Ingersoll-Rand PLC (IR) Position Increased by Amalgamated Bank
Amalgamated Bank boosted its stake in Ingersoll-Rand PLC (NYSE:IR) by 7.1% during the 4th quarter, HoldingsChannel reports. The fund owned 32,204 shares of the industrial products company’s stock after buying an additional 2,142 shares during the period. Amalgamated Bank’s holdings in Ingersoll-Rand were worth $2,872,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in Ingersoll-Rand in the third quarter valued at $3,576,000. Prudential Financial Inc. raised its holdings in Ingersoll-Rand by 87.4% in the third quarter. Prudential Financial Inc. now owns 1,429,458 shares of the industrial products company’s stock valued at $127,465,000 after acquiring an additional 666,550 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Ingersoll-Rand by 1,451.5% in the third quarter. Asset Management One Co. Ltd. now owns 407,780 shares of the industrial products company’s stock valued at $36,362,000 after acquiring an additional 381,497 shares in the last quarter. RKL Wealth Management LLC raised its holdings in Ingersoll-Rand by 20.9% in the third quarter. RKL Wealth Management LLC now owns 11,966 shares of the industrial products company’s stock valued at $1,069,000 after acquiring an additional 2,072 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its holdings in Ingersoll-Rand by 5.5% in the third quarter. State of Wisconsin Investment Board now owns 226,326 shares of the industrial products company’s stock valued at $20,181,000 after acquiring an additional 11,824 shares in the last quarter. 78.90% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently issued reports on IR. BMO Capital Markets upped their price target on shares of Ingersoll-Rand to $115.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Stifel Nicolaus increased their target price on shares of Ingersoll-Rand from $101.00 to $112.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Zacks Investment Research raised shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Monday, January 22nd. Barclays assumed coverage on shares of Ingersoll-Rand in a report on Thursday, February 15th. They set an “overweight” rating and a $111.00 target price on the stock. Finally, Royal Bank of Canada reissued a “hold” rating and set a $99.00 target price on shares of Ingersoll-Rand in a report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $103.69.
Ingersoll-Rand (NYSE:IR) last released its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.01). The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.52 billion. Ingersoll-Rand had a return on equity of 16.91% and a net margin of 9.17%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 EPS. sell-side analysts anticipate that Ingersoll-Rand PLC will post 5.17 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 9th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.09%. Ingersoll-Rand’s dividend payout ratio is currently 34.82%.
In other news, Chairman Michael W. Lamach sold 210,508 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $88.28, for a total transaction of $18,583,646.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael W. Lamach sold 58,284 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $90.30, for a total transaction of $5,263,045.20. The disclosure for this sale can be found here. Insiders have sold 278,702 shares of company stock valued at $24,746,424 in the last 90 days. Insiders own 0.63% of the company’s stock.
Ingersoll-Rand 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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