Glen Harbor Capital Management LLC reduced its position in shares of Ingersoll-Rand PLC (NYSE:IR) by 5.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 81,116 shares of the industrial products company’s stock after selling 4,312 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in Ingersoll-Rand were worth $7,278,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canandaigua National Bank & Trust Co. lifted its position in shares of Ingersoll-Rand by 12.4% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 26,149 shares of the industrial products company’s stock valued at $2,346,000 after acquiring an additional 2,890 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Ingersoll-Rand during the 2nd quarter valued at $1,331,000. Beech Hill Advisors Inc. acquired a new stake in shares of Ingersoll-Rand during the 2nd quarter valued at $3,293,000. Koch Industries Inc. lifted its position in shares of Ingersoll-Rand by 64.3% during the 1st quarter. Koch Industries Inc. now owns 30,724 shares of the industrial products company’s stock valued at $2,627,000 after acquiring an additional 12,022 shares during the last quarter. Finally, Trust Investment Advisors acquired a new stake in shares of Ingersoll-Rand during the 2nd quarter valued at $1,032,000. 80.12% of the stock is owned by hedge funds and other institutional investors.
IR opened at $101.24 on Friday. The firm has a market capitalization of $25.27 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 1.61 and a beta of 1.33. Ingersoll-Rand PLC has a 12-month low of $79.63 and a 12-month high of $103.35. The company has a quick ratio of 0.93, a current ratio of 1.30 and a debt-to-equity ratio of 0.55.
Ingersoll-Rand (NYSE:IR) last released its earnings results on Wednesday, July 25th. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.13. The company had revenue of $4.36 billion during the quarter, compared to analyst estimates of $4.21 billion. Ingersoll-Rand had a return on equity of 18.11% and a net margin of 9.28%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.49 earnings per share. sell-side analysts anticipate that Ingersoll-Rand PLC will post 5.54 EPS for the current fiscal year.
The firm also recently announced 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. The ex-dividend date is Thursday, September 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.09%. This is a positive change from Ingersoll-Rand’s previous quarterly dividend of $0.45. Ingersoll-Rand’s dividend payout ratio is presently 39.91%.
In other news, EVP David S. Regnery sold 12,098 shares of the 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 completion of the sale, the executive vice president now owns 55,810 shares in the company, valued at $5,413,570. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Paul A. Camuti sold 1,800 shares of the stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $95.00, for a total value of $171,000.00. Following the completion of the sale, the senior vice president now owns 59,290 shares of the company’s stock, valued at approximately $5,632,550. The disclosure for this sale can be found here. Insiders sold 37,021 shares of company stock valued at $3,525,936 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.
IR has been the subject of a number of recent research reports. Morgan Stanley initiated coverage on Ingersoll-Rand in a research report on Monday, August 20th. They set an “overweight” rating and a $111.00 price objective for the company. Bank of America increased their price objective on Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Barclays increased their price objective on Ingersoll-Rand from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, August 9th. UBS Group increased their price objective on Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Finally, Zacks Investment Research upgraded Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research report on Friday, June 1st. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $108.83.
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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