Stephens initiated coverage on shares of Ingersoll-Rand (NYSE:IR) in a research report sent to investors on Monday morning, MarketBeat reports. The firm issued an overweight rating and a $118.00 price target on the industrial products company’s stock.
Several other brokerages have also issued reports on IR. ValuEngine raised shares of Ingersoll-Rand from a hold rating to a buy rating in a report on Friday, November 16th. UBS Group lifted their price target on shares of Ingersoll-Rand from $108.00 to $115.00 and gave the company a buy rating in a report on Thursday, August 30th. Credit Suisse Group began coverage on shares of Ingersoll-Rand in a report on Friday, October 12th. They set an outperform rating and a $108.00 price target on the stock. Cowen reaffirmed a buy rating and set a $115.00 price target on shares of Ingersoll-Rand in a report on Monday, September 10th. Finally, Morgan Stanley began coverage on shares of Ingersoll-Rand in a report on Monday, August 20th. They set an overweight rating and a $111.00 price target on the stock. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $110.43.
Shares of NYSE:IR opened at $101.78 on Monday. The company has a market capitalization of $25.00 billion, a PE ratio of 22.57, a PEG ratio of 1.51 and a beta of 1.28. The company has a quick ratio of 0.99, a current ratio of 1.41 and a debt-to-equity ratio of 0.51. Ingersoll-Rand has a 12 month low of $79.63 and a 12 month high of $105.76.
Ingersoll-Rand announced that its board has authorized a share buyback program on Wednesday, October 3rd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Thursday, December 6th. Ingersoll-Rand’s payout ratio is 47.01%.
In other Ingersoll-Rand 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 sale, the senior vice president now directly owns 125,098 shares of the company’s stock, valued at approximately $13,010,192. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.70% of the company’s stock.
Large investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in shares of Ingersoll-Rand in the 3rd quarter valued at $101,000. Girard Partners LTD. bought a new stake in shares of Ingersoll-Rand in the 3rd quarter valued at $112,000. Flagship Harbor Advisors LLC bought a new stake in shares of Ingersoll-Rand in the 2nd quarter valued at $106,000. Fort L.P. bought a new stake in shares of Ingersoll-Rand in the 2nd quarter valued at $121,000. Finally, CWM LLC boosted its stake in shares of Ingersoll-Rand by 653.3% in the 2nd quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock valued at $135,000 after purchasing an additional 1,300 shares during the last quarter. 80.53% of the stock is currently owned by institutional investors.
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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