Ingersoll-Rand PLC (NYSE:IR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $85.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.46% from the company’s previous close.
According to Zacks, “Ingersoll reported strong third-quarter 2016 results with healthy year-over-year increase in both earnings and revenues that exceeded the respective Zacks Consensus Estimate. 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. A strong and flexible balance sheet, robust operating portfolio, efficient management team and healthy cash flow to pursue opportunistic acquisitions remain additional tailwinds. Ingersoll also raised the guidance for 2016 on favorable growth dynamics. However, operating risks from high R&D costs for technology-driven products are expected to weigh on margins in the quarters ahead.”
Other research analysts also recently issued reports about the company. Stifel Nicolaus dropped their price target on Ingersoll-Rand PLC from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Jefferies Group restated a “buy” rating on shares of Ingersoll-Rand PLC in a research report on Thursday, July 28th. Buckingham Research cut Ingersoll-Rand PLC from a “buy” rating to a “neutral” rating in a research report on Wednesday, November 16th. Royal Bank Of Canada boosted their price objective on Ingersoll-Rand PLC from $74.00 to $76.00 and gave the company a “sector perform” rating in a research report on Thursday, October 27th. Finally, KeyCorp restated a “hold” rating on shares of Ingersoll-Rand PLC in a research report on Monday, October 10th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Ingersoll-Rand PLC presently has an average rating of “Buy” and an average price target of $69.41.
Shares of Ingersoll-Rand PLC (NYSE:IR) traded up 0.71% on Friday, hitting $76.12. The stock had a trading volume of 922,159 shares. The company has a market cap of $19.66 billion, a price-to-earnings ratio of 13.21 and a beta of 1.32. The firm has a 50 day moving average price of $69.40 and a 200-day moving average price of $66.91. Ingersoll-Rand PLC has a 52 week low of $47.08 and a 52 week high of $76.45.
Ingersoll-Rand PLC (NYSE:IR) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $1.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.12. The company had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.55 billion. Ingersoll-Rand PLC had a return on equity of 17.70% and a net margin of 11.21%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.21 EPS. Analysts anticipate that Ingersoll-Rand PLC will post $4.20 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 9th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Wednesday, December 7th. This is a positive change from Ingersoll-Rand PLC’s previous quarterly dividend of $0.32. Ingersoll-Rand PLC’s dividend payout ratio is 22.22%.
In other news, SVP Keith A. Sultana sold 3,071 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $68.81, for a total transaction of $211,315.51. Following the transaction, the senior vice president now owns 10,698 shares of the company’s stock, valued at $736,129.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Didier P. Teirlinck sold 28,117 shares of the company’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $67.51, for a total value of $1,898,178.67. Following the transaction, the executive vice president now directly owns 135,532 shares in the company, valued at approximately $9,149,765.32. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Beutel Goodman & Co Ltd. bought a new stake in Ingersoll-Rand PLC during the third quarter worth approximately $101,194,000. Massachusetts Financial Services Co. MA increased its stake in Ingersoll-Rand PLC by 47.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,895,791 shares of the company’s stock worth $248,084,000 after buying an additional 1,259,205 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Ingersoll-Rand PLC by 484.0% in the second quarter. PNC Financial Services Group Inc. now owns 1,439,166 shares of the company’s stock worth $91,647,000 after buying an additional 1,192,726 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Ingersoll-Rand PLC by 57.8% in the third quarter. JPMorgan Chase & Co. now owns 3,256,871 shares of the company’s stock worth $221,272,000 after buying an additional 1,192,428 shares in the last quarter. Finally, Pioneer Investment Management Inc. increased its stake in Ingersoll-Rand PLC by 46.2% in the third quarter. Pioneer Investment Management Inc. now owns 3,468,066 shares of the company’s stock worth $235,620,000 after buying an additional 1,095,470 shares in the last quarter. 80.18% of the stock is currently owned by institutional investors and hedge funds.
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.