United Services Automobile Association boosted its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 6.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,401 shares of the industrial products company’s stock after purchasing an additional 7,888 shares during the period. United Services Automobile Association owned about 0.05% of Ingersoll-Rand worth $13,033,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Girard Partners LTD. bought a new position in Ingersoll-Rand during the third quarter valued at approximately $112,000. Flagship Harbor Advisors LLC bought a new position in Ingersoll-Rand during the second quarter valued at approximately $106,000. Fort L.P. bought a new position in Ingersoll-Rand during the second quarter valued at approximately $121,000. Hartford Financial Management Inc. bought a new position in Ingersoll-Rand during the second quarter valued at approximately $149,000. Finally, Zions Bancorporation bought a new position in Ingersoll-Rand during the second quarter valued at approximately $164,000. Institutional investors own 79.74% of the company’s stock.
Shares of IR stock opened at $97.98 on Friday. Ingersoll-Rand PLC has a 12 month low of $79.63 and a 12 month high of $107.08. The company has a market cap of $24.86 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28. 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 (NYSE:IR) last announced its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 EPS 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 during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the prior year, the company earned $1.44 earnings per share. The firm’s 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 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders 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 dividend on an annualized basis and a yield of 2.16%. Ingersoll-Rand’s dividend payout ratio is currently 47.01%.
Ingersoll-Rand announced that its Board of Directors has initiated a share buyback program on Wednesday, October 3rd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently weighed in on IR. ValuEngine upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating in a research report on Friday, November 16th. Credit Suisse Group initiated coverage on shares of Ingersoll-Rand in a research report on Friday, October 12th. They set an “outperform” rating and a $108.00 price objective on the stock. UBS Group upped their target price 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. Cowen reaffirmed a “buy” rating and set a $115.00 target price on shares of Ingersoll-Rand in a report on Monday, September 10th. Finally, Morgan Stanley initiated coverage on shares of Ingersoll-Rand in a report on Monday, August 20th. They set an “overweight” rating and a $111.00 target price for the company. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $110.43.
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 currently owned by corporate insiders.
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Ingersoll-Rand Company Profile
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.
Further Reading: What is an SEC Filing?
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