.

Everpure (NYSE:P - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other research analysts have also issued reports on the company. Morgan Stanley increased their price objective on Everpure from $108.00 to $119.00 and gave the stock an "overweight" rating in a research note on Thursday, August 27th. Northland Securities boosted their target price on shares of Everpure from $90.00 to $128.00 and gave the company an "outperform" rating in a research note on Friday, August 28th. Piper Sandler reaffirmed an "overweight" rating and issued a $133.00 target price (up from $92.00) on shares of Everpure in a report on Thursday, August 27th. JPMorgan Chase & Co. increased their target price on shares of Everpure from $130.00 to $145.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Finally, Susquehanna reiterated a "positive" rating and set a $145.00 target price on shares of Everpure in a research report on Thursday, August 27th. Seventeen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $129.10.

Everpure Trading Up 4.2%

Shares of P opened at $98.05 on Friday. The company has a market capitalization of $32.67 billion, a PE ratio of 134.32, a price-to-earnings-growth ratio of 3.78 and a beta of 1.43. Everpure has a 12 month low of $56.78 and a 12 month high of $119.10. The business's 50-day simple moving average is $90.17.

Everpure (NYSE:P - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.51. Everpure had a return on equity of 19.06% and a net margin of 5.94%.The company had revenue of $1.19 billion for the quarter. The company's quarterly revenue was up 37.7% on a year-over-year basis. On average, analysts expect that Everpure will post 0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Everpure news, Director Susan J.S. Taylor sold 8,543 shares of the business's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $81.74, for a total value of $698,304.82. Following the transaction, the director owned 94,608 shares of the company's stock, valued at approximately $7,733,257.92. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew Brown sold 4,735 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $72.57, for a total value of $343,618.95. Following the completion of the sale, the director owned 27,683 shares of the company's stock, valued at approximately $2,008,955.31. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 717,520 shares of company stock worth $70,172,896. 5.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Everpure

A number of institutional investors have recently modified their holdings of P. California State Teachers Retirement System acquired a new stake in Everpure in the second quarter worth about $2,964,174,000. Norges Bank acquired a new position in Everpure during the 4th quarter valued at about $265,327,000. Atreides Management LP acquired a new position in Everpure during the 2nd quarter valued at about $204,552,000. Polar Capital Holdings Plc lifted its position in Everpure by 90.5% during the 3rd quarter. Polar Capital Holdings Plc now owns 2,831,141 shares of the company's stock valued at $237,278,000 after purchasing an additional 1,345,207 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Everpure by 62.7% in the 4th quarter. AQR Capital Management LLC now owns 3,414,715 shares of the company's stock valued at $228,820,000 after purchasing an additional 1,315,351 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Everpure Company Profile

Everpure is a water-treatment and filtration brand owned by Pentair plc, rather than a separately listed company trading under the NYSE symbol P. The brand provides filtration and water-conditioning solutions for residential, commercial, foodservice, and beverage applications.

Its product portfolio includes water filters, cartridges, heads, manifolds, reverse-osmosis systems, scale-reduction products, and related treatment equipment. Everpure systems are used to improve water quality and help protect equipment in applications such as drinking-water dispensers, coffee and tea equipment, ice machines, restaurants, and other foodservice operations.

Everpure was established in 1933 and serves customers through Pentair's global water-solutions business.

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