Keybank National Association OH reduced its position in Ingersoll-Rand PLC (NYSE:IR) by 2.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,508 shares of the industrial products company’s stock after selling 583 shares during the quarter. Keybank National Association OH’s holdings in Ingersoll-Rand were worth $2,650,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in IR. QCI Asset Management Inc. NY bought a new position in Ingersoll-Rand in the 2nd quarter valued at about $26,000. Arrow Financial Corp boosted its stake in shares of Ingersoll-Rand by 232.6% in the 2nd quarter. Arrow Financial Corp now owns 286 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 200 shares in the last quarter. AdvisorNet Financial Inc boosted its stake in shares of Ingersoll-Rand by 92.2% in the 2nd quarter. AdvisorNet Financial Inc now owns 294 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 141 shares in the last quarter. Berman Capital Advisors LLC boosted its stake in shares of Ingersoll-Rand by 93.9% in the 2nd quarter. Berman Capital Advisors LLC now owns 316 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 153 shares in the last quarter. Finally, Halbert Hargrove Russell LLC boosted its stake in shares of Ingersoll-Rand by 1,902.2% in the 2nd quarter. Halbert Hargrove Russell LLC now owns 7,368 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 7,000 shares in the last quarter. 78.14% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:IR traded up $1.34 during mid-day trading on Friday, hitting $130.44. 1,010,596 shares of the company’s stock were exchanged, compared to its average volume of 1,386,982. The company has a 50 day simple moving average of $121.39 and a 200-day simple moving average of $121.67. The company has a current ratio of 1.28, a quick ratio of 0.88 and a debt-to-equity ratio of 0.68. Ingersoll-Rand PLC has a fifty-two week low of $85.15 and a fifty-two week high of $132.42. The firm has a market capitalization of $31.33 billion, a P/E ratio of 23.25, a PEG ratio of 1.90 and a beta of 1.22.
Ingersoll-Rand (NYSE:IR) last posted its earnings results on Tuesday, October 29th. The industrial products company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.91 by $0.08. Ingersoll-Rand had a net margin of 8.38% and a return on equity of 21.72%. The business had revenue of $4.16 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same period last year, the company earned $1.75 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. As a group, analysts expect that Ingersoll-Rand PLC will post 6.4 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 6th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.12 annualized dividend and a yield of 1.63%. Ingersoll-Rand’s dividend payout ratio is presently 37.79%.
In related news, SVP Marcia J. Avedon sold 7,450 shares of Ingersoll-Rand stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $129.00, for a total transaction of $961,050.00. Following the sale, the senior vice president now directly owns 99,075 shares in the company, valued at approximately $12,780,675. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Keith A. Sultana sold 7,010 shares of Ingersoll-Rand stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total transaction of $876,250.00. Following the sale, the senior vice president now owns 19,608 shares in the company, valued at $2,451,000. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.
A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets set a $145.00 price target on shares of Ingersoll-Rand and gave the company a “buy” rating in a research note on Monday, November 4th. Cowen restated a “buy” rating and issued a $131.00 price target on shares of Ingersoll-Rand in a research note on Tuesday, October 29th. Morgan Stanley raised their price target on shares of Ingersoll-Rand from $139.00 to $142.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank downgraded shares of Ingersoll-Rand from a “buy” rating to a “hold” rating and reduced their price target for the company from $137.00 to $135.00 in a research note on Tuesday, October 29th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. reduced their price target on shares of Ingersoll-Rand from $140.00 to $129.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $134.15.
Ingersoll-Rand Company Profile
Ingersoll-Rand Plc designs, manufactures, sells, and services industrial and commercial products. The company operates through Climate and Industrial segments. The Climate segment offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality; industrial refrigeration; motor replacements; refrigerant reclamation; thermostats/controls; transport heater products; and water source heat pumps.
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