ValuEngine upgraded shares of Ingersoll-Rand (NYSE:IR) from a hold rating to a buy rating in a report issued on Friday morning.
Several other research firms have also commented on IR. JPMorgan Chase & Co. upgraded Ingersoll-Rand from a neutral rating to an overweight rating in a research report on Friday, September 21st. UBS Group lifted their target price on Ingersoll-Rand from $108.00 to $115.00 and gave the company a buy rating in a report on Thursday, August 30th. Cowen reiterated a buy rating and issued a $115.00 target price on shares of Ingersoll-Rand in a report on Monday, September 10th. Morgan Stanley initiated coverage on Ingersoll-Rand in a report on Monday, August 20th. They issued an overweight rating and a $111.00 target price for the company. Finally, Bank of America lifted their target price on Ingersoll-Rand from $96.00 to $105.00 and gave the company a neutral rating in a report on Monday, July 30th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $109.85.
Shares of IR traded up $0.63 during midday trading on Friday, hitting $104.35. 1,518,764 shares of the stock were exchanged, compared to its average volume of 2,073,770. Ingersoll-Rand has a 52-week low of $79.63 and a 52-week high of $105.76. The firm has a market cap of $24.97 billion, a P/E ratio of 23.14, a P/E/G ratio of 1.51 and a beta of 1.28. 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 released its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.75 EPS for the quarter, topping the 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 period last year, the business posted $1.44 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. Sell-side analysts expect that Ingersoll-Rand will post 5.58 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 7th will be issued a $0.53 dividend. The ex-dividend date is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a yield of 2.03%. Ingersoll-Rand’s dividend payout ratio (DPR) is presently 47.01%.
Ingersoll-Rand declared that its board has initiated a share buyback plan on Wednesday, October 3rd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In related news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction 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 completion of the transaction, the senior vice president now directly 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 available at the SEC website. Company insiders own 0.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. boosted its position in Ingersoll-Rand by 104.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 113,408 shares of the industrial products company’s stock worth $10,176,000 after buying an additional 58,017 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in Ingersoll-Rand by 2,676.7% during the 2nd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 27,767 shares of the industrial products company’s stock worth $2,492,000 after buying an additional 26,767 shares during the period. Calamos Advisors LLC acquired a new stake in Ingersoll-Rand during the 2nd quarter worth approximately $263,000. Prospera Financial Services Inc acquired a new stake in Ingersoll-Rand during the 2nd quarter worth approximately $340,000. Finally, Nisa Investment Advisors LLC boosted its position in Ingersoll-Rand by 49.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 61,315 shares of the industrial products company’s stock worth $5,502,000 after buying an additional 20,235 shares during the period. 80.02% of the stock is owned by institutional investors.
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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