First National Trust Co reduced its holdings in shares of Ingersoll-Rand PLC (NYSE:IR) by 10.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,057 shares of the industrial products company’s stock after selling 235 shares during the quarter. First National Trust Co’s holdings in Ingersoll-Rand were worth $253,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Community Bank & Trust Waco Texas boosted its stake in Ingersoll-Rand by 1.3% in the 2nd quarter. Community Bank & Trust Waco Texas now owns 6,445 shares of the industrial products company’s stock valued at $816,000 after purchasing an additional 80 shares during the period. Pennsylvania Trust Co lifted its position in shares of Ingersoll-Rand by 5.0% during the 3rd quarter. Pennsylvania Trust Co now owns 1,885 shares of the industrial products company’s stock valued at $232,000 after acquiring an additional 90 shares during the period. CWM LLC lifted its position in shares of Ingersoll-Rand by 4.5% during the 3rd quarter. CWM LLC now owns 2,203 shares of the industrial products company’s stock valued at $271,000 after acquiring an additional 94 shares during the period. Leavell Investment Management Inc. lifted its position in shares of Ingersoll-Rand by 0.5% during the 2nd quarter. Leavell Investment Management Inc. now owns 18,529 shares of the industrial products company’s stock valued at $2,347,000 after acquiring an additional 100 shares during the period. Finally, Bank of Nova Scotia lifted its position in shares of Ingersoll-Rand by 1.5% during the 2nd quarter. Bank of Nova Scotia now owns 6,807 shares of the industrial products company’s stock valued at $862,000 after acquiring an additional 101 shares during the period. Institutional investors own 78.14% of the company’s stock.
In other news, SVP Keith A. Sultana sold 7,010 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total transaction of $876,250.00. Following the completion of the transaction, the senior vice president now owns 19,608 shares of the company’s stock, valued at approximately $2,451,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Marcia J. Avedon sold 7,450 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $129.00, for a total value of $961,050.00. Following the transaction, the senior vice president now directly owns 99,075 shares of the company’s stock, valued at approximately $12,780,675. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.
Ingersoll-Rand (NYSE:IR) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $0.08. Ingersoll-Rand had a return on equity of 21.72% and a net margin of 8.38%. The company had revenue of $4.16 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the previous year, the firm earned $1.75 EPS. Ingersoll-Rand’s revenue was up 2.8% on a year-over-year basis. As a group, equities research analysts predict that Ingersoll-Rand PLC will post 6.4 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, December 5th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.64%. Ingersoll-Rand’s dividend payout ratio (DPR) is currently 37.79%.
A number of research firms have recently weighed in on IR. ValuEngine upgraded Ingersoll-Rand from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. KeyCorp upped their target price on Ingersoll-Rand from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Deutsche Bank downgraded Ingersoll-Rand from a “buy” rating to a “hold” rating and cut their target price for the company from $137.00 to $135.00 in a research report on Tuesday, October 29th. They noted that the move was a valuation call. JPMorgan Chase & Co. cut their target price on Ingersoll-Rand from $140.00 to $129.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Finally, Morgan Stanley upped their target price on Ingersoll-Rand from $139.00 to $142.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Ingersoll-Rand presently has a consensus rating of “Buy” and a consensus price target of $134.15.
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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