Lourd Capital LLC purchased a new position in shares of Ingersoll-Rand PLC (NYSE:IR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,720 shares of the industrial products company’s stock, valued at approximately $585,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IR. Nomura Asset Management Co. Ltd. boosted its holdings in Ingersoll-Rand by 7.1% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 37,585 shares of the industrial products company’s stock valued at $3,214,000 after purchasing an additional 2,489 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Ingersoll-Rand by 6.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 17,321 shares of the industrial products company’s stock valued at $1,481,000 after purchasing an additional 1,055 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Ingersoll-Rand in the 1st quarter valued at approximately $958,000. Cornercap Investment Counsel Inc. boosted its holdings in Ingersoll-Rand by 10.9% in the 1st quarter. Cornercap Investment Counsel Inc. now owns 36,604 shares of the industrial products company’s stock valued at $3,130,000 after purchasing an additional 3,590 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Ingersoll-Rand by 26.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 787,686 shares of the industrial products company’s stock valued at $67,356,000 after purchasing an additional 166,426 shares in the last quarter. 80.16% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:IR opened at $102.30 on Wednesday. The company has a market cap of $25.10 billion, a PE ratio of 22.68, a PEG ratio of 1.59 and a beta of 1.31. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 1.30. Ingersoll-Rand PLC has a 12 month low of $79.63 and a 12 month high of $105.76.
Ingersoll-Rand (NYSE:IR) last announced its quarterly earnings results on Wednesday, July 25th. The industrial products company reported $1.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.13. The business had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.21 billion. Ingersoll-Rand had a return on equity of 18.11% and a net margin of 9.28%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.49 EPS. Analysts expect that Ingersoll-Rand PLC will post 5.54 EPS for the current fiscal year.
Ingersoll-Rand announced that its Board of Directors has approved a stock buyback program on Wednesday, October 3rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared 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 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, December 6th. Ingersoll-Rand’s dividend payout ratio (DPR) is 47.01%.
In other news, SVP Paul A. Camuti sold 1,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 25th. The stock was sold at an average price of $95.00, for a total transaction of $171,000.00. Following the sale, the senior vice president now owns 59,290 shares of the company’s stock, valued at approximately $5,632,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David S. Regnery sold 12,098 shares of the business’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $97.00, for a total value of $1,173,506.00. Following the sale, the executive vice president now directly owns 55,810 shares in the company, valued at approximately $5,413,570. The disclosure for this sale can be found here. Insiders have sold a total of 36,969 shares of company stock worth $3,646,048 in the last three months. Corporate insiders own 0.70% of the company’s stock.
A number of equities research analysts have weighed in on IR shares. Morgan Stanley started coverage on Ingersoll-Rand in a report on Monday, August 20th. They issued an “overweight” rating and a $111.00 price objective on the stock. UBS Group lifted their price objective on Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, August 30th. Barclays lifted their price objective on Ingersoll-Rand from $115.00 to $117.00 and gave the company an “overweight” rating in a report on Thursday, August 9th. Bank of America lifted their price objective on Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, July 30th. Finally, JPMorgan Chase & Co. raised Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a report on Friday, September 21st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $109.55.
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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