Pentair PLC (PNR) Increases Dividend to $0.34 Per Share
Pentair PLC (NYSE:PNR) announced a quarterly dividend on Tuesday, October 4th. Shareholders of record on Friday, October 21st will be given a dividend of 0.34 per share on Friday, November 4th. This represents a $1.36 dividend on an annualized basis and a yield of 2.19%. This is a boost from Pentair PLC’s previous quarterly dividend of $0.33.
Pentair PLC (NYSE:PNR) traded down 2.84% during midday trading on Tuesday, reaching $62.18. 1,734,542 shares of the company’s stock were exchanged. Pentair PLC has a 12-month low of $41.57 and a 12-month high of $66.99. The company’s market cap is $11.26 billion. The firm has a 50-day moving average price of $62.75 and a 200 day moving average price of $59.96.
Pentair PLC (NYSE:PNR) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.02. The company earned $1.70 billion during the quarter, compared to the consensus estimate of $1.72 billion. Pentair PLC had a return on equity of 17.25% and a net margin of 6.91%. Pentair PLC’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $1.08 earnings per share. On average, analysts expect that Pentair PLC will post $3.12 EPS for the current fiscal year.
In related news, Director Glynis Bryan sold 10,000 shares of Pentair PLC stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $65.00, for a total transaction of $650,000.00. Following the completion of the sale, the director now owns 26,487 shares of the company’s stock, valued at $1,721,655. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Randall J. Hogan sold 102,282 shares of Pentair PLC stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $64.00, for a total value of $6,546,048.00. Following the sale, the chairman now directly owns 104,904 shares of the company’s stock, valued at approximately $6,713,856. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Group LTD increased its stake in Pentair PLC by 0.6% in the second quarter. BlackRock Group LTD now owns 1,820,451 shares of the company’s stock worth $106,114,000 after buying an additional 10,559 shares during the period. Wetherby Asset Management Inc. purchased a new stake in Pentair PLC during the second quarter worth approximately $210,000. BlackRock Japan Co. Ltd increased its stake in Pentair PLC by 3.6% in the second quarter. BlackRock Japan Co. Ltd now owns 224,151 shares of the company’s stock worth $13,066,000 after buying an additional 7,760 shares during the period. Bank of Nova Scotia purchased a new stake in Pentair PLC during the second quarter worth approximately $211,000. Finally, Tredje AP fonden increased its stake in Pentair PLC by 30.6% in the second quarter. Tredje AP fonden now owns 11,241 shares of the company’s stock worth $655,000 after buying an additional 2,631 shares during the period. 90.53% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the company. Vertical Research assumed coverage on Pentair PLC in a research report on Tuesday, July 19th. They issued a “hold” rating for the company. Zacks Investment Research downgraded Pentair PLC from a “hold” rating to a “strong sell” rating in a research report on Monday, August 29th. Morgan Stanley reiterated a “hold” rating and set a $68.00 target price on shares of Pentair PLC in a research report on Friday, August 26th. Cowen and Company downgraded Pentair PLC from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $64.05 to $55.00 in a research report on Thursday, September 1st. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of Pentair PLC in a research report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. Pentair PLC presently has an average rating of “Hold” and a consensus target price of $59.81.
About Pentair PLC
Pentair, Inc (Pentair) is a focused diversified industrial manufacturing company. The Company operates in two segments: Water & Fluid Solutions and Technical Products. Water & Fluid Solutions is providing products and systems used worldwide in the movement, storage and treatment of water. Technical Products is engaged in the global enclosures and thermal management markets, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components and protect the people that use them.
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