Westfield Capital Management Co. LP boosted its stake in Ingersoll-Rand PLC (NYSE:IR) by 2.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,409,211 shares of the industrial products company’s stock after purchasing an additional 35,928 shares during the quarter. Ingersoll-Rand comprises about 1.2% of Westfield Capital Management Co. LP’s investment portfolio, making the stock its 17th largest holding. Westfield Capital Management Co. LP’s holdings in Ingersoll-Rand were worth $152,124,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Citizens Financial Group Inc RI increased its holdings in shares of Ingersoll-Rand by 93.1% in the fourth quarter. Citizens Financial Group Inc RI now owns 1,014 shares of the industrial products company’s stock worth $93,000 after acquiring an additional 489 shares in the last quarter. Valley National Advisers Inc. grew its holdings in shares of Ingersoll-Rand by 9.7% during the fourth quarter. Valley National Advisers Inc. now owns 8,201 shares of the industrial products company’s stock worth $748,000 after buying an additional 726 shares in the last quarter. Nalls Sherbakoff Group LLC bought a new position in shares of Ingersoll-Rand during the fourth quarter worth about $46,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Ingersoll-Rand by 5.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,158 shares of the industrial products company’s stock worth $1,528,000 after buying an additional 756 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Ingersoll-Rand by 10.2% during the first quarter. Wells Fargo & Company MN now owns 1,350,417 shares of the industrial products company’s stock worth $145,778,000 after buying an additional 124,916 shares in the last quarter. Institutional investors and hedge funds own 78.77% of the company’s stock.
NYSE IR traded up $0.19 during trading hours on Thursday, hitting $124.17. 10,497 shares of the company traded hands, compared to its average volume of 1,209,132. Ingersoll-Rand PLC has a twelve month low of $85.15 and a twelve month high of $127.08. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.14 and a current ratio of 1.58. The stock has a market capitalization of $29.74 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 1.81 and a beta of 1.28.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $2.12 annualized dividend and a yield of 1.71%. Ingersoll-Rand’s payout ratio is currently 37.79%.
In other news, insider David S. Regnery sold 7,957 shares of Ingersoll-Rand stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $122.25, for a total value of $972,743.25. Following the transaction, the insider now owns 58,735 shares in the company, valued at approximately $7,180,353.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Christopher J. Kuehn sold 5,195 shares of Ingersoll-Rand stock in a transaction on Monday, April 1st. The shares were sold at an average price of $109.90, for a total value of $570,930.50. Following the completion of the transaction, the chief accounting officer now owns 25,273 shares in the company, valued at approximately $2,777,502.70. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.
A number of research analysts recently issued reports on IR shares. Morgan Stanley set a $120.00 price objective on Ingersoll-Rand and gave the stock a “buy” rating in a report on Tuesday, February 26th. Deutsche Bank started coverage on Ingersoll-Rand in a report on Wednesday, March 13th. They set a “hold” rating and a $107.00 price objective for the company. Wells Fargo & Co downgraded Ingersoll-Rand from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $110.00 to $113.00 in a report on Monday, March 18th. They noted that the move was a valuation call. Zacks Investment Research upgraded Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $123.00 price objective for the company in a report on Tuesday, April 2nd. Finally, Barclays increased their price objective on Ingersoll-Rand from $111.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Ingersoll-Rand presently has a consensus rating of “Buy” and an average price target of $123.96.
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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.
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