Gamco Investors INC. ET AL lowered its position in Ingersoll-Rand PLC (NYSE:IR) by 6.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,275 shares of the industrial products company’s stock after selling 510 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Ingersoll-Rand were worth $896,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. QCI Asset Management Inc. NY bought a new position in Ingersoll-Rand during the second quarter worth about $26,000. Arrow Financial Corp increased its position in Ingersoll-Rand by 232.6% during the second quarter. Arrow Financial Corp now owns 286 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 200 shares during the period. AdvisorNet Financial Inc increased its position in Ingersoll-Rand by 92.2% during the second quarter. AdvisorNet Financial Inc now owns 294 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 141 shares during the period. Berman Capital Advisors LLC increased its position in Ingersoll-Rand by 93.9% during the second quarter. Berman Capital Advisors LLC now owns 316 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 153 shares during the period. Finally, Halbert Hargrove Russell LLC increased its position in Ingersoll-Rand by 1,902.2% during the second quarter. Halbert Hargrove Russell LLC now owns 7,368 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 7,000 shares during the period. Hedge funds and other institutional investors own 78.14% of the company’s stock.
IR stock traded down $0.67 during mid-day trading on Monday, hitting $129.77. The stock had a trading volume of 40,669 shares, compared to its average volume of 1,386,982. The company has a current ratio of 1.28, a quick ratio of 0.88 and a debt-to-equity ratio of 0.68. Ingersoll-Rand PLC has a 52 week low of $85.15 and a 52 week high of $132.42. The firm has a market capitalization of $31.33 billion, a P/E ratio of 23.13, a P/E/G ratio of 1.90 and a beta of 1.22. The firm has a fifty day simple moving average of $121.39 and a 200 day simple moving average of $121.67.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 6th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, December 5th. Ingersoll-Rand’s dividend payout ratio is currently 37.79%.
In other news, SVP Keith A. Sultana sold 7,010 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $125.00, for a total value of $876,250.00. Following the sale, the senior vice president now directly owns 19,608 shares in the company, valued at approximately $2,451,000. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Marcia J. Avedon sold 7,450 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $129.00, for a total transaction of $961,050.00. Following the completion of the sale, the senior vice president now owns 99,075 shares in the company, valued at $12,780,675. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.
A number of research firms recently commented on IR. Barclays reaffirmed a “buy” rating and set a $134.00 price target on shares of Ingersoll-Rand in a research report on Friday, October 4th. Credit Suisse Group raised their price target on shares of Ingersoll-Rand from $138.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Cowen reaffirmed a “buy” rating and set a $131.00 price target on shares of Ingersoll-Rand in a research report on Tuesday, October 29th. Stephens lowered shares of Ingersoll-Rand from an “overweight” rating to an “equal” rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Ingersoll-Rand from $140.00 to $129.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $134.15.
Ingersoll-Rand Plc designs, manufactures, sells, and services industrial and commercial products. The company operates through Climate and Industrial segments. The Climate segment offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality; industrial refrigeration; motor replacements; refrigerant reclamation; thermostats/controls; transport heater products; and water source heat pumps.
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