Zacks Investment Research lowered shares of Ingersoll-Rand PLC (NYSE:IR) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “Ingersoll is focusing on improving the efficiencies and capabilities of products and services within its core businesses after the divesture of the commercial and residential security businesses. The geographic and industry diversity, coupled with a large installed product base provides ample growth opportunities within service, spare parts and replacement revenue streams. Ingersoll has also outperformed the industry in the last three months on diligent execution of operational plans. However, operating risks from high R&D costs for technology-driven products are expected to weigh on margins in the quarters ahead. In addition, Ingersoll is likely to be stifled by the renegotiated deals and restrictions imposed on trade with other European Union members post Brexit referendum. Brexit could further result in higher tariff and non-tariff barriers to trade between the U.K. and the European Union, lowering productivity of the company.”
Several other brokerages also recently issued reports on IR. BMO Capital Markets reissued a buy rating and issued a $100.00 price target on shares of Ingersoll-Rand PLC in a report on Tuesday, May 2nd. Stifel Nicolaus increased their price target on shares of Ingersoll-Rand PLC from $90.00 to $100.00 and gave the company a buy rating in a report on Thursday, April 27th. Royal Bank of Canada increased their price target on shares of Ingersoll-Rand PLC from $83.00 to $85.00 and gave the company a sector perform rating in a report on Thursday, April 27th. Credit Suisse Group AG reissued a buy rating and issued a $84.00 price target on shares of Ingersoll-Rand PLC in a report on Tuesday, April 11th. Finally, Wells Fargo & Co raised shares of Ingersoll-Rand PLC from a market perform rating to an outperform rating in a report on Monday, March 20th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ingersoll-Rand PLC presently has an average rating of Buy and an average target price of $93.00.
Shares of Ingersoll-Rand PLC (IR) traded down 0.10% during trading on Wednesday, hitting $88.04. The stock had a trading volume of 1,249,921 shares. The stock’s 50 day moving average is $88.20 and its 200 day moving average is $81.25. The stock has a market capitalization of $22.54 billion, a price-to-earnings ratio of 16.00 and a beta of 1.31. Ingersoll-Rand PLC has a 52 week low of $59.10 and a 52 week high of $90.18.
Ingersoll-Rand PLC (NYSE:IR) last issued its earnings results on Wednesday, April 26th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.04. Ingersoll-Rand PLC had a net margin of 10.93% and a return on equity of 16.70%. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period last year, the business posted $0.50 EPS. Ingersoll-Rand PLC’s revenue was up 3.7% on a year-over-year basis. On average, equities research analysts expect that Ingersoll-Rand PLC will post $4.51 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, June 7th. This represents a $1.60 annualized dividend and a yield of 1.82%. Ingersoll-Rand PLC’s dividend payout ratio is currently 28.42%.
In other news, EVP Robert Zafari sold 1,483 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $89.59, for a total transaction of $132,861.97. Following the transaction, the executive vice president now directly owns 66,944 shares of the company’s stock, valued at $5,997,512.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul A. Camuti sold 6,960 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $89.90, for a total transaction of $625,704.00. Following the transaction, the insider now directly owns 64,979 shares in the company, valued at $5,841,612.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,943 shares of company stock worth $1,967,606. Insiders own 0.65% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky boosted its position in shares of Ingersoll-Rand PLC by 575.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 216,000 shares of the industrial products company’s stock valued at $17,565,000 after buying an additional 184,000 shares in the last quarter. Achmea Investment Management B.V. acquired a new position in shares of Ingersoll-Rand PLC during the first quarter valued at approximately $5,131,000. Bank of Nova Scotia boosted its position in shares of Ingersoll-Rand PLC by 2.2% in the first quarter. Bank of Nova Scotia now owns 5,936 shares of the industrial products company’s stock valued at $483,000 after buying an additional 127 shares in the last quarter. Zions Bancorporation boosted its position in shares of Ingersoll-Rand PLC by 1.1% in the first quarter. Zions Bancorporation now owns 2,001 shares of the industrial products company’s stock valued at $163,000 after buying an additional 22 shares in the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of Ingersoll-Rand PLC by 2.8% in the first quarter. Janus Capital Management LLC now owns 1,042,864 shares of the industrial products company’s stock valued at $84,806,000 after buying an additional 28,700 shares in the last quarter. 82.76% of the stock is currently owned by institutional investors.
Ingersoll-Rand PLC Company Profile
Ingersoll-Rand Public Limited Company provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The Company’s business segments include Climate and Industrial. It is engaged in the design, manufacture, sale and service of a portfolio of industrial and commercial products that include brand names, such as Ingersoll-Rand, Trane, American Standard, ARO and Club Car.
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