Credit Suisse Group assumed coverage on shares of Ingersoll-Rand (NYSE:IR) in a report released on Friday, Marketbeat.com reports. The brokerage issued an outperform rating and a $108.00 target price on the industrial products company’s stock.
Several other equities analysts have also recently issued reports on the company. Morgan Stanley initiated coverage on Ingersoll-Rand in a report on Monday, August 20th. They set an overweight rating and a $111.00 price objective for the company. UBS Group lifted their price objective on Ingersoll-Rand from $108.00 to $115.00 and gave the stock a buy rating in a report on Thursday, August 30th. JPMorgan Chase & Co. raised Ingersoll-Rand from a neutral rating to an overweight rating in a report on Friday, September 21st. Barclays lifted their price objective on Ingersoll-Rand from $115.00 to $117.00 and gave the stock an overweight rating in a report on Thursday, August 9th. Finally, Bank of America boosted their price target on Ingersoll-Rand from $96.00 to $105.00 and gave the stock a neutral rating in a report on Monday, July 30th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $109.42.
IR stock traded up $1.21 during midday trading on Friday, hitting $97.14. 1,677,559 shares of the stock were exchanged, compared to its average volume of 1,645,922. The stock has a market cap of $25.10 billion, a PE ratio of 21.54, a P/E/G ratio of 1.59 and a beta of 1.31. Ingersoll-Rand has a fifty-two week low of $79.63 and a fifty-two week high of $105.76. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 1.30.
Ingersoll-Rand (NYSE:IR) last issued its quarterly earnings data on Wednesday, July 25th. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.13. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.21 billion. Ingersoll-Rand had a return on equity of 18.11% and a net margin of 9.28%. Ingersoll-Rand’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.49 earnings per share. As a group, equities research analysts predict that Ingersoll-Rand will post 5.54 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 repurchase $1.50 billion in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.18%. Ingersoll-Rand’s dividend payout ratio (DPR) is 47.01%.
In other news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction on Friday, September 14th. The stock was 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 of the company’s stock, valued at $13,010,192. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David S. Regnery sold 12,098 shares of Ingersoll-Rand stock in a transaction on Thursday, July 26th. The shares were 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 directly owns 55,810 shares of the company’s stock, valued at approximately $5,413,570. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,969 shares of company stock valued at $3,646,048. Insiders own 0.70% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Park Avenue Securities LLC lifted its stake in shares of Ingersoll-Rand by 17.7% in the second quarter. Park Avenue Securities LLC now owns 3,463 shares of the industrial products company’s stock worth $310,000 after acquiring an additional 521 shares in the last quarter. Synovus Financial Corp lifted its stake in shares of Ingersoll-Rand by 38.6% in the second quarter. Synovus Financial Corp now owns 1,898 shares of the industrial products company’s stock worth $171,000 after acquiring an additional 529 shares in the last quarter. United Capital Financial Advisers LLC lifted its stake in shares of Ingersoll-Rand by 7.1% in the first quarter. United Capital Financial Advisers LLC now owns 8,600 shares of the industrial products company’s stock worth $735,000 after acquiring an additional 571 shares in the last quarter. Hemenway Trust Co LLC lifted its stake in shares of Ingersoll-Rand by 17.9% in the second quarter. Hemenway Trust Co LLC now owns 3,950 shares of the industrial products company’s stock worth $354,000 after acquiring an additional 600 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its stake in shares of Ingersoll-Rand by 16.5% in the second quarter. Dynamic Technology Lab Private Ltd now owns 4,542 shares of the industrial products company’s stock worth $408,000 after acquiring an additional 643 shares in the last quarter. 80.16% of the stock is owned by institutional investors and hedge funds.
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.
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