Minneapolis Portfolio Management Group LLC Cuts Stake in Ingersoll-Rand PLC (IR)

Share on StockTwits

Minneapolis Portfolio Management Group LLC cut its position in Ingersoll-Rand PLC (NYSE:IR) by 5.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 161,492 shares of the industrial products company’s stock after selling 9,530 shares during the period. Ingersoll-Rand makes up 1.9% of Minneapolis Portfolio Management Group LLC’s holdings, making the stock its 24th largest position. Minneapolis Portfolio Management Group LLC owned approximately 0.07% of Ingersoll-Rand worth $14,491,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Providence Capital Advisors LLC boosted its stake in shares of Ingersoll-Rand by 3.0% in the second quarter. Providence Capital Advisors LLC now owns 24,095 shares of the industrial products company’s stock worth $2,162,000 after buying an additional 700 shares during the last quarter. Bailard Inc. boosted its stake in shares of Ingersoll-Rand by 7.2% in the second quarter. Bailard Inc. now owns 10,483 shares of the industrial products company’s stock worth $941,000 after buying an additional 705 shares during the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in shares of Ingersoll-Rand by 72.2% in the second quarter. Nissay Asset Management Corp Japan ADV now owns 120,098 shares of the industrial products company’s stock worth $10,776,000 after buying an additional 50,371 shares during the last quarter. CIBC World Markets Inc. boosted its stake in shares of Ingersoll-Rand by 30.1% in the second quarter. CIBC World Markets Inc. now owns 30,419 shares of the industrial products company’s stock worth $2,729,000 after buying an additional 7,032 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Ingersoll-Rand in the second quarter worth about $1,465,000. 81.26% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Marcia J. Avedon sold 10,460 shares of the firm’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $92.00, for a total transaction 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 $10,422,496. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David S. Regnery sold 12,098 shares of the firm’s stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $97.00, for a total value of $1,173,506.00. Following the transaction, the executive vice president now owns 55,810 shares of the company’s stock, valued at $5,413,570. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,021 shares of company stock valued at $3,525,936. 0.70% of the stock is owned by insiders.

A number of brokerages have recently commented on IR. Zacks Investment Research downgraded Ingersoll-Rand from a “buy” rating to a “hold” rating in a research note on Wednesday, June 27th. Wolfe Research started coverage on Ingersoll-Rand in a report on Wednesday, June 27th. They set an “outperform” rating for the company. Barclays increased their price target on Ingersoll-Rand from $115.00 to $117.00 and gave the company an “overweight” rating in a report on Thursday, August 9th. Bank of America increased their price target on Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, July 30th. Finally, Stifel Nicolaus increased their price target on Ingersoll-Rand from $94.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, April 26th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Ingersoll-Rand has an average rating of “Buy” and an average target price of $106.23.

NYSE:IR opened at $99.81 on Friday. Ingersoll-Rand PLC has a one year low of $79.63 and a one year high of $100.06. The company has a quick ratio of 0.93, a current ratio of 1.30 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $23.61 billion, a P/E ratio of 22.13, a P/E/G ratio of 1.50 and a beta of 1.34.

Ingersoll-Rand (NYSE:IR) last posted its earnings results on Wednesday, July 25th. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.13. The company had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.21 billion. Ingersoll-Rand had a return on equity of 18.11% and a net margin of 9.28%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.49 earnings per share. equities research analysts anticipate that Ingersoll-Rand PLC will post 5.54 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be paid a dividend of $0.53 per share. This is a boost from Ingersoll-Rand’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $2.12 annualized dividend and a yield of 2.12%. Ingersoll-Rand’s dividend payout ratio (DPR) is 39.91%.

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 Article: Marijuana Stocks Future Looks Bright

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