Several other research analysts have also recently issued reports on IR. Wolfe Research started coverage on Ingersoll-Rand in a research note on Wednesday, June 27th. They issued an outperform rating on the stock. Zacks Investment Research cut Ingersoll-Rand from a buy rating to a hold rating in a research note on Wednesday, June 27th. Bank of America increased their price objective on Ingersoll-Rand from $96.00 to $105.00 and gave the stock a neutral rating in a research note on Monday, July 30th. Argus increased their price objective on Ingersoll-Rand from $100.00 to $114.00 and gave the stock a buy rating in a research note on Tuesday, July 31st. Finally, Barclays increased their price objective on Ingersoll-Rand from $115.00 to $117.00 and gave the stock an overweight rating in a research note on Thursday, August 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $109.85.
NYSE:IR traded down $1.20 during midday trading on Thursday, hitting $94.32. The stock had a trading volume of 2,054,812 shares, compared to its average volume of 2,041,914. Ingersoll-Rand has a one year low of $79.63 and a one year high of $105.76. The stock has a market cap of $23.17 billion, a P/E ratio of 20.91, a price-to-earnings-growth ratio of 1.46 and a beta of 1.31. The company has a quick ratio of 0.93, a current ratio of 1.41 and a debt-to-equity ratio of 0.51.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, December 6th. This represents a $2.12 annualized dividend and a yield of 2.25%. Ingersoll-Rand’s dividend payout ratio (DPR) is presently 47.01%.
Ingersoll-Rand announced that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of the stock in a transaction on Friday, September 14th. The stock was 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 owns 125,098 shares of the company’s stock, valued at approximately $13,010,192. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Ingersoll-Rand by 0.9% during the 2nd quarter. BlackRock Inc. now owns 18,123,653 shares of the industrial products company’s stock valued at $1,626,236,000 after acquiring an additional 153,801 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Ingersoll-Rand by 10.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,609,711 shares of the industrial products company’s stock valued at $778,473,000 after purchasing an additional 740,151 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Ingersoll-Rand by 4.7% during the 2nd quarter. Bank of America Corp DE now owns 3,636,243 shares of the industrial products company’s stock valued at $326,281,000 after purchasing an additional 162,210 shares during the last quarter. Voya Investment Management LLC lifted its holdings in shares of 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 valued at $320,299,000 after purchasing an additional 750,879 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of 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 valued at $253,473,000 after purchasing an additional 485,451 shares during the last quarter. 79.99% of the stock is currently owned by institutional investors and hedge funds.
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.
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