Tortoise Index Solutions LLC Cuts Stake in Pentair plc (NYSE:PNR)

Tortoise Index Solutions LLC reduced its stake in shares of Pentair plc (NYSE:PNR - Free Report) by 31.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,768 shares of the industrial products company's stock after selling 16,027 shares during the quarter. Tortoise Index Solutions LLC's holdings in Pentair were worth $1,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Pentair by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 19,246,330 shares of the industrial products company's stock valued at $781,978,000 after buying an additional 186,726 shares in the last quarter. Impax Asset Management Group plc grew its holdings in Pentair by 2.6% during the 4th quarter. Impax Asset Management Group plc now owns 14,182,012 shares of the industrial products company's stock valued at $636,945,000 after buying an additional 365,840 shares in the last quarter. State Street Corp grew its holdings in Pentair by 4.4% during the 3rd quarter. State Street Corp now owns 10,611,971 shares of the industrial products company's stock valued at $431,164,000 after buying an additional 443,034 shares in the last quarter. Invesco Ltd. grew its holdings in Pentair by 8.2% during the 1st quarter. Invesco Ltd. now owns 6,346,517 shares of the industrial products company's stock valued at $344,045,000 after buying an additional 479,701 shares in the last quarter. Finally, Amundi grew its holdings in Pentair by 7.3% during the 4th quarter. Amundi now owns 5,386,563 shares of the industrial products company's stock valued at $255,291,000 after buying an additional 367,956 shares in the last quarter. 88.60% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO John L. Stauch sold 32,596 shares of Pentair stock in a transaction on Monday, August 7th. The stock was sold at an average price of $71.42, for a total transaction of $2,328,006.32. Following the completion of the sale, the chief executive officer now directly owns 7,690 shares in the company, valued at $549,219.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.89% of the company's stock.

A number of research analysts recently weighed in on the stock. Barclays raised their target price on shares of Pentair from $70.00 to $82.00 and gave the company an "overweight" rating in a report on Friday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Pentair in a report on Wednesday, June 28th. They issued a "buy" rating and a $75.00 target price for the company. StockNews.com assumed coverage on shares of Pentair in a report on Thursday, August 17th. They issued a "hold" rating for the company. Mizuho raised their target price on shares of Pentair from $65.00 to $78.00 and gave the company a "buy" rating in a report on Friday, July 28th. Finally, Royal Bank of Canada raised their target price on shares of Pentair from $63.00 to $74.00 in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Pentair currently has an average rating of "Moderate Buy" and an average price target of $69.20.

Read Our Latest Report on PNR

Shares of NYSE:PNR traded up $0.64 on Monday, hitting $67.69. 41,853 shares of the company's stock were exchanged, compared to its average volume of 1,411,237. Pentair plc has a 12 month low of $38.55 and a 12 month high of $71.82. The stock has a market capitalization of $11.18 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 1.91 and a beta of 1.16. The business's 50 day simple moving average is $66.16 and its two-hundred day simple moving average is $59.43. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.48 and a quick ratio of 0.77.

Pentair (NYSE:PNR - Get Free Report) last released its earnings results on Thursday, July 27th. The industrial products company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.08. Pentair had a return on equity of 22.39% and a net margin of 11.82%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the company earned $1.02 earnings per share. The business's revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts anticipate that Pentair plc will post 3.74 EPS for the current fiscal year.

Pentair plc provides various water solutions worldwide. The company operates through three segments: Pool, Water Solutions, Industrial & Flow Technologies. It designs, 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, repair, renovation, service, and construction applications; and water treatment products and systems comprising pressure tanks, control valves, activated carbon products, conventional filtration products, and point-of-entry and point-of-use systems for use in residential whole home water filtration, drinking water filtration, water softening solutions, commercial total water management and filtration, and foodservice operations.

Want to see what other hedge funds are holding PNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pentair plc (NYSE:PNR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Pentair, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pentair wasn't on the list.

While Pentair currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.