Cullinan Associates Inc. raised its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 21.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,200 shares of the industrial products company’s stock after acquiring an additional 1,100 shares during the period. Cullinan Associates Inc.’s holdings in Ingersoll-Rand were worth $566,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of IR. Point72 Hong Kong Ltd bought a new stake in shares of Ingersoll-Rand during the 3rd quarter worth $101,000. Flagship Harbor Advisors LLC bought a new stake in shares of Ingersoll-Rand during the 2nd quarter worth $106,000. Girard Partners LTD. bought a new stake in shares of Ingersoll-Rand during the 3rd quarter worth $112,000. Essex Investment Management Co. LLC bought a new stake in shares of Ingersoll-Rand during the 3rd quarter worth $203,000. Finally, Ballentine Partners LLC bought a new stake in shares of Ingersoll-Rand during the 3rd quarter worth $205,000. Institutional investors and hedge funds own 79.50% of the company’s stock.
Shares of IR opened at $94.96 on Friday. Ingersoll-Rand PLC has a fifty-two week low of $79.63 and a fifty-two week high of $107.08. The stock has a market capitalization of $23.19 billion, a P/E ratio of 21.06, a PEG ratio of 1.24 and a beta of 1.27. The company has a quick ratio of 0.99, a current ratio of 1.41 and a debt-to-equity ratio of 0.51.
Ingersoll-Rand declared that its board has authorized a share buyback plan on Wednesday, October 3rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
IR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upgraded Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research note on Friday, September 21st. Credit Suisse Group initiated coverage on Ingersoll-Rand in a research note on Friday, October 12th. They set an “outperform” rating and a $108.00 target price on the stock. Robert W. Baird set a $106.00 target price on Ingersoll-Rand and gave the stock a “hold” rating in a research note on Thursday, October 25th. Citigroup lifted their target price on Ingersoll-Rand from $117.00 to $118.00 and gave the stock a “buy” rating in a research note on Thursday, October 25th. Finally, ValuEngine raised Ingersoll-Rand from a “hold” rating to a “buy” rating in a report on Friday, November 16th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $109.64.
In other Ingersoll-Rand news, CEO Michael W. Lamach sold 166,407 shares of Ingersoll-Rand stock in a transaction dated Wednesday, January 2nd. The stock was sold at an average price of $90.39, for a total transaction of $15,041,528.73. Following the completion of the transaction, the chief executive officer now owns 417,275 shares of the company’s stock, valued at approximately $37,717,487.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is owned by insiders.
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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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