Ingersoll-Rand (NYSE:IR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Ingersoll is focusing on improving the efficiencies and capabilities of products and services within its core businesses to enhance profitability. The geographic and industrial diversity coupled with a large installed product base provides ample growth opportunities within service, spare parts and replacement revenue streams. A robust operating platform and an efficient management team will likely drive net asset value and dividend growth in future. Recently, the company hiked its quarterly dividend rate by 18%. The stock has also outperformed the industry in the past three months. However, operating risks from high R&D costs for technology-driven products are expected to weigh on the company's margins. Brexit could further result in higher tariff and non-tariff barriers to trade between the U.K. and the European Union, lowering productivity of the company.”
A number of other analysts have also weighed in on IR. Royal Bank of Canada reiterated a “hold” rating and set a $99.00 target price on shares of Ingersoll-Rand in a report on Tuesday, February 27th. Stifel Nicolaus reiterated a “buy” rating and set a $94.00 target price on shares of Ingersoll-Rand in a report on Wednesday, April 4th. Citigroup dropped their target price on shares of Ingersoll-Rand from $110.00 to $109.00 and set a “buy” rating for the company in a report on Monday, April 9th. Finally, Cowen started coverage on shares of Ingersoll-Rand in a report on Tuesday. They set an “outperform” rating and a $111.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Ingersoll-Rand currently has an average rating of “Hold” and an average price target of $104.21.
Shares of Ingersoll-Rand traded down $0.32, reaching $90.70, on Wednesday, Marketbeat Ratings reports. 8,092 shares of the company traded hands, compared to its average volume of 1,351,546. Ingersoll-Rand has a 52 week low of $79.63 and a 52 week high of $97.67. The stock has a market capitalization of $22.82 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.59 and a beta of 1.34. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.52.
Ingersoll-Rand (NYSE:IR) last posted its earnings results on Wednesday, April 25th. The industrial products company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.08. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.19 billion. Ingersoll-Rand had a net margin of 8.96% and a return on equity of 17.03%. Ingersoll-Rand’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. research analysts predict that Ingersoll-Rand will post 5.29 EPS for the current year.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,460 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $92.00, for a total transaction of $962,320.00. Following the completion of the transaction, the senior vice president now owns 113,288 shares of the company’s stock, valued at $10,422,496. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul A. Camuti sold 3,100 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $90.00, for a total transaction of $279,000.00. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in IR. Sei Investments Co. increased its stake in shares of Ingersoll-Rand by 19.4% during the fourth quarter. Sei Investments Co. now owns 99,140 shares of the industrial products company’s stock valued at $8,842,000 after purchasing an additional 16,100 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Ingersoll-Rand by 6.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,024,629 shares of the industrial products company’s stock valued at $91,388,000 after purchasing an additional 66,128 shares in the last quarter. Advisory Services Network LLC increased its stake in shares of Ingersoll-Rand by 61.3% during the fourth quarter. Advisory Services Network LLC now owns 1,790 shares of the industrial products company’s stock valued at $160,000 after purchasing an additional 680 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Ingersoll-Rand by 208.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,871 shares of the industrial products company’s stock valued at $524,000 after purchasing an additional 3,965 shares in the last quarter. Finally, American International Group Inc. increased its stake in shares of Ingersoll-Rand by 7.0% during the fourth quarter. American International Group Inc. now owns 126,362 shares of the industrial products company’s stock valued at $11,270,000 after purchasing an additional 8,269 shares in the last quarter. 79.53% of the stock is 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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