Daiwa Securities Group Inc. trimmed its stake in Ingersoll-Rand PLC (NYSE:IR) by 17.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,321 shares of the industrial products company’s stock after selling 4,176 shares during the period. Daiwa Securities Group Inc.’s holdings in Ingersoll-Rand were worth $2,079,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Tdam USA Inc. lifted its stake in shares of Ingersoll-Rand by 2.2% during the 3rd quarter. Tdam USA Inc. now owns 91,605 shares of the industrial products company’s stock worth $8,968,000 after acquiring an additional 2,014 shares during the last quarter. Synovus Financial Corp lifted its stake in shares of Ingersoll-Rand by 393.8% during the 3rd quarter. Synovus Financial Corp now owns 9,372 shares of the industrial products company’s stock worth $959,000 after acquiring an additional 7,474 shares during the last quarter. Sterling Capital Management LLC bought a new stake in shares of Ingersoll-Rand during the 3rd quarter worth approximately $1,502,000. WBI Investments Inc. lifted its stake in shares of Ingersoll-Rand by 463.3% during the 3rd quarter. WBI Investments Inc. now owns 38,576 shares of the industrial products company’s stock worth $3,946,000 after acquiring an additional 31,728 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Ingersoll-Rand by 32.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 183,524 shares of the industrial products company’s stock worth $18,773,000 after acquiring an additional 45,390 shares during the last quarter. 80.27% of the stock is owned by institutional investors and hedge funds.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction on Friday, September 14th. The stock was sold at an average price of $104.00, for a total transaction 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 approximately $13,010,192. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.70% of the company’s stock.
A number of equities research analysts recently issued reports on IR shares. Barclays raised their price target on Ingersoll-Rand from $115.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, August 9th. Argus raised their price target on Ingersoll-Rand from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Robert W. Baird set a $106.00 target price on Ingersoll-Rand and gave the company a “hold” rating in a research report on Thursday, October 25th. JPMorgan Chase & Co. raised Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research report on Friday, September 21st. Finally, Bank of America lifted their target price on Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Ingersoll-Rand currently has a consensus rating of “Buy” and an average price target of $109.85.
Shares of NYSE IR opened at $102.86 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.41 and a quick ratio of 0.99. The firm has a market cap of $24.83 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 1.50 and a beta of 1.28. Ingersoll-Rand PLC has a twelve month low of $79.63 and a twelve month high of $105.76.
Ingersoll-Rand (NYSE:IR) last issued its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.04. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.02 billion. Ingersoll-Rand had a return on equity of 18.75% and a net margin of 10.03%. Ingersoll-Rand’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.44 EPS. Research analysts expect that Ingersoll-Rand PLC will post 5.58 earnings per share for the current fiscal year.
Ingersoll-Rand declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 3rd that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, December 6th. Ingersoll-Rand’s dividend payout ratio (DPR) is presently 47.01%.
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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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