Alliancebernstein L.P. Sells 40,948 Shares of Ingersoll-Rand PLC (IR)

Alliancebernstein L.P. lessened its holdings in Ingersoll-Rand PLC (NYSE:IR) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 397,522 shares of the industrial products company’s stock after selling 40,948 shares during the period. Alliancebernstein L.P. owned approximately 0.16% of Ingersoll-Rand worth $40,667,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Flagship Harbor Advisors LLC purchased a new position in Ingersoll-Rand in the 2nd quarter valued at approximately $106,000. Fort L.P. purchased a new position in Ingersoll-Rand in the 2nd quarter valued at approximately $121,000. CWM LLC boosted its position in Ingersoll-Rand by 653.3% in the 2nd quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock valued at $135,000 after buying an additional 1,300 shares during the period. Hartford Financial Management Inc. purchased a new position in Ingersoll-Rand in the 2nd quarter valued at approximately $149,000. Finally, Zions Bancorporation purchased a new position in Ingersoll-Rand in the 2nd quarter valued at approximately $164,000. 80.53% of the stock is owned by institutional investors.

In related news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction on Friday, September 14th. The shares were sold at an average price of $104.00, for a total transaction of $1,082,432.00. Following the sale, the senior vice president now directly owns 125,098 shares in the company, valued at approximately $13,010,192. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

Shares of IR opened at $103.37 on Friday. Ingersoll-Rand PLC has a twelve month low of $79.63 and a twelve month high of $105.76. The firm has a market capitalization of $24.69 billion, a PE ratio of 22.92, a PEG ratio of 1.50 and a beta of 1.28. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.

Ingersoll-Rand (NYSE:IR) last announced its quarterly earnings data 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. Ingersoll-Rand had a net margin of 10.03% and a return on equity of 18.75%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period last year, the business earned $1.44 EPS. The company’s revenue was up 9.8% on a year-over-year basis. Equities analysts expect that Ingersoll-Rand PLC will post 5.58 EPS for the current year.

Ingersoll-Rand announced that its Board of Directors has approved a stock buyback program on Wednesday, October 3rd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 7th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.12 annualized dividend and a yield of 2.05%. Ingersoll-Rand’s dividend payout ratio is currently 47.01%.

Several equities analysts have commented on IR shares. Morgan Stanley initiated coverage on shares of Ingersoll-Rand in a research report on Monday, August 20th. They issued an “overweight” rating and a $111.00 price target for the company. Credit Suisse Group initiated coverage on shares of Ingersoll-Rand in a report on Friday, October 12th. They issued an “outperform” rating and a $108.00 price objective on the stock. Citigroup raised their price objective on shares of Ingersoll-Rand from $117.00 to $118.00 and gave the company a “buy” rating in a report on Thursday, October 25th. UBS Group raised their price objective on shares of Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, August 30th. Finally, JPMorgan Chase & Co. upgraded shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a report on Friday, September 21st. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Ingersoll-Rand presently has an average rating of “Buy” and an average price target of $110.43.

COPYRIGHT VIOLATION WARNING: This story was first published by American Banking News and is the property of of American Banking News. If you are accessing this story on another website, it was copied illegally and reposted in violation of United States and international copyright and trademark law. The correct version of this story can be accessed at https://www.americanbankingnews.com/2018/11/30/alliancebernstein-l-p-sells-40948-shares-of-ingersoll-rand-plc-ir.html.

About Ingersoll-Rand

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.

See Also: Leveraged Buyout (LBO) Explained

Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll-Rand PLC (NYSE:IR).

Institutional Ownership by Quarter for Ingersoll-Rand (NYSE:IR)

Receive News & Ratings for Ingersoll-Rand Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingersoll-Rand and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply