Pentair (NYSE:PNR) Shares Gap Up After Earnings Beat

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Shares of Pentair PLC (NYSE:PNR) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $36.18, but opened at $37.60. Pentair shares last traded at $39.32, with a volume of 2,710,179 shares trading hands.

The industrial products company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.03. The firm had revenue of $799.50 million for the quarter, compared to the consensus estimate of $790.62 million. Pentair had a net margin of 10.13% and a return on equity of 21.45%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.83%. The ex-dividend date is Thursday, July 18th. Pentair’s payout ratio is 30.64%.

PNR has been the topic of several recent analyst reports. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Cowen set a $75.00 price objective on shares of Baxter International and gave the company a “hold” rating in a report on Monday, April 22nd. Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. BMO Capital Markets decreased their price objective on shares of Pentair to $39.00 and set a “market perform” rating on the stock in a report on Thursday, April 18th. Finally, Morgan Stanley increased their price objective on shares of Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Pentair presently has a consensus rating of “Hold” and a consensus price target of $44.75.

Several hedge funds and other institutional investors have recently modified their holdings of the company. World Asset Management Inc boosted its stake in shares of Pentair by 7.0% in the second quarter. World Asset Management Inc now owns 14,692 shares of the industrial products company’s stock valued at $547,000 after purchasing an additional 964 shares during the period. Mountain Pacific Investment Advisers Inc. ID boosted its stake in shares of Pentair by 14.5% in the second quarter. Mountain Pacific Investment Advisers Inc. ID now owns 539,359 shares of the industrial products company’s stock valued at $20,064,000 after purchasing an additional 68,327 shares during the period. Huntington National Bank boosted its stake in shares of Pentair by 25.0% in the second quarter. Huntington National Bank now owns 1,519 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 304 shares during the period. Cerebellum GP LLC boosted its stake in shares of Pentair by 12.3% in the second quarter. Cerebellum GP LLC now owns 8,435 shares of the industrial products company’s stock valued at $314,000 after purchasing an additional 925 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Pentair by 5.7% in the second quarter. Commonwealth Equity Services LLC now owns 38,607 shares of the industrial products company’s stock valued at $1,436,000 after purchasing an additional 2,069 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.

The company’s 50 day moving average is $36.90. The company has a current ratio of 1.77, a quick ratio of 1.18 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 2.70 and a beta of 1.20.

Pentair Company Profile (NYSE:PNR)

Pentair plc provides various smart water solutions worldwide. It operates through three segments: Aquatic Systems, Filtration Solutions, and Flow Technologies. The Aquatic Systems segment manufactures and sells residential and commercial pool equipment and accessories, including pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment, and pool accessories for residential and commercial pool maintenance, pool repair, renovation, service and construction, and aquaculture solution applications.

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