Ingersoll-Rand PLC (IR) Upgraded to Hold by Zacks Investment Research
Ingersoll-Rand PLC (NYSE:IR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $77.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 14.16% from the stock’s previous close.
According to Zacks, “Ingersoll continues to reposition its portfolio to focus on high-barrier markets that involve upfront cost and lead to earnings dilution in the near term. Operating risks from high R&D costs for technology-driven products are further expected to weigh on Ingersoll’s margins in the future. Post Brexit referendum, Ingersoll is also likely to be stifled by the renegotiated deals and restrictions imposed on trade with other EU members. The company has a positive earnings history in the trailing four quarters, while earnings estimates have remained steady in the last 7 days. Ingersoll is likely to achieve steady improvements in operating profitability with new products, investments in IT platform and enhancement of channel services footprint and product management capabilities. A disciplined capital allocation along with strong and flexible balance sheet position and steady cash flow remain additional tailwinds.”
Several other equities research analysts have also commented on the company. Stifel Nicolaus cut their target price on Ingersoll-Rand PLC from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Jefferies Group restated a “buy” rating on shares of Ingersoll-Rand PLC in a research report on Wednesday, August 3rd. Credit Suisse Group AG restated a “buy” rating and set a $72.00 target price on shares of Ingersoll-Rand PLC in a research report on Sunday, July 10th. Finally, BMO Capital Markets initiated coverage on Ingersoll-Rand PLC in a research report on Wednesday, July 13th. They set an “outperform” rating and a $80.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $68.00.
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Ingersoll-Rand PLC (NYSE:IR) opened at 67.45 on Tuesday. Ingersoll-Rand PLC has a 52-week low of $47.08 and a 52-week high of $68.97. The firm’s 50 day moving average price is $66.54 and its 200 day moving average price is $65.39. The firm has a market cap of $17.40 billion, a price-to-earnings ratio of 12.42 and a beta of 1.26.
Ingersoll-Rand PLC (NYSE:IR) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.08. The company earned $3.69 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Ingersoll-Rand PLC had a return on equity of 17.73% and a net margin of 10.71%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Equities research analysts anticipate that Ingersoll-Rand PLC will post $4.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 9th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.37%. This is an increase from Ingersoll-Rand PLC’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, December 7th. Ingersoll-Rand PLC’s dividend payout ratio (DPR) is presently 23.53%.
In other Ingersoll-Rand PLC news, SVP Keith A. Sultana sold 3,071 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $68.81, for a total value of $211,315.51. Following the completion of the sale, the senior vice president now directly owns 10,698 shares of the company’s stock, valued at $736,129.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard J. Swift sold 2,100 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $67.99, for a total value of $142,779.00. Following the completion of the sale, the director now directly owns 66,648 shares of the company’s stock, valued at $4,531,397.52. The disclosure for this sale can be found here. Corporate insiders own 0.65% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in IR. Virginia Retirement System purchased a new stake in Ingersoll-Rand PLC during the first quarter worth about $262,000. Pacad Investment Ltd. purchased a new stake in Ingersoll-Rand PLC during the first quarter worth about $645,000. Teachers Advisors Inc. increased its stake in Ingersoll-Rand PLC by 23.7% in the first quarter. Teachers Advisors Inc. now owns 891,721 shares of the company’s stock worth $55,296,000 after buying an additional 170,673 shares in the last quarter. Prudential Financial Inc. increased its stake in Ingersoll-Rand PLC by 1.2% in the first quarter. Prudential Financial Inc. now owns 316,923 shares of the company’s stock worth $19,652,000 after buying an additional 3,670 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware purchased a new stake in Ingersoll-Rand PLC during the first quarter worth about $211,000. 80.97% of the stock is owned by institutional investors and hedge funds.
Ingersoll-Rand PLC Company Profile
Ingersoll-Rand Public Limited Company provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The Company’s business segments include Climate and Industrial. It is engaged in the design, manufacture, sale and service of a portfolio of industrial and commercial products that include brand names, such as Ingersoll-Rand, Trane, American Standard, ARO and Club Car.
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