JPMorgan Chase & Co. Raises Pentair (NYSE:PNR) Price Target to $110.00

Pentair (NYSE:PNR) had its target price lifted by JPMorgan Chase & Co. from $106.00 to $110.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

A number of other research firms also recently commented on PNR. Stifel Nicolaus increased their price objective on shares of Pentair from $101.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Mizuho increased their price objective on shares of Pentair from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Northcoast Research downgraded shares of Pentair from a “buy” rating to a “neutral” rating in a research note on Friday, July 19th. UBS Group increased their price objective on shares of Pentair from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, KeyCorp increased their price objective on shares of Pentair from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $104.80.

Pentair Stock Performance

Shares of PNR stock opened at $98.00 on Wednesday. Pentair has a one year low of $57.18 and a one year high of $99.96. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 1.65. The company has a 50 day moving average price of $92.24 and a 200 day moving average price of $84.73. The firm has a market capitalization of $16.22 billion, a price-to-earnings ratio of 24.81, a price-to-earnings-growth ratio of 1.78 and a beta of 1.20.

Pentair (NYSE:PNR) last released its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. Pentair had a net margin of 16.05% and a return on equity of 20.39%. The company had revenue of $993.40 million during the quarter, compared to analyst estimates of $988.53 million. During the same quarter in the prior year, the business earned $0.94 earnings per share. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. Sell-side analysts anticipate that Pentair will post 4.26 EPS for the current year.

Pentair Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, October 18th. Pentair’s dividend payout ratio (DPR) is currently 23.29%.

Hedge Funds Weigh In On Pentair

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its holdings in Pentair by 1.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,956 shares of the industrial products company’s stock valued at $610,000 after buying an additional 121 shares during the period. Wedmont Private Capital increased its holdings in Pentair by 3.9% in the 2nd quarter. Wedmont Private Capital now owns 3,403 shares of the industrial products company’s stock valued at $270,000 after buying an additional 128 shares during the period. Fifth Third Bancorp increased its holdings in Pentair by 3.8% in the 2nd quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock valued at $267,000 after buying an additional 129 shares during the period. Inspire Advisors LLC increased its holdings in Pentair by 1.6% in the 3rd quarter. Inspire Advisors LLC now owns 8,121 shares of the industrial products company’s stock valued at $794,000 after buying an additional 130 shares during the period. Finally, Retirement Systems of Alabama increased its holdings in Pentair by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 36,624 shares of the industrial products company’s stock valued at $2,808,000 after buying an additional 139 shares during the period. Institutional investors 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.