Assenagon Asset Management S.A. boosted its holdings in Ingersoll-Rand PLC (NYSE:IR) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 118,163 shares of the industrial products company’s stock after purchasing an additional 4,755 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Ingersoll-Rand were worth $12,088,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of IR. Flagship Harbor Advisors LLC bought a new position in Ingersoll-Rand during the 2nd quarter valued at $106,000. Fort L.P. bought a new position in Ingersoll-Rand during the 2nd quarter valued at $121,000. Smithfield Trust Co. lifted its stake in Ingersoll-Rand by 374.5% during the 2nd quarter. Smithfield Trust Co. now owns 1,376 shares of the industrial products company’s stock valued at $123,000 after acquiring an additional 1,086 shares in the last quarter. CWM LLC lifted its stake in Ingersoll-Rand by 653.3% during the 2nd quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock valued at $135,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Hartford Financial Management Inc. bought a new position in Ingersoll-Rand during the 2nd quarter valued at $149,000. 80.03% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have weighed in on IR shares. UBS Group raised their price objective on Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, August 30th. Argus raised their price objective on Ingersoll-Rand from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. JPMorgan Chase & Co. upgraded Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research note on Friday, September 21st. Cowen restated a “buy” rating and set a $115.00 price objective on shares of Ingersoll-Rand in a research note on Monday, September 10th. Finally, Credit Suisse Group started coverage on Ingersoll-Rand in a research note on Friday, October 12th. They set an “outperform” rating and a $108.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Ingersoll-Rand currently has a consensus rating of “Buy” and an average target price of $109.85.
NYSE IR opened at $95.96 on Wednesday. The firm has a market cap of $23.17 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 1.46 and a beta of 1.31. Ingersoll-Rand PLC has a one year low of $79.63 and a one year high of $105.76. 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 released its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 EPS for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.04. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Ingersoll-Rand had a return on equity of 18.75% and a net margin of 10.03%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.44 EPS. As a group, sell-side analysts forecast that Ingersoll-Rand PLC will post 5.58 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, December 6th. Ingersoll-Rand’s payout ratio is 47.01%.
Ingersoll-Rand announced that its board has approved a share buyback program on Wednesday, October 3rd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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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