FineMark National Bank & Trust increased its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 1.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,309 shares of the industrial products company’s stock after acquiring an additional 764 shares during the period. FineMark National Bank & Trust’s holdings in Ingersoll-Rand were worth $6,681,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. boosted its position in Ingersoll-Rand by 0.9% during the second quarter. BlackRock Inc. now owns 18,123,653 shares of the industrial products company’s stock worth $1,626,236,000 after purchasing an additional 153,801 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Ingersoll-Rand by 10.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,609,711 shares of the industrial products company’s stock worth $778,473,000 after purchasing an additional 740,151 shares in the last quarter. Bank of America Corp DE boosted its position in Ingersoll-Rand by 4.7% during the second quarter. Bank of America Corp DE now owns 3,636,243 shares of the industrial products company’s stock worth $326,281,000 after purchasing an additional 162,210 shares in the last quarter. Voya Investment Management LLC boosted its position in Ingersoll-Rand by 26.6% during the second quarter. Voya Investment Management LLC now owns 3,569,583 shares of the industrial products company’s stock worth $320,299,000 after purchasing an additional 750,879 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Ingersoll-Rand by 20.8% during the second quarter. American Century Companies Inc. now owns 2,824,836 shares of the industrial products company’s stock worth $253,473,000 after purchasing an additional 485,451 shares in the last quarter. 80.27% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on IR. 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. Argus increased 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. Zacks Investment Research upgraded Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Sunday, July 15th. Citigroup increased their price target on Ingersoll-Rand from $117.00 to $118.00 and gave the stock a “buy” rating in a research report on Thursday, October 25th. Finally, Cowen reiterated a “buy” rating and set a $115.00 price target on shares of Ingersoll-Rand in a research report on Monday, September 10th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Ingersoll-Rand has an average rating of “Buy” and a consensus target price of $109.85.
In other news, SVP Marcia J. Avedon sold 10,408 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $104.00, for a total value of $1,082,432.00. Following the transaction, the senior vice president now owns 125,098 shares in the company, valued at $13,010,192. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.70% of the company’s stock.
NYSE IR opened at $99.14 on Tuesday. The company has a market capitalization of $24.12 billion, a PE ratio of 21.98, a PEG ratio of 1.46 and a beta of 1.28. Ingersoll-Rand PLC has a 1-year low of $79.63 and a 1-year high of $105.76. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.
Ingersoll-Rand (NYSE:IR) last released its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.04. The business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.02 billion. Ingersoll-Rand had a return on equity of 18.75% and a net margin of 10.03%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.44 earnings per share. On average, research analysts predict that Ingersoll-Rand PLC will post 5.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be given a $0.53 dividend. The ex-dividend date is Thursday, December 6th. This represents a $2.12 annualized dividend and a dividend yield of 2.14%. Ingersoll-Rand’s dividend payout ratio (DPR) is presently 47.01%.
Ingersoll-Rand declared that its board has authorized a stock repurchase plan on Wednesday, October 3rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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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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