FineMark National Bank & Trust Has $6.68 Million Position in Ingersoll-Rand PLC (IR)

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.

WARNING: “FineMark National Bank & Trust Has $6.68 Million Position in Ingersoll-Rand PLC (IR)” was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this article on another domain, it was illegally stolen and republished in violation of international copyright & trademark legislation. The original version of this article can be accessed at https://www.dispatchtribunal.com/2018/11/06/finemark-national-bank-trust-has-6-68-million-position-in-ingersoll-rand-plc-ir.html.

Ingersoll-Rand 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.

Featured Story: Swap

Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll-Rand PLC (NYSE:IR).

Institutional Ownership by Quarter for Ingersoll-Rand (NYSE:IR)

Receive News & Ratings for Ingersoll-Rand Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingersoll-Rand and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply