ClariVest Asset Management LLC Trims Stake in Ingersoll-Rand PLC (IR)

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ClariVest Asset Management LLC trimmed its position in Ingersoll-Rand PLC (NYSE:IR) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 251,924 shares of the industrial products company’s stock after selling 17,165 shares during the quarter. ClariVest Asset Management LLC’s holdings in Ingersoll-Rand were worth $25,772,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IR. Flagship Harbor Advisors LLC bought a new stake in shares of Ingersoll-Rand in the second quarter worth about $106,000. Fort L.P. bought a new stake in shares of Ingersoll-Rand in the second quarter worth about $121,000. Smithfield Trust Co. increased its holdings in shares of Ingersoll-Rand by 374.5% in the second quarter. Smithfield Trust Co. now owns 1,376 shares of the industrial products company’s stock worth $123,000 after purchasing an additional 1,086 shares during the last quarter. CWM LLC increased its holdings in shares of Ingersoll-Rand by 653.3% in the second quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock worth $135,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Hartford Financial Management Inc. bought a new stake in shares of Ingersoll-Rand in the second quarter worth about $149,000. 80.02% of the stock is currently owned by hedge funds and other institutional investors.

In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of the business’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 transaction of $1,082,432.00. Following the completion of the transaction, the senior vice president now owns 125,098 shares in the company, valued at $13,010,192. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is owned by insiders.

Several equities research analysts have recently issued reports on the company. Robert W. Baird set a $106.00 target price on Ingersoll-Rand and gave the stock a “hold” rating in a report on Thursday, October 25th. Argus lifted 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. Cowen reiterated a “buy” rating and issued a $115.00 price target on shares of Ingersoll-Rand in a research report on Monday, September 10th. Citigroup lifted 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, Bank of America lifted their price target on Ingersoll-Rand from $96.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $109.85.

IR opened at $102.47 on Wednesday. The stock has a market capitalization of $24.85 billion, a P/E ratio of 19.01, a P/E/G ratio of 1.51 and a beta of 1.28. Ingersoll-Rand PLC has a 12 month low of $79.63 and a 12 month high of $105.76. 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 Thomson Reuters’ consensus estimate of $1.71 by $0.04. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.02 billion. Ingersoll-Rand had a return on equity of 18.75% and a net margin of 10.03%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $1.44 earnings per share. Analysts anticipate that Ingersoll-Rand PLC will post 5.58 earnings per share for the current year.

Ingersoll-Rand declared that its Board of Directors has initiated a stock buyback plan on Wednesday, October 3rd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, December 6th. This represents a $2.12 annualized dividend and a dividend yield of 2.07%. Ingersoll-Rand’s dividend payout ratio (DPR) is presently 47.01%.

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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.

Further Reading: Technical Analysis of Stocks, How Can It Help

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

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