Analysts slash targets ahead of Monday's print. Short interest sits near multi-month lows while institutional selling accelerates.
Short interest stands at 3.0% of free float as of April 23, down 1.7% over the past week. The 4.85 million shares short reflect muted bearish conviction heading into the April 28 report. Cost to borrow remains negligible at 0.39%, up 20% over seven days but still signaling easy availability. Utilization dropped sharply to 1.5% from a 52-week peak of 7.0% hit on April 17. Days to cover holds at four sessions per the latest FINRA data.
The put/call ratio registers 1.39, in line with its 20-day mean of 1.41. The z-score of -0.15 indicates neutral sentiment. PCR has traded in a wide 52-week range between 0.09 and 1.80, with current levels suggesting neither extreme fear nor optimism among derivatives traders.
Wall Street turned decisively negative into the print. BofA Securities' Andrew Obin cut his target to $88 on April 20, maintaining Underperform. Stifel's Nathan Jones lowered his Buy-rated target from $126 to $110 on April 14. Citigroup's Andrew Kaplowitz reduced his Buy target to $112 from $120 on April 13. Barclays trimmed to $95 from $102, holding Equal-Weight. The cascade began in January when BNP Paribas Exane downgraded to Underperform. The mean target of $110 implies 20% upside from the $91.75 close, though the recent wave of cuts reflects concern over commercial pool demand.
Shares trade at 16.5x earnings, up 0.4 points over 30 days. The price-to-book multiple of 3.2 has climbed 0.06 points in the past month. EV/EBITDA sits at 13.5x. PNR ranks in the 51st percentile on EPS surprise and the 50th on analyst recommendation divergence. The dividend score hits the 96th percentile.
Insiders sold $5.5 million net over 90 days, with CTO Philip Rolchigo offloading $670,000 on February 25. T. Rowe Price added 737,000 shares in the March quarter, lifting its stake to 4.8%. State Street increased holdings by 109,000 shares.
The stock has reported on a quarterly cycle, with recent events on February 4 and April 21. Previous prints saw mixed reactions as the Pool segment posted double-digit gains while Water Solutions revenue fell 10% year-over-year.
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