Zacks Investment Research upgraded shares of Ingersoll-Rand (NYSE:IR) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $102.00 target price on the industrial products company’s stock.
According to Zacks, “In the past three months, Ingersoll's shares have outperformed the industry. The company 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. At the same time, strategic acquisitions had served as growth drivers, supplementing the company's organic growth. Ingersoll has a solid foundation of global brands and a leading market share in all major product lines. 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%.”
Several other analysts also recently weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Ingersoll-Rand from $94.00 to $104.00 and gave the stock a buy rating in a research report on Thursday, April 26th. Citigroup dropped their target price on shares of Ingersoll-Rand from $110.00 to $109.00 and set a buy rating on the stock in a research report on Monday, April 9th. Royal Bank of Canada reissued a hold rating and set a $99.00 target price on shares of Ingersoll-Rand in a research report on Tuesday, February 27th. Finally, Cowen assumed coverage on shares of Ingersoll-Rand in a research report on Tuesday, June 19th. They set an outperform rating and a $111.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. Ingersoll-Rand presently has a consensus rating of Hold and a consensus target price of $104.50.
Shares of Ingersoll-Rand stock opened at $90.76 on Thursday. 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 has a 52-week low of $79.63 and a 52-week high of $97.67. The company has a market capitalization of $22.51 billion, a PE ratio of 19.52, a PEG ratio of 1.56 and a beta of 1.34.
Ingersoll-Rand (NYSE:IR) last issued its quarterly earnings data on Wednesday, April 25th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.08. Ingersoll-Rand had a net margin of 8.96% and a return on equity of 17.03%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. equities research analysts expect that Ingersoll-Rand will post 5.29 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be issued a $0.53 dividend. This is an increase from Ingersoll-Rand’s previous quarterly dividend of $0.45. This represents a $2.12 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, September 6th. Ingersoll-Rand’s dividend payout ratio is 39.91%.
In related news, SVP Marcia J. Avedon sold 10,460 shares of the business’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $92.00, for a total value of $962,320.00. Following the completion of the transaction, the senior vice president now directly owns 113,288 shares in the company, valued at approximately $10,422,496. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul A. Camuti sold 3,100 shares of the business’s stock in a transaction 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. 0.70% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of IR. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Ingersoll-Rand by 356.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,793,292 shares of the industrial products company’s stock valued at $159,944,000 after purchasing an additional 1,400,832 shares during the period. Ceredex Value Advisors LLC acquired a new position in shares of Ingersoll-Rand in the 1st quarter valued at $89,309,000. BlackRock Inc. lifted its stake in shares of Ingersoll-Rand by 3.8% in the 1st quarter. BlackRock Inc. now owns 17,969,852 shares of the industrial products company’s stock valued at $1,536,604,000 after purchasing an additional 664,322 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Ingersoll-Rand by 93.8% in the 4th quarter. Two Sigma Advisers LP now owns 1,359,677 shares of the industrial products company’s stock valued at $121,270,000 after purchasing an additional 658,213 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Ingersoll-Rand in the 4th quarter valued at $54,046,000. Hedge funds and other institutional investors own 79.53% of the company’s stock.
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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