FormulaFolio Investments LLC acquired a new position in shares of Ingersoll-Rand PLC (NYSE:IR) in the 3rd quarter, Holdings Channel reports. The fund acquired 8,374 shares of the industrial products company’s stock, valued at approximately $857,000.
Several other large investors also recently modified their holdings of IR. Flagship Harbor Advisors LLC purchased a new stake in Ingersoll-Rand in the 2nd quarter valued at $106,000. Fort L.P. purchased a new stake in Ingersoll-Rand in the 2nd quarter valued at $121,000. CWM LLC raised its position in Ingersoll-Rand by 653.3% in the 2nd quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock valued at $135,000 after purchasing an additional 1,300 shares during the last quarter. Hartford Financial Management Inc. purchased a new stake in Ingersoll-Rand in the 2nd quarter valued at $149,000. Finally, Kiley Juergens Wealth Management LLC purchased a new stake in Ingersoll-Rand in the 2nd quarter valued at $154,000. Institutional investors and hedge funds own 80.53% of the company’s stock.
Shares of Ingersoll-Rand stock opened at $103.26 on Tuesday. The firm has a market cap of $25.63 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.55 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 PLC has a one year low of $79.63 and a one year high of $105.76.
Ingersoll-Rand (NYSE:IR) last announced its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.75 EPS for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.04. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.02 billion. Ingersoll-Rand had a net margin of 10.03% and a return on equity of 18.75%. Ingersoll-Rand’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.44 EPS. On average, equities research analysts forecast that Ingersoll-Rand PLC will post 5.58 earnings per share for the current year.
Ingersoll-Rand declared that its board has authorized a share buyback program on Wednesday, October 3rd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed 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 of this dividend is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a yield of 2.05%. Ingersoll-Rand’s payout ratio is currently 47.01%.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of the company’s stock in a transaction on Friday, September 14th. The shares were 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 approximately $13,010,192. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.70% of the stock is currently owned by corporate insiders.
Several analysts recently commented on IR shares. Bank of America upped their price target on shares of Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Argus upped their price target on shares of Ingersoll-Rand from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Barclays upped their price target on shares of Ingersoll-Rand from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, August 9th. Morgan Stanley started coverage on shares of Ingersoll-Rand in a research report on Monday, August 20th. They issued an “overweight” rating and a $111.00 price target for the company. Finally, UBS Group upped their price target on shares of Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $109.85.
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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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