Manning & Napier Group LLC grew its holdings in Ingersoll-Rand PLC (NYSE:IR) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,324 shares of the industrial products company’s stock after acquiring an additional 2,860 shares during the period. Manning & Napier Group LLC’s holdings in Ingersoll-Rand were worth $5,045,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also bought and sold shares of IR. Flagship Harbor Advisors LLC acquired a new position in shares of Ingersoll-Rand during the second quarter worth $106,000. Fort L.P. acquired a new position in Ingersoll-Rand in the second quarter valued at $121,000. Smithfield Trust Co. boosted its stake in Ingersoll-Rand by 374.5% in the second quarter. Smithfield Trust Co. now owns 1,376 shares of the industrial products company’s stock valued at $123,000 after acquiring an additional 1,086 shares in the last quarter. CWM LLC boosted its stake in Ingersoll-Rand by 653.3% in the second quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock valued at $135,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Hartford Financial Management Inc. acquired a new position in Ingersoll-Rand in the second quarter valued at $149,000. Institutional investors and hedge funds own 80.16% of the company’s stock.
Several equities analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Ingersoll-Rand from a “buy” rating to a “hold” rating in a research note on Wednesday, June 27th. Credit Suisse Group assumed coverage on shares of Ingersoll-Rand in a research note on Friday. They issued an “outperform” rating and a $108.00 price objective for the company. Wolfe Research assumed coverage on shares of Ingersoll-Rand in a research note on Wednesday, June 27th. They issued an “outperform” rating for the company. Barclays upped their price objective on shares of Ingersoll-Rand from $115.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, August 9th. Finally, Bank of America upped their price objective on shares of Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, July 30th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $109.42.
In other news, SVP Marcia J. Avedon sold 10,408 shares of the company’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $104.00, for a total value of $1,082,432.00. Following the completion of the sale, the senior vice president now directly owns 125,098 shares of the company’s stock, valued at $13,010,192. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Paul A. Camuti sold 1,800 shares of the company’s stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $95.00, for a total transaction of $171,000.00. Following the completion of the sale, the senior vice president now directly owns 59,290 shares of the company’s stock, valued at $5,632,550. The disclosure for this sale can be found here. Insiders sold 36,969 shares of company stock valued at $3,646,048 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.
NYSE IR opened at $97.14 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.30 and a quick ratio of 0.93. Ingersoll-Rand PLC has a 1 year low of $79.63 and a 1 year high of $105.76. The firm has a market capitalization of $25.10 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 1.59 and a beta of 1.31.
Ingersoll-Rand (NYSE:IR) last announced its earnings results on Wednesday, July 25th. The industrial products company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.13. Ingersoll-Rand had a net margin of 9.28% and a return on equity of 18.11%. The business had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the company earned $1.49 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Ingersoll-Rand PLC will post 5.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.18%. Ingersoll-Rand’s payout ratio is 47.01%.
Ingersoll-Rand declared that its board has initiated a stock repurchase program on Wednesday, October 3rd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the industrial products company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
Ingersoll-Rand plc designs, manufactures, sells, and services industrial and commercial products. It operates through Climate and Industrial segments. The Climate segment offers building management, bus, rail, and multi-pipe HVAC, control, container and cryogenic, diesel-powered, ductless, geothermal, package heating and cooling, rail and self-powered truck refrigeration, temporary heating and cooling, trailer refrigeration, unitary, and vehicle-powered truck refrigeration systems.
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