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.
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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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