Park Avenue Securities LLC Purchases Shares of 2,308 Ingersoll-Rand PLC (IR)
Park Avenue Securities LLC purchased a new position in shares of Ingersoll-Rand PLC (NYSE:IR) during the 4th quarter, Holdings Channel reports. The fund purchased 2,308 shares of the industrial products company’s stock, valued at approximately $205,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in Ingersoll-Rand during the 3rd quarter worth $3,576,000. Prudential Financial Inc. increased its stake in Ingersoll-Rand by 87.4% during the 3rd quarter. Prudential Financial Inc. now owns 1,429,458 shares of the industrial products company’s stock worth $127,465,000 after buying an additional 666,550 shares during the period. Asset Management One Co. Ltd. increased its stake in Ingersoll-Rand by 1,451.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 407,780 shares of the industrial products company’s stock worth $36,362,000 after buying an additional 381,497 shares during the period. RKL Wealth Management LLC increased its stake in Ingersoll-Rand by 20.9% during the 3rd quarter. RKL Wealth Management LLC now owns 11,966 shares of the industrial products company’s stock worth $1,069,000 after buying an additional 2,072 shares during the period. Finally, State of Wisconsin Investment Board increased its stake in Ingersoll-Rand by 5.5% during the 3rd quarter. State of Wisconsin Investment Board now owns 226,326 shares of the industrial products company’s stock worth $20,181,000 after buying an additional 11,824 shares during the period. 82.37% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Jared L. Cohon sold 2,350 shares of Ingersoll-Rand stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $92.40, for a total value of $217,140.00. Following the completion of the transaction, the director now directly owns 25,766 shares of the company’s stock, valued at approximately $2,380,778.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael W. Lamach sold 210,508 shares of Ingersoll-Rand stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $88.28, for a total transaction of $18,583,646.24. The disclosure for this sale can be found here. 0.63% of the stock is owned by company insiders.
Ingersoll-Rand (NYSE:IR) last announced its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $1.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.01). The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.52 billion. Ingersoll-Rand had a return on equity of 16.91% and a net margin of 9.17%. Ingersoll-Rand’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 earnings per share. sell-side analysts predict that Ingersoll-Rand PLC will post 5.17 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 9th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, March 8th. Ingersoll-Rand’s dividend payout ratio is currently 35.50%.
IR has been the topic of several analyst reports. Argus lifted their price target on shares of Ingersoll-Rand to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Stifel Nicolaus lifted their price target on shares of Ingersoll-Rand from $101.00 to $112.00 and gave the stock a “buy” rating in a research note on Thursday, February 1st. UBS Group initiated coverage on shares of Ingersoll-Rand in a research note on Monday, January 22nd. They set a “buy” rating and a $105.00 price target on the stock. Zacks Investment Research raised shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Monday, January 22nd. Finally, Morgan Stanley downgraded shares of Ingersoll-Rand from an “overweight” rating to an “equal weight” rating and set a $98.00 price target on the stock. in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $102.92.
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Ingersoll-Rand Company Profile
Ingersoll-Rand Public Limited Company provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The Company’s business segments include Climate and Industrial. It is engaged in the design, manufacture, sale and service of a portfolio of industrial and commercial products that include brand names, such as Ingersoll-Rand, Trane, American Standard, ARO and Club Car.
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