Needham & Company LLC Reiterates Buy Rating for Everpure (NYSE:P)

Key Points

• Needham & Company reaffirmed a Buy rating on Everpure (NYSE:P) with a $140 price target, implying 43.23% potential upside from the reported $97.74 share price.
• Analyst sentiment remains favorable, with 17 Buy ratings, three Holds, and one Sell; the consensus rating is “Moderate Buy,” with an average target price of $129.10.
• Everpure reported quarterly EPS of $0.70 versus the $0.19 consensus estimate, while revenue rose 37.7% year over year to $1.19 billion. Insiders sold about $79.7 million of stock over the past 90 days.

Everpure (NYSE:P - Get Free Report)'s stock had its "buy" rating reissued by Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $140.00 price target on the stock. Needham & Company LLC's price target suggests a potential upside of 43.23% from the stock's current price.

Several other equities research analysts also recently weighed in on P. TD Cowen increased their target price on shares of Everpure from $100.00 to $170.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. Zacks Research downgraded shares of Everpure from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Guggenheim reiterated a "buy" rating and issued a $150.00 price target on shares of Everpure in a report on Thursday, August 27th. Barclays raised their price target on Everpure from $84.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Friday, August 28th. Finally, Bank of America upgraded Everpure from a "neutral" rating to a "buy" rating and increased their target price for the stock from $90.00 to $150.00 in a research note on Thursday, August 27th. Seventeen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $129.10.

Everpure Stock Up 0.8%

Shares of NYSE P opened at $97.74 on Thursday. Everpure has a 1-year low of $56.78 and a 1-year high of $119.10. The stock's 50 day moving average is $91.26. The company has a market capitalization of $32.57 billion, a PE ratio of 133.90, a P/E/G ratio of 3.90 and a beta of 1.43.

Everpure (NYSE:P - Get Free Report) last announced its earnings results on Wednesday, August 26th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.51. The firm had revenue of $1.19 billion during the quarter. Everpure had a return on equity of 19.06% and a net margin of 5.94%.The company's revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities analysts predict that Everpure will post 0.96 EPS for the current year.

Insiders Place Their Bets

In related news, insider John Colgrove sold 200,000 shares of Everpure stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $96.98, for a total value of $19,396,000.00. Following the completion of the sale, the insider directly owned 6,474,080 shares in the company, valued at $627,856,278.40. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan J.S. Taylor sold 8,543 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $81.74, for a total transaction of $698,304.82. Following the completion of the sale, the director owned 94,608 shares of the company's stock, valued at approximately $7,733,257.92. This represents a 8.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 817,520 shares of company stock worth $79,667,896 in the last ninety days. 5.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new position in Everpure during the 2nd quarter valued at approximately $814,000. Tidal Investments LLC acquired a new stake in shares of Everpure during the second quarter worth $14,252,000. Van Hulzen Asset Management LLC purchased a new stake in shares of Everpure during the second quarter valued at $5,382,000. One Capital Management LLC acquired a new position in shares of Everpure in the 2nd quarter valued at $2,301,000. Finally, National Pension Service acquired a new position in shares of Everpure in the 2nd quarter valued at $4,400,000. Hedge funds and other institutional investors own 83.42% of the company's stock.

About Everpure

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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