Pentair (NYSE:PNR) Downgraded by Bank of America to Underperform

Key Points

• Pentair has been downgraded by Bank of America from a "neutral" to an "underperform" rating, with a price target set at $100, indicating a potential downside of 3.28% from the company’s previous close.
• Despite the downgrade, other firms have raised their price targets, with Stifel Nicolaus increasing theirs from $104 to $124 and Citigroup raising theirs from $99 to $125, both maintaining a "buy" rating.
• Pentair reported quarterly earnings of $1.39 EPS, surpassing analyst expectations of $1.33, alongside a revenue of $1.12 billion for the quarter, marking a 2.2% year-over-year increase.

Pentair (NYSE:PNR - Get Free Report) was downgraded by Bank of America from a "neutral" rating to an "underperform" rating in a research note issued on Tuesday, Marketbeat.com reports. They currently have a $100.00 price target on the industrial products company's stock, down from their previous price target of $106.00. Bank of America's price target suggests a potential downside of 0.60% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada lifted their price target on shares of Pentair from $99.00 to $101.00 and gave the company an "outperform" rating in a research report on Wednesday, April 23rd. Stifel Nicolaus lifted their price target on shares of Pentair from $104.00 to $124.00 and gave the company a "buy" rating in a research report on Monday, July 21st. TD Cowen cut shares of Pentair from a "buy" rating to a "hold" rating and dropped their price target for the company from $115.00 to $110.00 in a research report on Wednesday, July 23rd. Robert W. Baird lifted their price target on shares of Pentair from $107.00 to $121.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Finally, The Goldman Sachs Group set a $95.00 price target on shares of Pentair and gave the company a "neutral" rating in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $114.36.

Pentair Stock Down 1.6%

Shares of NYSE:PNR traded down $1.60 during trading hours on Tuesday, hitting $100.60. The company's stock had a trading volume of 1,633,441 shares, compared to its average volume of 1,574,536. Pentair has a 52 week low of $74.25 and a 52 week high of $110.71. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.45 and a quick ratio of 0.84. The company has a market capitalization of $16.49 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 1.94 and a beta of 1.09. The firm's fifty day moving average price is $101.88 and its 200 day moving average price is $95.59.

Pentair (NYSE:PNR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.06. The business had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.12 billion. Pentair had a return on equity of 21.62% and a net margin of 14.86%. The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, research analysts expect that Pentair will post 4.77 EPS for the current year.

Institutional Trading of Pentair

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Pentair in the fourth quarter worth $36,568,000. Asset Management One Co. Ltd. increased its stake in shares of Pentair by 4.8% in the first quarter. Asset Management One Co. Ltd. now owns 75,337 shares of the industrial products company's stock valued at $6,590,000 after buying an additional 3,476 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Pentair by 31.5% in the first quarter. Sequoia Financial Advisors LLC now owns 4,453 shares of the industrial products company's stock valued at $390,000 after buying an additional 1,067 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Pentair by 6.6% in the first quarter. Fifth Third Bancorp now owns 4,075 shares of the industrial products company's stock valued at $356,000 after buying an additional 253 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Pentair by 14.0% in the first quarter. GAMMA Investing LLC now owns 3,964 shares of the industrial products company's stock valued at $347,000 after buying an additional 487 shares in the last quarter. Institutional investors and hedge funds own 92.37% of the company's stock.

About Pentair

Pentair plc provides various water solutions in the United States, Western Europe, China, Eastern Europe, Latin America, the Middle East, Southeast Asia, Australia, Canada, and Japan. The company operates through three segments: Flow, Water Solutions, and Pool. The Flow segment designs, manufactures, and sells fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles for fluid delivery, ion exchange, desalination, food and beverage, separation technologies in the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation, and crop spray in residential, commercial, and industrial markets.