ARGA Investment Management LP Buys 28,350 Shares of Pentair plc $PNR

Key Points

• ARGA Investment Management opened a new Pentair position, buying 28,350 shares worth approximately $1.5 million during the third quarter.
• Pentair beat quarterly EPS and revenue estimates, reporting EPS of $1.18 and revenue of $976.4 million; revenue nevertheless fell 4.5% year over year. Analysts’ consensus rating is Hold, with an average price target of $76.59.
• The company announced a quarterly dividend of $0.27 per share, equivalent to $1.08 annually and a 1.6% yield.

ARGA Investment Management LP acquired a new stake in Pentair plc (NYSE:PNR - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 28,350 shares of the industrial products company's stock, valued at approximately $1,502,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Inspire Investing LLC grew its stake in shares of Pentair by 7.1% during the first quarter. Inspire Investing LLC now owns 2,825 shares of the industrial products company's stock valued at $246,000 after acquiring an additional 188 shares in the last quarter. CI Investments Inc. lifted its stake in shares of Pentair by 8.5% in the first quarter. CI Investments Inc. now owns 2,657 shares of the industrial products company's stock worth $231,000 after acquiring an additional 209 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Pentair by 8.4% in the first quarter. Fifth Third Bancorp now owns 3,502 shares of the industrial products company's stock worth $305,000 after acquiring an additional 271 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in Pentair by 6.2% in the first quarter. V Square Quantitative Management LLC now owns 5,526 shares of the industrial products company's stock valued at $481,000 after purchasing an additional 321 shares during the last quarter. Finally, Westpac Banking Corp boosted its holdings in Pentair by 30.1% in the first quarter. Westpac Banking Corp now owns 1,524 shares of the industrial products company's stock valued at $133,000 after purchasing an additional 353 shares during the last quarter. Institutional investors and hedge funds own 92.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. UBS Group set a $65.00 price objective on shares of Pentair in a research note on Wednesday, October 28th. Oppenheimer decreased their price target on Pentair from $94.00 to $84.00 and set an "outperform" rating for the company in a research note on Wednesday, October 21st. Zacks Research upgraded Pentair from a "strong sell" rating to a "hold" rating in a research note on Wednesday, October 7th. Citigroup boosted their price objective on Pentair from $69.00 to $74.00 and gave the company a "buy" rating in a report on Wednesday, October 28th. Finally, TD Cowen upgraded Pentair from a "sell" rating to a "hold" rating and cut their price objective for the company from $65.00 to $55.00 in a research note on Wednesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $76.59.

Pentair Price Performance

Shares of Pentair stock opened at $69.65 on Wednesday. Pentair plc has a 52 week low of $51.13 and a 52 week high of $109.89. The company has a current ratio of 1.47, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38. The stock has a market cap of $11.12 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01. The company's 50-day moving average price is $57.01 and its two-hundred day moving average price is $76.11.

Pentair (NYSE:PNR - Get Free Report) last released its earnings results on Tuesday, October 27th. The industrial products company reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.11. The business had revenue of $976.40 million for the quarter, compared to the consensus estimate of $963.71 million. Pentair had a net margin of 15.44% and a return on equity of 20.10%. The business's revenue for the quarter was down 4.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.24 EPS. As a group, sell-side analysts anticipate that Pentair plc will post 4.70 EPS for the current fiscal year.

Pentair Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 6th. Shareholders of record on Friday, October 23rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, October 23rd. Pentair's dividend payout ratio (DPR) is presently 28.65%.

About Pentair

Pentair plc NYSE: PNR is a water treatment and management company that designs and manufactures products and systems for residential, commercial, industrial, and recreational applications. Its offerings include water filtration, softening, and purification systems; pumps, valves, controls, and related equipment; and solutions that help customers manage water quality, flow, and conservation.

The company also serves the swimming pool and spa market through equipment such as pumps, filters, heaters, lighting, automation systems, and water-treatment products.

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