Ingersoll-Rand PLC (IR) Upgraded by Zacks Investment Research to Buy
Ingersoll-Rand PLC (NYSE:IR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $100.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.97% from the stock’s current price.
According to Zacks, “Ingersoll’s geographic and industry diversity, coupled with a large installed product base provides ample growth opportunities within service, spare parts and replacement revenue streams. A disciplined capital allocation, strong and flexible balance sheet position, and steady cash flow along with a robust operating platform and an efficient management team will likely drive net asset value and dividend growth in the future. Additionally, the company’s complementary product portfolio is likely to assist it in strengthening the market position and achieving high productivity. Management has further reiterated its earlier bullish guidance for 2017 on healthy growth dynamics. The company has also outperformed the industry in the last three months. However, operating risks from high R&D costs for technology-driven products are expected to weigh on the margins in the quarters ahead.”
IR has been the topic of several other reports. Stifel Nicolaus raised their price target on Ingersoll-Rand PLC from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, April 27th. Evercore ISI lowered Ingersoll-Rand PLC from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. Credit Suisse Group AG restated a “buy” rating and issued a $84.00 price target on shares of Ingersoll-Rand PLC in a research report on Tuesday, April 11th. Royal Bank of Canada raised their price target on Ingersoll-Rand PLC from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 27th. Finally, BMO Capital Markets restated a “buy” rating and issued a $100.00 price target on shares of Ingersoll-Rand PLC in a research report on Tuesday, May 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $93.17.
Shares of Ingersoll-Rand PLC (NYSE:IR) traded down 0.01% during midday trading on Friday, hitting $89.30. The stock had a trading volume of 318,388 shares. The stock has a market capitalization of $22.86 billion, a price-to-earnings ratio of 16.22 and a beta of 1.31. The stock has a 50 day moving average price of $86.68 and a 200-day moving average price of $80.29. Ingersoll-Rand PLC has a 52 week low of $59.10 and a 52 week high of $90.18.
Ingersoll-Rand PLC (NYSE:IR) last posted its quarterly earnings results on Wednesday, April 26th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.04. Ingersoll-Rand PLC had a return on equity of 16.70% and a net margin of 10.93%. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period last year, the company earned $0.50 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. Equities research analysts anticipate that Ingersoll-Rand PLC will post $4.51 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, June 7th. This represents a $1.60 annualized dividend and a yield of 1.79%. Ingersoll-Rand PLC’s dividend payout ratio is presently 28.42%.
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In other Ingersoll-Rand PLC news, insider Paul A. Camuti sold 3,500 shares of Ingersoll-Rand PLC stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $89.64, for a total value of $313,740.00. Following the sale, the insider now owns 61,519 shares of the company’s stock, valued at approximately $5,514,563.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Didier P. Teirlinck sold 6,000 shares of Ingersoll-Rand PLC stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $80.87, for a total value of $485,220.00. Following the completion of the sale, the executive vice president now directly owns 128,776 shares in the company, valued at approximately $10,414,115.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,029 shares of company stock worth $1,910,750. Corporate insiders own 0.65% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Ingersoll-Rand PLC by 1,560.6% in the first quarter. BlackRock Inc. now owns 17,554,733 shares of the industrial products company’s stock valued at $1,427,553,000 after buying an additional 16,497,616 shares in the last quarter. Vanguard Group Inc. increased its stake in Ingersoll-Rand PLC by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,481,935 shares of the industrial products company’s stock valued at $1,340,311,000 after buying an additional 288,826 shares in the last quarter. State Street Corp increased its stake in Ingersoll-Rand PLC by 5.6% in the fourth quarter. State Street Corp now owns 14,056,149 shares of the industrial products company’s stock valued at $1,054,789,000 after buying an additional 742,569 shares in the last quarter. Generation Investment Management LLP increased its stake in Ingersoll-Rand PLC by 19.2% in the fourth quarter. Generation Investment Management LLP now owns 9,690,337 shares of the industrial products company’s stock valued at $535,779,000 after buying an additional 1,557,527 shares in the last quarter. Finally, FMR LLC increased its stake in Ingersoll-Rand PLC by 15.8% in the fourth quarter. FMR LLC now owns 8,851,410 shares of the industrial products company’s stock valued at $664,209,000 after buying an additional 1,210,339 shares in the last quarter. 82.76% of the stock is currently owned by hedge funds and other institutional investors.
About Ingersoll-Rand PLC
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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