On Wednesday, Pentair got a huge upgrade to its Relative Strength (RS) Rating, rising 19 points from 65 to 84. The reason? In part it's because Pentair stock is outperforming and it closed at an all-time high Tuesday.
Pentair stock initially rose Wednesday, setting yet another high, but retreated amid a market sell-off and was down for the day. The upgraded 84 RS Rating shows that ESG play (environment, social, governance) Pentair stock bested 84% of all stocks for price performance over the past year.
Pentair Stock Achieves Big Turnaround
Water pump and filtration systems maker Pentair hit a rough patch in mid-2023 when its earnings and revenue dipped a bit on a year-over-year basis for the September-ended quarter. It wasn't alone; the market was headed for a low it set in October. Pentair turned a corner the next quarter and started advancing again.
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For its most recent quarter, U.K.-based Pentair reported an 18% rise in earnings to $1.22 per share on a 2% increase in sales to a record $1.1 billion.
Among its other key ratings Pentair stock carries an 88 Composite Rating out of a best-possible 99. It has an outstanding 89 Earnings Per Share Rating and a B+ Accumulation/Distribution Rating. The B+ rating shows that institutional investors like ETFs and university investment funds are fairly heavy buyers of its stock.
In Buy Range Of Classic Cup With Handle
Pentair is in a buying range after clearing an 83.44 entry in a cup with handle. The proper buying range extends to 5% above the initial entry, around 87.61. Once a stock moves above that range, it's best to hold off investing and wait for it to set up another buying opportunity.
Pentair holds the No. 13 rank among its peers in the 50-stock Machinery-General Industrial industry group. Badger Meter, SPX Technologies and Gencor Industries are among the top five highly rated stocks in the group.
IBD's unique Relative Strength Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the trailing 52 weeks matches up against the rest of the market.
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