CIBC World Markets Inc. grew its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 140.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 73,173 shares of the industrial products company’s stock after buying an additional 42,754 shares during the period. CIBC World Markets Inc.’s holdings in Ingersoll-Rand were worth $7,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently bought and sold shares of the company. FMR LLC raised its position in Ingersoll-Rand by 18.8% during the third quarter. FMR LLC now owns 5,304,443 shares of the industrial products company’s stock valued at $542,645,000 after purchasing an additional 838,513 shares in the last quarter. BSW Wealth Partners purchased a new stake in Ingersoll-Rand during the third quarter valued at about $283,000. Ffcm LLC raised its position in Ingersoll-Rand by 1,724.8% during the third quarter. Ffcm LLC now owns 7,883 shares of the industrial products company’s stock valued at $807,000 after purchasing an additional 7,451 shares in the last quarter. American International Group Inc. raised its position in Ingersoll-Rand by 3.6% during the third quarter. American International Group Inc. now owns 112,295 shares of the industrial products company’s stock valued at $11,488,000 after purchasing an additional 3,900 shares in the last quarter. Finally, Girard Partners LTD. purchased a new stake in Ingersoll-Rand during the third quarter valued at about $112,000. Hedge funds and other institutional investors own 80.53% of the company’s stock.
Shares of NYSE:IR opened at $101.93 on Friday. Ingersoll-Rand PLC has a 12-month low of $79.63 and a 12-month high of $105.76. The stock has a market cap of $25.00 billion, a PE ratio of 22.60, a P/E/G ratio of 1.51 and a beta of 1.28. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.08%. Ingersoll-Rand’s dividend payout ratio (DPR) is currently 47.01%.
Ingersoll-Rand announced that its board has initiated a stock buyback program on Wednesday, October 3rd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms have weighed in on IR. ValuEngine upgraded Ingersoll-Rand from a “hold” rating to a “buy” rating in a research report on Friday, November 16th. JPMorgan Chase & Co. upgraded Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research report on Friday, September 21st. Stephens began coverage on Ingersoll-Rand in a research report on Monday, November 19th. They set an “overweight” rating and a $118.00 price target on the stock. UBS Group raised their price target on Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Finally, Cowen reaffirmed a “buy” rating and set a $115.00 price objective on shares of Ingersoll-Rand in a research note on Monday, September 10th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $110.43.
In related news, SVP Marcia J. Avedon sold 10,408 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $104.00, for a total value 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 $13,010,192. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by company insiders.
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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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