Fernwood Investment Management LLC lessened its position in shares of Ingersoll-Rand PLC (NYSE:IR) by 17.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 3,156 shares of the industrial products company’s stock after selling 650 shares during the period. Fernwood Investment Management LLC’s holdings in Ingersoll-Rand were worth $400,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Arrow Financial Corp raised its stake in Ingersoll-Rand by 232.6% during the second quarter. Arrow Financial Corp now owns 286 shares of the industrial products company’s stock worth $36,000 after buying an additional 200 shares during the last quarter. AdvisorNet Financial Inc increased its stake in Ingersoll-Rand by 92.2% in the second 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. Financial Gravity Wealth Inc. bought a new stake in Ingersoll-Rand in the first quarter valued at $38,000. Berman Capital Advisors LLC increased its stake in Ingersoll-Rand by 93.9% in the second 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 increased its stake in Ingersoll-Rand by 1,902.2% in the second 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. 77.97% of the stock is owned by institutional investors and hedge funds.
Several research firms have weighed in on IR. ValuEngine downgraded shares of Ingersoll-Rand from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Cowen reaffirmed a “buy” rating and issued a $131.00 price target on shares of Ingersoll-Rand in a research note on Tuesday, July 30th. Jefferies Financial Group downgraded shares of Ingersoll-Rand from a “buy” rating to a “hold” rating and set a $140.00 target price for the company. in a research report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of Ingersoll-Rand from a “buy” rating to a “hold” rating in a research report on Tuesday, May 14th. Finally, Morgan Stanley boosted their target price on shares of Ingersoll-Rand from $137.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $128.70.
Ingersoll-Rand stock traded down $0.38 during midday trading on Thursday, hitting $115.91. 29,273 shares of the stock were exchanged, compared to its average volume of 1,378,789. Ingersoll-Rand PLC has a 52-week low of $85.15 and a 52-week high of $128.31. The company has a market capitalization of $28.09 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 1.65 and a beta of 1.24. The stock’s 50-day simple moving average is $123.55. The company has a quick ratio of 0.85, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.
Ingersoll-Rand (NYSE:IR) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.06 by $0.03. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.57 billion. Ingersoll-Rand had a net margin of 8.89% and a return on equity of 20.97%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.85 earnings per share. As a group, analysts predict that Ingersoll-Rand PLC will post 6.4 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Thursday, September 5th. Ingersoll-Rand’s payout ratio is 37.79%.
In related news, insider Evan M. Turtz sold 3,770 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $128.00, for a total transaction of $482,560.00. Following the sale, the insider now directly owns 15,549 shares in the company, valued at approximately $1,990,272. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jared L. Cohon sold 938 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $119.07, for a total transaction of $111,687.66. Following the sale, the director now owns 23,697 shares in the company, valued at $2,821,601.79. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,441 shares of company stock worth $18,935,873. Corporate insiders own 0.70% of the company’s stock.
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.
Featured Article: Why are percentage gainers important?
Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll-Rand PLC (NYSE:IR).
Receive News & Ratings for Ingersoll-Rand Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingersoll-Rand and related companies with MarketBeat.com's FREE daily email newsletter.