Ferguson Wellman Capital Management Inc. cut its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 18.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,434 shares of the industrial products company’s stock after selling 2,656 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Ingersoll-Rand were worth $1,170,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its position in Ingersoll-Rand by 16.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,869,560 shares of the industrial products company’s stock worth $616,406,000 after purchasing an additional 954,768 shares during the period. Millennium Management LLC boosted its position in Ingersoll-Rand by 129.9% during the 2nd quarter. Millennium Management LLC now owns 1,551,254 shares of the industrial products company’s stock worth $139,194,000 after purchasing an additional 876,468 shares during the period. Voya Investment Management LLC boosted its position in Ingersoll-Rand by 26.6% during the 2nd quarter. Voya Investment Management LLC now owns 3,569,583 shares of the industrial products company’s stock worth $320,299,000 after purchasing an additional 750,879 shares during the period. American Century Companies Inc. boosted its position in Ingersoll-Rand by 20.8% during the 2nd quarter. American Century Companies Inc. now owns 2,824,836 shares of the industrial products company’s stock worth $253,473,000 after purchasing an additional 485,451 shares during the period. Finally, Cambiar Investors LLC purchased a new stake in Ingersoll-Rand during the 2nd quarter worth $34,866,000. 79.99% of the stock is owned by institutional investors.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of the business’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $104.00, for a total value of $1,082,432.00. Following the transaction, the senior vice president now 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 accessible through this link. Insiders own 0.70% of the company’s stock.
Ingersoll-Rand (NYSE:IR) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the business posted $1.44 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that Ingersoll-Rand PLC will post 5.58 EPS for the current fiscal year.
Ingersoll-Rand declared that its Board of Directors has approved a share repurchase program on Wednesday, October 3rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a yield of 2.25%. Ingersoll-Rand’s dividend payout ratio is currently 47.01%.
A number of analysts recently weighed in on the stock. Citigroup upped their price target on shares of Ingersoll-Rand from $117.00 to $118.00 and gave the stock a “buy” rating in a research report on Thursday. Robert W. Baird set a $106.00 price target on shares of Ingersoll-Rand and gave the stock a “hold” rating in a research report on Thursday. Credit Suisse Group assumed coverage on shares of Ingersoll-Rand in a research report on Friday, October 12th. They set an “outperform” rating and a $108.00 price target for the company. JPMorgan Chase & Co. raised shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research report on Friday, September 21st. Finally, Cowen reaffirmed a “buy” rating and set a $115.00 price target on shares of Ingersoll-Rand in a research report on Monday, September 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $109.85.
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.
See Also: Diversification
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