Pentair (NYSE:PNR) Issues FY 2023 Earnings Guidance

Pentair (NYSE:PNR – Get Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $3.50-$3.70 for the period, compared to the consensus EPS estimate of $3.59. The company issued revenue guidance of $4.00 billion-$4.16 billion, compared to the consensus revenue estimate of $4.18 billion. Pentair also updated its FY23 guidance to $3.50-3.70 EPS.

Pentair Price Performance

NYSE:PNR traded up $0.91 during trading hours on Wednesday, hitting $56.29. 1,297,898 shares of the stock traded hands, compared to its average volume of 1,762,943. The company has a quick ratio of 0.71, a current ratio of 1.42 and a debt-to-equity ratio of 0.93. Pentair has a 1 year low of $38.55 and a 1 year high of $63.87. The company has a market cap of $9.26 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. The stock has a 50 day moving average price of $46.90 and a 200 day moving average price of $45.50.

Pentair (NYSE:PNR – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The industrial products company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.03. Pentair had a net margin of 13.02% and a return on equity of 24.47%. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $993.68 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. Sell-side analysts forecast that Pentair will post 3.65 EPS for the current fiscal year.

Pentair Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 3rd. Stockholders of record on Friday, January 20th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, January 19th. This is an increase from Pentair’s previous quarterly dividend of $0.21. Pentair’s payout ratio is 27.41%.

Wall Street Analysts Forecast Growth

PNR has been the topic of several research analyst reports. Oppenheimer boosted their target price on shares of Pentair from $65.00 to $67.00 and gave the stock an outperform rating in a report on Wednesday. The Goldman Sachs Group reduced their price target on shares of Pentair to $55.00 in a research report on Thursday, October 27th. Morgan Stanley boosted their price target on shares of Pentair from $41.00 to $49.00 and gave the stock an underweight rating in a research report on Wednesday. Royal Bank of Canada cut their price objective on shares of Pentair from $50.00 to $47.00 and set a sector perform rating on the stock in a research report on Wednesday, October 26th. Finally, StockNews.com upgraded shares of Pentair from a sell rating to a hold rating in a research report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Pentair presently has a consensus rating of Moderate Buy and a consensus price target of $60.31.

Insider Buying and Selling at Pentair

In other news, Director T Michael Glenn sold 3,947 shares of Pentair stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $46.75, for a total transaction of $184,522.25. Following the completion of the sale, the director now directly owns 26,496 shares in the company, valued at $1,238,688. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toroso Investments LLC lifted its position in Pentair by 91.2% during the third quarter. Toroso Investments LLC now owns 7,446 shares of the industrial products company’s stock valued at $302,000 after purchasing an additional 3,551 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Pentair in the third quarter worth about $614,000. M&T Bank Corp raised its position in shares of Pentair by 2.0% in the third quarter. M&T Bank Corp now owns 30,462 shares of the industrial products company’s stock worth $1,239,000 after acquiring an additional 583 shares during the period. Captrust Financial Advisors raised its position in shares of Pentair by 2.4% in the third quarter. Captrust Financial Advisors now owns 36,331 shares of the industrial products company’s stock worth $1,476,000 after acquiring an additional 840 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund raised its position in shares of Pentair by 4.3% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,894 shares of the industrial products company’s stock worth $239,000 after acquiring an additional 243 shares during the period. 90.74% of the stock is currently owned by institutional investors and hedge funds.

Pentair Company Profile

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Pentair plc engages in the provision of water solutions for residential, commercial, industrial, infrastructure, and agriculture applications. Its portfolio of solutions enables people, businesses, and industries to access clean, safe water, reduce water consumption, and recover and reuse it. The firm operates through the following business segments: Consumer Solutions and Industrial & Flow Technologies.