Victory Capital Management Inc. decreased its position in shares of Ingersoll-Rand PLC (NYSE:IR) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,394,514 shares of the industrial products company’s stock after selling 142,747 shares during the period. Ingersoll-Rand makes up approximately 0.5% of Victory Capital Management Inc.’s investment portfolio, making the stock its 19th biggest position. Victory Capital Management Inc. owned 0.97% of Ingersoll-Rand worth $244,958,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of IR. Flagship Harbor Advisors LLC purchased a new position in Ingersoll-Rand in the second quarter worth about $106,000. Fort L.P. purchased a new position in Ingersoll-Rand in the second quarter worth about $121,000. Smithfield Trust Co. grew its position in Ingersoll-Rand by 374.5% in the second quarter. Smithfield Trust Co. now owns 1,376 shares of the industrial products company’s stock worth $123,000 after acquiring an additional 1,086 shares in the last quarter. CWM LLC grew its position in Ingersoll-Rand by 653.3% in the second quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock worth $135,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Hartford Financial Management Inc. purchased a new position in Ingersoll-Rand in the second quarter worth about $149,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.
Shares of NYSE:IR opened at $98.99 on Friday. Ingersoll-Rand PLC has a 1 year low of $79.63 and a 1 year high of $105.76. The company has a market cap of $23.57 billion, a price-to-earnings ratio of 21.95, a price-to-earnings-growth ratio of 1.43 and a beta of 1.31. 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 (NYSE:IR) last announced its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.04. Ingersoll-Rand had a return on equity of 18.75% and a net margin of 10.03%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the business earned $1.44 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts anticipate that Ingersoll-Rand PLC will post 5.58 EPS for the current fiscal year.
Ingersoll-Rand announced that its board has authorized a stock 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 typically a sign that the company’s board believes its stock is undervalued.
The business 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 2.14%. The ex-dividend date of this dividend is Thursday, December 6th. Ingersoll-Rand’s dividend payout ratio is presently 47.01%.
In other news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $104.00, for a total transaction of $1,082,432.00. Following the completion of the sale, the senior vice president now owns 125,098 shares of the company’s stock, valued at $13,010,192. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company’s stock.
Several research analysts recently commented on IR shares. Barclays lifted their price target on Ingersoll-Rand from $115.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, August 9th. Argus lifted their price target on Ingersoll-Rand from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Robert W. Baird set a $106.00 price target on Ingersoll-Rand and gave the stock a “hold” rating in a research report on Thursday, October 25th. JPMorgan Chase & Co. upgraded Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research report on Friday, September 21st. Finally, Bank of America lifted their price target on Ingersoll-Rand from $96.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Ingersoll-Rand currently has a consensus rating of “Buy” and a consensus price target of $109.85.
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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