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Pentair Plc (PNR): Trian Partners Appoints Director to Board

Published on May 11, 2016 at 2:20 pm by Insider Monkey Staff in Hedge Funds, News
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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.

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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
Nelson Peltz 0 14,335,888 0 14,335,888 14,335,888 7.93%
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%

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Page 1 of 23 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
SCHEDULE 13D
Under the Securities Exchange Act of 1934
 
(Amendment No. 5)*
 
PENTAIR PLC
(Name of Issuer)
Ordinary Shares, nominal value $0.01 per share
(Title of Class of Securities)
G7S00T 104
(CUSIP Number)
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
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
May 10, 2016
(Date of Event Which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [  ].
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.
 
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The Information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

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