Pentair (NYSE:PNR) Given New $61.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Pentair’s price target from $73 to $61 while maintaining a “sector perform” rating, implying 17.67% upside from the stock’s $51.84 price. MarketBeat’s consensus rating is “Hold,” with an average target of $80.76.
• Pentair shares fell 2.1% to $51.84, near their 12-month low of $51.13 and well below the 200-day moving average of $70.46. The stock has a market capitalization of $8.28 billion and a P/E ratio of 13.05.
• The company exceeded quarterly EPS expectations slightly, reporting $1.14 versus $1.12 anticipated, but revenue declined 17% year over year to $932.6 million. Institutional investors and hedge funds own 92.37% of Pentair’s shares.

Pentair (NYSE:PNR - Get Free Report) had its price objective cut by investment analysts at Royal Bank Of Canada from $73.00 to $61.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a "sector perform" rating on the industrial products company's stock. Royal Bank Of Canada's target price would suggest a potential upside of 17.67% from the company's current price.

PNR has been the topic of several other reports. Weiss Ratings downgraded Pentair from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. TD Cowen raised Pentair from a "sell" rating to a "hold" rating and set a $55.00 target price on the stock in a research report on Wednesday. Seaport Research Partners cut Pentair from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 15th. Wolfe Research raised Pentair from a "peer perform" rating to an "outperform" rating and set a $91.00 price target for the company in a report on Tuesday, September 15th. Finally, The Goldman Sachs Group dropped their price target on Pentair from $73.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Pentair presently has a consensus rating of "Hold" and an average price target of $80.76.

Pentair Stock Down 2.1%

NYSE:PNR traded down $1.13 during midday trading on Wednesday, reaching $51.84. 199,683 shares of the stock traded hands, compared to its average volume of 2,421,547. Pentair has a 12-month low of $51.13 and a 12-month high of $112.13. The business has a 50-day moving average of $59.07 and a two-hundred day moving average of $70.46. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.76 and a current ratio of 1.45. The stock has a market capitalization of $8.28 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 1.33 and a beta of 1.04.

Pentair (NYSE:PNR - Get Free Report) last announced its earnings results on Wednesday, July 29th. The industrial products company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.02. The company had revenue of $932.60 million during the quarter, compared to the consensus estimate of $943.24 million. Pentair had a net margin of 16.24% and a return on equity of 20.62%. Pentair's revenue was down 17.0% compared to the same quarter last year. During the same period last year, the firm earned $1.39 earnings per share. On average, equities analysts forecast that Pentair will post 4.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pentair

Several hedge funds have recently made changes to their positions in the company. Gotham Asset Management LLC raised its stake in shares of Pentair by 27.0% in the fourth quarter. Gotham Asset Management LLC now owns 491,817 shares of the industrial products company's stock worth $51,218,000 after purchasing an additional 104,674 shares during the last quarter. Amundi boosted its position in Pentair by 13.1% in the first quarter. Amundi now owns 4,237,659 shares of the industrial products company's stock valued at $369,208,000 after buying an additional 491,758 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Pentair by 10.2% in the second quarter. Handelsbanken Fonder AB now owns 206,025 shares of the industrial products company's stock valued at $15,794,000 after buying an additional 19,053 shares during the last quarter. Wellington Management Group LLP boosted its position in Pentair by 277.8% in the second quarter. Wellington Management Group LLP now owns 48,370 shares of the industrial products company's stock valued at $3,708,000 after buying an additional 35,568 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Pentair by 88.7% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 75,631 shares of the industrial products company's stock worth $6,588,000 after buying an additional 35,550 shares during the period. 92.37% of the stock is owned by institutional investors and hedge funds.

Pentair Company Profile

Pentair plc NYSE: PNR is a water treatment and fluid management company that develops products and solutions for residential, commercial, industrial, and municipal customers. Its offerings are designed to help move, treat, filter, control, and conserve water across a range of applications.

The company's products include pool pumps, filters, heaters, cleaners, lighting, automation systems, and related equipment, as well as water softeners, filtration systems, pumps, valves, controls, and other water-treatment technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.