Cinctive Capital Management LP Trims Stock Holdings in Pentair plc (NYSE:PNR)

Cinctive Capital Management LP reduced its stake in shares of Pentair plc (NYSE:PNR) by 56.8% during the third quarter, Holdings Channel reports. The institutional investor owned 8,712 shares of the industrial products company’s stock after selling 11,456 shares during the period. Cinctive Capital Management LP’s holdings in Pentair were worth $852,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PNR. Massachusetts Financial Services Co. MA raised its stake in Pentair by 91.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,082,362 shares of the industrial products company’s stock worth $159,655,000 after acquiring an additional 996,325 shares during the period. Interval Partners LP raised its position in shares of Pentair by 289.6% during the 2nd quarter. Interval Partners LP now owns 956,117 shares of the industrial products company’s stock valued at $73,305,000 after purchasing an additional 710,703 shares during the period. FMR LLC lifted its stake in shares of Pentair by 4.7% during the 3rd quarter. FMR LLC now owns 5,704,672 shares of the industrial products company’s stock valued at $557,860,000 after buying an additional 258,134 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Pentair by 44.7% in the 2nd quarter. AQR Capital Management LLC now owns 672,870 shares of the industrial products company’s stock worth $51,589,000 after buying an additional 207,830 shares during the period. Finally, Swedbank AB increased its stake in Pentair by 17.9% in the 3rd quarter. Swedbank AB now owns 1,351,271 shares of the industrial products company’s stock worth $132,141,000 after buying an additional 205,000 shares in the last quarter. 92.37% of the stock is currently owned by institutional investors.

Pentair Stock Down 0.1 %

NYSE PNR opened at $108.82 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 1.60 and a debt-to-equity ratio of 0.47. Pentair plc has a 52 week low of $65.31 and a 52 week high of $110.71. The firm has a market capitalization of $17.98 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.94 and a beta of 1.20. The company has a fifty day moving average of $101.11 and a two-hundred day moving average of $89.28.

Pentair (NYSE:PNR) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.07 by $0.02. The company had revenue of $993.40 million for the quarter, compared to the consensus estimate of $988.53 million. Pentair had a net margin of 16.29% and a return on equity of 20.48%. The firm’s revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. On average, analysts predict that Pentair plc will post 4.28 earnings per share for the current year.

Pentair Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, October 18th. Pentair’s dividend payout ratio is currently 23.00%.

Insider Activity at Pentair

In related news, EVP Philip M. Rolchigo sold 3,588 shares of Pentair stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $99.67, for a total transaction of $357,615.96. Following the completion of the sale, the executive vice president now owns 19,232 shares in the company, valued at $1,916,853.44. This trade represents a 15.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.28% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PNR has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Pentair in a research note on Thursday, November 21st. Mizuho upped their price target on Pentair from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Barclays lifted their price objective on shares of Pentair from $105.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com lowered shares of Pentair from a “buy” rating to a “hold” rating in a research report on Wednesday, October 23rd. Finally, TD Cowen lifted their price target on shares of Pentair from $95.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.38.

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.