United Services Automobile Association boosted its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 6.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 127,401 shares of the industrial products company’s stock after acquiring an additional 7,888 shares during the period. United Services Automobile Association’s holdings in Ingersoll-Rand were worth $13,033,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Ingersoll-Rand by 0.9% during the second quarter. BlackRock Inc. now owns 18,123,653 shares of the industrial products company’s stock valued at $1,626,236,000 after purchasing an additional 153,801 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Ingersoll-Rand by 10.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,609,711 shares of the industrial products company’s stock valued at $778,473,000 after purchasing an additional 740,151 shares during the last quarter. FMR LLC lifted its position in Ingersoll-Rand by 18.8% during the third quarter. FMR LLC now owns 5,304,443 shares of the industrial products company’s stock valued at $542,645,000 after purchasing an additional 838,513 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Ingersoll-Rand by 26.6% during the third quarter. JPMorgan Chase & Co. now owns 5,165,500 shares of the industrial products company’s stock valued at $528,432,000 after purchasing an additional 1,085,581 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Ingersoll-Rand by 4.7% during the second quarter. Bank of America Corp DE now owns 3,636,243 shares of the industrial products company’s stock valued at $326,281,000 after purchasing an additional 162,210 shares during the last quarter. 79.74% of the stock is owned by institutional investors.
Several equities analysts have commented on IR shares. Stephens started coverage on shares of Ingersoll-Rand in a research report on Monday, November 19th. They set an “overweight” rating and a $118.00 price objective for the company. Robert W. Baird set a $106.00 price objective on shares of Ingersoll-Rand and gave the company a “hold” rating in a research report on Thursday, October 25th. JPMorgan Chase & Co. upgraded shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research report on Friday, September 21st. Citigroup increased their price objective on shares of Ingersoll-Rand from $117.00 to $118.00 and gave the company a “buy” rating in a research report on Thursday, October 25th. Finally, Morgan Stanley started coverage on shares of Ingersoll-Rand in a research report on Monday, August 20th. They set an “overweight” rating and a $111.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $110.43.
Ingersoll-Rand (NYSE:IR) last released its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.04. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.02 billion. Ingersoll-Rand had a net margin of 10.03% and a return on equity of 18.75%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business earned $1.44 EPS. Research analysts forecast that Ingersoll-Rand PLC will post 5.58 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a $0.53 dividend. The ex-dividend date is Thursday, December 6th. This represents a $2.12 annualized dividend and a dividend yield of 2.16%. Ingersoll-Rand’s dividend payout ratio (DPR) is presently 47.01%.
Ingersoll-Rand announced that its board has initiated a stock buyback program on Wednesday, October 3rd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the industrial products company to buy up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, SVP Marcia J. Avedon sold 10,408 shares of the firm’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $104.00, for a total value of $1,082,432.00. Following the completion of the sale, the senior vice president now owns 125,098 shares in the company, valued at approximately $13,010,192. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is currently owned by company insiders.
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Ingersoll-Rand Company 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: Analyst Ratings
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