Dupont Capital Management Corp increased its holdings in shares of Ingersoll-Rand PLC (NYSE:IR) by 33.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 242,203 shares of the industrial products company’s stock after acquiring an additional 61,117 shares during the period. Ingersoll-Rand comprises about 0.5% of Dupont Capital Management Corp’s investment portfolio, making the stock its 23rd biggest position. Dupont Capital Management Corp owned 0.10% of Ingersoll-Rand worth $24,777,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of IR. Massachusetts Financial Services Co. MA boosted its position in shares of Ingersoll-Rand by 16.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,869,560 shares of the industrial products company’s stock valued at $616,406,000 after acquiring an additional 954,768 shares in the last quarter. Millennium Management LLC boosted its position in shares of Ingersoll-Rand by 129.9% during the 2nd quarter. Millennium Management LLC now owns 1,551,254 shares of the industrial products company’s stock valued at $139,194,000 after acquiring an additional 876,468 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Ingersoll-Rand by 26.6% during the 2nd quarter. Voya Investment Management LLC now owns 3,569,583 shares of the industrial products company’s stock valued at $320,299,000 after acquiring an additional 750,879 shares in the last quarter. American Century Companies Inc. boosted its position in Ingersoll-Rand by 20.8% in the second quarter. American Century Companies Inc. now owns 2,824,836 shares of the industrial products company’s stock valued at $253,473,000 after buying an additional 485,451 shares in the last quarter. Finally, Cambiar Investors LLC acquired a new position in Ingersoll-Rand in the second quarter valued at about $34,866,000. Institutional investors and hedge funds own 80.27% of the company’s stock.
In related news, SVP Marcia J. Avedon sold 10,408 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $104.00, for a total transaction of $1,082,432.00. Following the completion of the sale, the senior vice president now directly owns 125,098 shares of the company’s stock, valued at $13,010,192. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.70% of the company’s stock.
Ingersoll-Rand (NYSE:IR) last posted its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.04. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.02 billion. Ingersoll-Rand had a net margin of 10.03% and a return on equity of 18.75%. Ingersoll-Rand’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.44 earnings per share. On average, equities research analysts anticipate that Ingersoll-Rand PLC will post 5.58 earnings per share for the current fiscal year.
Ingersoll-Rand announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 3rd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the industrial products company to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 7th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Thursday, December 6th. Ingersoll-Rand’s dividend payout ratio (DPR) is 47.01%.
A number of equities analysts have commented on IR shares. Zacks Investment Research upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Sunday, July 15th. Bank of America boosted their price target on shares of Ingersoll-Rand from $96.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Argus boosted their price target on shares of Ingersoll-Rand from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Barclays boosted their price target 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. Finally, Morgan Stanley started coverage on shares of Ingersoll-Rand in a research report on Monday, August 20th. They issued an “overweight” rating and a $111.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Ingersoll-Rand presently has a consensus rating of “Buy” and an average target price of $109.85.
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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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