Trian Partners Boosts Pentair & Bank of New York Mellon Stakes

Nelson Peltz's activist investment firm Trian Fund Management has submitted two filings to the SEC recently.

First, per a Form 4 filed with the SEC, Trian Fund Management has increased its stake in Pentair (PNR).  Per the filing, Trian acquired 265,000 shares on October 22nd at weighted average prices of between $54.7093 and $56.2684.

After these buys, Trian now owns over 13.27 million shares of PNR.

Second, per another Form 4, Peltz's firm has purchased 285,000 shares of Bank of New York Mellon (BK) on October 21st at a weighted average price of $41.3396.  After these purchases, Trian now owns over 30.51 million shares of BK.

For more on this fund, we also posted up Trian's presentation on its new stake in General Electric.

Per Google Finance, Bank of New York Mellon is "a provider of financial products and services in domestic and international markets. Through its two principal businesses, Investment Management and Investment Services, it serves institutions, corporations and high net worth individuals. For institutions and corporations, it provides investment management, trust and custody, foreign exchange, fund administration, global collateral services, securities lending, depositary receipts, corporate trust, global payment/cash management, banking services and clearing services. For individuals, it provides mutual funds, separate accounts, wealth management and private banking services. BNY Mellon’s investment management businesses provide investment products in different asset classes and investment styles."

Per the company's website, Pentair is "a global water, fluid, thermal management, and equipment protection partner."

Trian Fund Takes Activist Pentair Stake

Nelson Peltz's activist firm Trian Fund Management has filed a 13D with the SEC regarding shares of Pentair (PNR).  Per the filing, Trian now owns 7.24% of the company with over 13 million shares.

This is a brand new stake for Trian as they didn't own any shares as of the end of the first quarter.  The filing notes that they've engaged management already. 

They were out buying shares in May and June at prices between $61.9163 and $64.3024.  The firm also entered into call and put transactions (May 2016 and June 2018 calls).

Trian wants Pentair to expand via acquisitions and the Wall Street Journal has more color on their thinking here.

We've also recently highlighted other portfolio activity from Trian here.

Per Yahoo Finance, Pentair is "operates as a diversified industrial manufacturing company in the United States, Europe, and internationally. The company operates through Valves & Controls, Technical Solutions, Flow & Filtration Solutions, and Water Quality Systems segments. It designs, manufactures, markets, and services valves, fittings, automation and controls, and actuators, as well as provides engineering, design, inspection, maintenance, and repair services."