Schwerin Boyle Capital Management Inc. lowered its stake in Ingersoll-Rand PLC (NYSE:IR) by 0.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 371,613 shares of the industrial products company’s stock after selling 1,400 shares during the quarter. Ingersoll-Rand comprises approximately 4.0% of Schwerin Boyle Capital Management Inc.’s holdings, making the stock its 6th largest holding. Schwerin Boyle Capital Management Inc.’s holdings in Ingersoll-Rand were worth $38,016,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the business. Park Avenue Securities LLC lifted its stake in Ingersoll-Rand by 15.2% in the 3rd quarter. Park Avenue Securities LLC now owns 3,988 shares of the industrial products company’s stock worth $412,000 after purchasing an additional 525 shares in the last quarter. Synovus Financial Corp lifted its stake in Ingersoll-Rand by 38.6% in the 2nd quarter. Synovus Financial Corp now owns 1,898 shares of the industrial products company’s stock worth $171,000 after purchasing an additional 529 shares in the last quarter. ARP Americas LP lifted its stake in Ingersoll-Rand by 7.8% in the 3rd quarter. ARP Americas LP now owns 8,269 shares of the industrial products company’s stock worth $846,000 after purchasing an additional 600 shares in the last quarter. IFG Advisory LLC lifted its stake in Ingersoll-Rand by 18.0% in the 3rd quarter. IFG Advisory LLC now owns 4,202 shares of the industrial products company’s stock worth $429,000 after purchasing an additional 640 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its stake in Ingersoll-Rand by 16.5% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 4,542 shares of the industrial products company’s stock worth $408,000 after purchasing an additional 643 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
Several analysts have commented on the stock. ValuEngine upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating in a research note on Friday, November 16th. Robert W. Baird set a $106.00 target price on shares of Ingersoll-Rand and gave the company a “hold” rating in a research report on Thursday, October 25th. 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 target price on the stock. Cowen restated a “buy” rating and set a $115.00 target price on shares of Ingersoll-Rand in a research report on Monday, September 10th. Finally, Barclays upped their target price on shares of Ingersoll-Rand from $115.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, August 9th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $110.43.
Shares of NYSE IR opened at $105.92 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 1.41. The stock has a market cap of $25.43 billion, a PE ratio of 23.49, a price-to-earnings-growth ratio of 1.54 and a beta of 1.28. Ingersoll-Rand PLC has a 12-month low of $79.63 and a 12-month high of $105.76.
Ingersoll-Rand (NYSE:IR) last announced its earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the company earned $1.44 EPS. As a group, sell-side analysts expect that Ingersoll-Rand PLC will post 5.58 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 7th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.12 annualized dividend and a yield of 2.00%. Ingersoll-Rand’s payout ratio is 47.01%.
Ingersoll-Rand declared that its Board of Directors has approved a stock repurchase plan on Wednesday, October 3rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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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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