Eaton Vance Management increased its position in Ingersoll-Rand PLC (NYSE:IR) by 34.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,738 shares of the industrial products company’s stock after buying an additional 11,724 shares during the quarter. Eaton Vance Management’s holdings in Ingersoll-Rand were worth $4,679,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Cornerstone Wealth Management LLC bought a new position in shares of Ingersoll-Rand in the second quarter worth approximately $185,000. Commonwealth Equity Services LLC lifted its stake in shares of Ingersoll-Rand by 10.7% in the second quarter. Commonwealth Equity Services LLC now owns 19,178 shares of the industrial products company’s stock worth $1,721,000 after buying an additional 1,857 shares in the last quarter. Smith Asset Management Group LP bought a new position in shares of Ingersoll-Rand in the second quarter worth approximately $16,121,000. Wells Fargo & Company MN lifted its stake in shares of Ingersoll-Rand by 11.4% in the second quarter. Wells Fargo & Company MN now owns 1,090,198 shares of the industrial products company’s stock worth $97,823,000 after buying an additional 111,564 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Ingersoll-Rand by 300.4% in the second quarter. First Trust Advisors LP now owns 425,587 shares of the industrial products company’s stock worth $38,188,000 after buying an additional 319,301 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of the company’s stock in a transaction that occurred 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 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 SEC, which can be accessed through this link. 0.70% of the stock is owned by insiders.
Several research analysts have recently issued reports on IR shares. Stephens started coverage on shares of Ingersoll-Rand in a research note on Monday, November 19th. They issued an “overweight” rating and a $118.00 target price on the stock. Robert W. Baird set a $106.00 target price on shares of Ingersoll-Rand and gave the stock a “hold” rating in a research note on Thursday, October 25th. JPMorgan Chase & Co. upgraded shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research note on Friday, September 21st. Citigroup upped their target price on shares of Ingersoll-Rand from $117.00 to $118.00 and gave the stock a “buy” rating in a research note on Thursday, October 25th. Finally, Morgan Stanley started coverage on shares of Ingersoll-Rand in a research note on Monday, August 20th. They issued an “overweight” rating and a $111.00 target price on the stock. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Ingersoll-Rand currently has an average rating of “Buy” and a consensus price target of $110.43.
IR opened at $97.98 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. Ingersoll-Rand PLC has a twelve month low of $79.63 and a twelve month high of $107.08. The company has a market cap of $25.17 billion, a PE ratio of 21.73, a P/E/G ratio of 1.52 and a beta of 1.28.
Ingersoll-Rand (NYSE:IR) last released its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share for the quarter, beating the 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 firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the company earned $1.44 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, research analysts predict that Ingersoll-Rand PLC will post 5.58 EPS for the current fiscal year.
Ingersoll-Rand announced that its Board of Directors has approved a share buyback plan on Wednesday, October 3rd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the industrial products company to purchase up to 6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, December 6th. This represents a $2.12 annualized dividend and a dividend yield of 2.16%. Ingersoll-Rand’s payout ratio is 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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