Comerica Bank Trims Stock Holdings in Everpure, Inc. $P

Key Points

• Comerica Bank cut its Everpure stake by 73.8% in Q4, selling 404,988 shares and retaining 143,481 shares valued at about $9.62 million.
• Other institutions moved in opposite directions: Goldman Sachs raised its position to 1,137,939 shares (~$50.38 million) and institutional ownership stands at 83.42%.
• Wall Street maintains a consensus of "Moderate Buy" with an average target of $93.21 versus the current price near $70.31, while insiders have sold roughly 200,000 shares (~$14.0 million) in the past 90 days.

Comerica Bank reduced its stake in Everpure, Inc. (NYSE:P - Free Report) by 73.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,481 shares of the company's stock after selling 404,988 shares during the quarter. Comerica Bank's holdings in Everpure were worth $9,615,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in P. Integrated Wealth Concepts LLC purchased a new stake in shares of Everpure in the first quarter valued at $541,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Everpure by 129.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,742 shares of the company's stock valued at $387,000 after acquiring an additional 4,926 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Everpure by 109.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the company's stock valued at $50,377,000 after acquiring an additional 595,307 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Everpure by 4.2% in the first quarter. Empowered Funds LLC now owns 4,790 shares of the company's stock valued at $212,000 after acquiring an additional 194 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Everpure by 261.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,203 shares of the company's stock valued at $184,000 after acquiring an additional 2,316 shares in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on P. Citigroup reduced their price objective on Everpure from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, February 17th. Piper Sandler reiterated a "buy" rating on shares of Everpure in a research report on Thursday, February 26th. JPMorgan Chase & Co. reduced their target price on Everpure from $105.00 to $80.00 and set an "overweight" rating on the stock in a research report on Thursday, April 16th. Barclays increased their target price on Everpure from $77.00 to $81.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 26th. Finally, Wells Fargo & Company reduced their target price on Everpure from $100.00 to $90.00 and set an "overweight" rating on the stock in a research report on Thursday, February 26th. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $93.21.

Everpure Trading Down 0.9%

NYSE P opened at $70.31 on Thursday. Everpure, Inc. has a twelve month low of $43.51 and a twelve month high of $100.59. The stock has a market cap of $23.23 billion, a P/E ratio of 127.84, a price-to-earnings-growth ratio of 5.52 and a beta of 1.34.

Everpure (NYSE:P - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.04. Everpure had a return on equity of 14.36% and a net margin of 5.14%.The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The firm's revenue for the quarter was up 20.4% compared to the same quarter last year. On average, equities analysts anticipate that Everpure, Inc. will post 0.72 EPS for the current year.

Insider Buying and Selling

In other Everpure news, insider John Colgrove sold 28,935 shares of the company's stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $70.01, for a total transaction of $2,025,739.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 200,000 shares of company stock worth $14,046,750 in the last ninety days. Corporate insiders own 5.60% of the company's stock.

About Everpure

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array.

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