Canada Pension Plan Investment Board lessened its position in Ingersoll-Rand PLC (NYSE:IR) by 32.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,610 shares of the industrial products company’s stock after selling 64,000 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Ingersoll-Rand were worth $13,566,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in IR. JPMorgan Chase & Co. raised its holdings in Ingersoll-Rand by 26.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,165,500 shares of the industrial products company’s stock worth $528,432,000 after acquiring an additional 1,085,581 shares during the period. Millennium Management LLC raised its holdings in Ingersoll-Rand by 129.9% in the 2nd quarter. Millennium Management LLC now owns 1,551,254 shares of the industrial products company’s stock worth $139,194,000 after acquiring an additional 876,468 shares during the period. FMR LLC raised its holdings in Ingersoll-Rand by 18.8% in the 3rd quarter. FMR LLC now owns 5,304,443 shares of the industrial products company’s stock worth $542,645,000 after acquiring an additional 838,513 shares during the period. Voya Investment Management LLC raised its holdings in Ingersoll-Rand by 26.6% in the 2nd quarter. Voya Investment Management LLC now owns 3,569,583 shares of the industrial products company’s stock worth $320,299,000 after acquiring an additional 750,879 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Ingersoll-Rand by 10.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,609,711 shares of the industrial products company’s stock worth $778,473,000 after acquiring an additional 740,151 shares during the period. Hedge funds and other institutional investors own 79.74% of the company’s stock.
Shares of Ingersoll-Rand stock opened at $105.63 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. Ingersoll-Rand PLC has a twelve month low of $79.63 and a twelve month high of $107.08. The stock has a market cap of $25.43 billion, a PE ratio of 23.42, a price-to-earnings-growth ratio of 1.54 and a beta of 1.28.
Ingersoll-Rand announced that its Board of Directors has authorized a stock repurchase plan 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 repurchase up to 6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, December 6th. This represents a $2.12 annualized dividend and a dividend yield of 2.01%. Ingersoll-Rand’s dividend payout ratio (DPR) is currently 47.01%.
In other news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction dated 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 in the company, valued at approximately $13,010,192. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.70% of the stock is currently owned by insiders.
Several research analysts have recently issued reports on IR shares. ValuEngine upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating in a report on Friday, November 16th. UBS Group boosted their price objective on shares of Ingersoll-Rand from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Stephens started coverage on shares of Ingersoll-Rand in a report on Monday, November 19th. They set an “overweight” rating and a $118.00 price objective on the stock. Credit Suisse Group started coverage on shares of Ingersoll-Rand in a report on Friday, October 12th. They set an “outperform” rating and a $108.00 price objective on the stock. Finally, JPMorgan Chase & Co. upgraded shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a report on Friday, September 21st. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $110.43.
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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