LONDON - Industrial company Pentair plc (NYSE:PNR) has declared a regular quarterly cash dividend of $0.23 per share, maintaining its track record of dividend increases for the 48th consecutive year. Shareholders on record as of July 19, 2024, will be eligible for the dividend, which is scheduled to be paid on August 2, 2024.
Pentair is known for its focus on sustainable water solutions, serving both residential and commercial sectors, as well as industrial water management. The company has a significant global presence, with around 10,500 employees catering to customers across more than 150 countries. In 2023, Pentair reported revenue of approximately $4.1 billion.
The announcement of the dividend payment follows Pentair's long-standing policy of returning value to its shareholders. This consistent increase in dividends reflects the company's financial health and commitment to its investors.
It is important to note that while the dividend increase is a positive signal to shareholders, it is not necessarily indicative of future financial performance. The information regarding the dividend is based on a press release statement from Pentair plc.
InvestingPro Insights
Pentair plc (NYSE:PNR) has recently upheld its reputation for rewarding shareholders by announcing its latest quarterly cash dividend. This move aligns with the company's history of dividend growth, as it has now increased its dividend for the 49th consecutive year.
Investors seeking stability in dividend-paying stocks may find Pentair's track record reassuring, especially considering that InvestingPro Tips highlight the company's ability to maintain dividend payments for nearly half a century.
From a financial standpoint, Pentair's market capitalization stands at $13.6 billion, reflecting its substantial size within the industrial sector. The company's P/E ratio is currently at 21.43, but more notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 19.89.
This suggests a more favorable valuation when considering the company's earnings during that period. Moreover, with a PEG ratio of 0.84 for the same timeframe, Pentair is trading at a discount relative to its earnings growth, which is another positive sign for investors as per InvestingPro Tips.
Despite a slight decline in revenue growth of -1.39% over the last twelve months as of Q1 2024, the company has demonstrated a strong gross profit margin of 37.32%. This indicates efficient cost management and the ability to retain a significant portion of its revenue as profit. Furthermore, Pentair's commitment to shareholder returns is underscored by a solid dividend yield of 1.16% and a dividend growth rate of 4.55% during the same period.
For readers interested in a deeper analysis, InvestingPro Tips provide additional insights into Pentair's financial health and future prospects. There are 12 more tips available, which can help investors make a more informed decision. To access these tips, visit InvestingPro. Don't forget to use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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