Ingersoll-Rand PLC (NYSE:IR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage presently has a $85.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 13.74% 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.”
Several other research firms also recently issued reports on IR. Buckingham Research downgraded shares of Ingersoll-Rand PLC from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 16th. Royal Bank Of Canada upped their price objective on shares of Ingersoll-Rand PLC from $74.00 to $76.00 and gave the company a “sector perform” rating in a research note on Thursday, October 27th. Jefferies Group restated a “buy” rating on shares of Ingersoll-Rand PLC in a research note on Tuesday, October 18th. KeyCorp restated a “hold” rating on shares of Ingersoll-Rand PLC in a research note on Monday, October 10th. Finally, Stifel Nicolaus decreased their price objective on shares of Ingersoll-Rand PLC from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $69.41.
Shares of Ingersoll-Rand PLC (NYSE:IR) opened at 74.73 on Friday. The firm has a market capitalization of $19.31 billion, a PE ratio of 12.97 and a beta of 1.32. The stock’s 50 day moving average price is $69.87 and its 200-day moving average price is $67.07. 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 earnings results on Wednesday, October 26th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. The firm earned $3.57 billion during the quarter, compared to the consensus estimate of $3.55 billion. Ingersoll-Rand PLC had a net margin of 11.21% and a return on equity of 17.70%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.21 earnings per share. Equities research analysts anticipate that Ingersoll-Rand PLC will post $4.20 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, December 7th. This is a boost from Ingersoll-Rand PLC’s previous quarterly dividend of $0.32. This represents a $1.60 dividend on an annualized basis and a yield of 2.14%. Ingersoll-Rand PLC’s dividend payout ratio (DPR) is 22.22%.
In other news, insider Gary S. Michel sold 10,708 shares of the stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $74.00, for a total value of $792,392.00. Following the sale, the insider now directly owns 37,005 shares in the company, valued at $2,738,370. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Didier P. Teirlinck sold 28,117 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The shares were sold at an average price of $67.51, for a total transaction of $1,898,178.67. Following the completion of the sale, the executive vice president now owns 135,532 shares in the company, valued at $9,149,765.32. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB acquired a new stake in Ingersoll-Rand PLC during the second quarter valued at approximately $295,000. Nisa Investment Advisors LLC raised its stake in Ingersoll-Rand PLC by 10.5% in the second quarter. Nisa Investment Advisors LLC now owns 39,845 shares of the company’s stock valued at $2,537,000 after buying an additional 3,795 shares in the last quarter. Boys Arnold & Co. Inc. raised its stake in Ingersoll-Rand PLC by 272.2% in the second quarter. Boys Arnold & Co. Inc. now owns 21,400 shares of the company’s stock valued at $1,363,000 after buying an additional 15,650 shares in the last quarter. Fenimore Asset Management Inc. raised its stake in shares of Ingersoll-Rand PLC by 26.4% in the second quarter. Fenimore Asset Management Inc. now owns 121,808 shares of the company’s stock worth $7,757,000 after buying an additional 25,475 shares during the period. Finally, Capstone Asset Management Co. raised its stake in shares of Ingersoll-Rand PLC by 2.1% in the second quarter. Capstone Asset Management Co. now owns 20,513 shares of the company’s stock worth $1,306,000 after buying an additional 427 shares during the period. Institutional investors and hedge funds own 81.48% of the company’s stock.
About Ingersoll-Rand PLC
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.