Short Interest in Pentair PLC (NYSE:PNR) Drops By 10.6%

Pentair PLC (NYSE:PNR) was the recipient of a large drop in short interest during the month of May. As of May 29th, there was short interest totalling 2,030,000 shares, a drop of 10.6% from the May 14th total of 2,270,000 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average daily volume of 1,430,000 shares, the days-to-cover ratio is presently 1.4 days.

Institutional investors and hedge funds have recently bought and sold shares of the business. Macquarie Group Ltd. boosted its holdings in Pentair by 6.1% during the 4th quarter. Macquarie Group Ltd. now owns 77,500 shares of the industrial products company’s stock worth $3,555,000 after acquiring an additional 4,451 shares during the last quarter. Duality Advisers LP purchased a new position in Pentair during the 4th quarter worth $1,068,000. Norges Bank purchased a new position in Pentair during the 4th quarter worth $79,705,000. Bank of Montreal Can boosted its holdings in Pentair by 143.4% during the 4th quarter. Bank of Montreal Can now owns 382,586 shares of the industrial products company’s stock worth $17,550,000 after acquiring an additional 225,408 shares during the last quarter. Finally, Credit Suisse AG boosted its holdings in Pentair by 21.7% during the 4th quarter. Credit Suisse AG now owns 320,631 shares of the industrial products company’s stock worth $14,708,000 after acquiring an additional 57,151 shares during the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

PNR has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Pentair from a “sell” rating to a “hold” rating and set a $41.00 price target for the company in a report on Wednesday, May 27th. Stifel Nicolaus raised their price target on shares of Pentair from $34.00 to $36.00 and gave the stock a “hold” rating in a report on Friday, May 1st. Oppenheimer raised their price target on shares of Pentair from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Vertical Research upgraded shares of Pentair from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Friday, May 15th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $32.00 price objective on shares of Pentair in a research report on Thursday, April 16th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $41.50.

NYSE PNR traded up $0.64 during mid-day trading on Friday, hitting $37.50. The company’s stock had a trading volume of 824,976 shares, compared to its average volume of 1,127,088. The company’s 50 day simple moving average is $36.04 and its 200 day simple moving average is $39.31. Pentair has a twelve month low of $22.01 and a twelve month high of $47.43. The company has a current ratio of 1.96, a quick ratio of 1.39 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 2.73 and a beta of 1.35.

Pentair (NYSE:PNR) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.08. The firm had revenue of $710.00 million for the quarter, compared to the consensus estimate of $680.04 million. Pentair had a net margin of 12.66% and a return on equity of 22.25%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.43 EPS. As a group, research analysts forecast that Pentair will post 2.03 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Thursday, July 23rd. Pentair’s dividend payout ratio is 31.93%.

About Pentair

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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