Westwood Holdings Group Inc. cut its holdings in Ingersoll-Rand PLC (NYSE:IR) by 9.8% in the 1st quarter, HoldingsChannel reports. The fund owned 25,083 shares of the industrial products company’s stock after selling 2,735 shares during the period. Westwood Holdings Group Inc.’s holdings in Ingersoll-Rand were worth $2,708,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Oregon Public Employees Retirement Fund grew its stake in shares of Ingersoll-Rand by 8,911.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,440,494 shares of the industrial products company’s stock valued at $27,000 after buying an additional 2,413,413 shares during the period. Resources Investment Advisors Inc. acquired a new stake in shares of Ingersoll-Rand in the 4th quarter valued at about $27,000. Capital Financial Planning LLC acquired a new stake in shares of Ingersoll-Rand in the 4th quarter valued at about $32,000. WP Advisors LLC acquired a new position in Ingersoll-Rand during the 1st quarter valued at about $34,000. Finally, Financial Gravity Wealth Inc. acquired a new position in Ingersoll-Rand during the 1st quarter valued at about $38,000. 78.77% of the stock is owned by hedge funds and other institutional investors.
In other news, CAO Christopher J. Kuehn sold 5,195 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $109.90, for a total value of $570,930.50. Following the transaction, the chief accounting officer now owns 25,273 shares in the company, valued at approximately $2,777,502.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David S. Regnery sold 7,957 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $122.25, for a total value of $972,743.25. Following the completion of the transaction, the insider now owns 58,735 shares in the company, valued at approximately $7,180,353.75. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.
IR has been the subject of a number of analyst reports. Wells Fargo & Co downgraded Ingersoll-Rand from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $110.00 to $113.00 in a research note on Monday, March 18th. They noted that the move was a valuation call. Deutsche Bank initiated coverage on Ingersoll-Rand in a research note on Wednesday, March 13th. They set a “hold” rating and a $107.00 price target for the company. Zacks Investment Research downgraded Ingersoll-Rand from a “buy” rating to a “hold” rating in a research note on Tuesday, May 14th. Morgan Stanley set a $120.00 price target on Ingersoll-Rand and gave the company a “buy” rating in a research note on Tuesday, February 26th. Finally, Barclays lifted their price target on Ingersoll-Rand from $111.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, April 3rd. Three analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $123.96.
Shares of NYSE IR traded up $0.02 during midday trading on Friday, reaching $124.37. The company’s stock had a trading volume of 452,608 shares, compared to its average volume of 1,234,184. Ingersoll-Rand PLC has a 12-month low of $85.15 and a 12-month high of $127.08. The company has a market capitalization of $29.90 billion, a PE ratio of 22.17, a PEG ratio of 1.82 and a beta of 1.28. The company has a quick ratio of 1.14, a current ratio of 1.58 and a debt-to-equity ratio of 0.75.
Ingersoll-Rand (NYSE:IR) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.09. Ingersoll-Rand had a return on equity of 20.52% and a net margin of 8.94%. The firm had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.50 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The company’s revenue was up 5.6% compared to the same quarter last year. As a group, research analysts expect that Ingersoll-Rand PLC will post 6.36 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be paid a $0.53 dividend. The ex-dividend date is Thursday, September 5th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.70%. Ingersoll-Rand’s payout ratio is presently 37.79%.
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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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