A newly amended 13D filing with the US SEC, revealed the appointment of Ed Garden, Chief Investment Officer and a Founding Partner of Trian Management to the board of directors of Pentair Plc (NYSE:PNR), pursuant to the terms of the letter agreement. Nelson Peltz‘s Trian Partners owns 14.34 million ordinary shares of Pentair Plc (NYSE:PNR), which account for 7.93% of the company’s outstanding stock. The number of shares owned by Trian Partners didn’t change, but the percentage of the class did, as the fund previously held 7.95% of the stock.
Pentair Plc (NYSE:PNR) is a multinational industrial company incorporated in Ireland, with the main focus on developing solutions for water and fluid controls applied in a variety of industries such as food and beverage, energy, infrastructure, and manufacturing. Since the beginning of the year, the company’s stock has gained 17.73%. For the first quarter of 2016, Pentair Plc (NYSE:PNR) reported earnings per share of $0.76 and revenue of $1.6 billion, beating the estimates of $0.71 and $1.56 billion, respectively.
According to our database, the number of investors long the Pentair Plc (NYSE:PNR) dropped by four during the fourth quarter and 19 funds reported holdings as of the end of December, versus 23 funds a quarter earlier. Nelson Peltz’s Trian Partners disclosed the most valuable position worth close to $677.7 million, and Larry Robbins’ Glenview Capital reported the second biggest position, valued at 177.1 million. Remaining investors that were bullish on this stock encompass Ian Simm’s Impax Asset Management, Steve Cohen’s Point72 Asset Management, and D. E. Shaw’s D E Shaw.
Investors who dropped their investment in Pentair Plc (NYSE:PNR) are Matthew Tewksbury’s Stevens Capital Management, which sold a position worth around 4.8 million in stock, and Joel Greenblatt’s Gotham Asset Management, which dumped about $4.5 million worth.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Peter W. May||0||14,335,888||0||14,335,888||14,335,888||7.93%|
|Edward P. Garden||0||14,335,888||0||14,335,888||14,335,888||7.93%|
Page 1 of 23 – SEC Filing
Brian L. Schorr, Esq.
Trian Fund Management, L.P.
280 Park Avenue, 41 st Floor
New York, New York 10017
Tel. No.: (212) 451-3000