Stone Ridge Asset Management LLC Has $1.08 Million Stake in Ingersoll-Rand PLC (IR)
Stone Ridge Asset Management LLC trimmed its stake in shares of Ingersoll-Rand PLC (NYSE:IR) by 65.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,509 shares of the industrial products company’s stock after selling 20,000 shares during the quarter. Stone Ridge Asset Management LLC’s holdings in Ingersoll-Rand were worth $1,075,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new position in Ingersoll-Rand during the 2nd quarter valued at $106,000. Fort L.P. bought a new position in Ingersoll-Rand during the 2nd quarter valued at $121,000. CWM LLC boosted its stake in Ingersoll-Rand by 653.3% during the 2nd quarter. CWM LLC now owns 1,499 shares of the industrial products company’s stock valued at $135,000 after acquiring an additional 1,300 shares during the last quarter. Hartford Financial Management Inc. bought a new position in Ingersoll-Rand during the 2nd quarter valued at $149,000. Finally, Kiley Juergens Wealth Management LLC bought a new position in Ingersoll-Rand during the 2nd quarter valued at $154,000. Hedge funds and other institutional investors own 80.02% of the company’s stock.
Shares of NYSE:IR opened at $103.72 on Friday. The firm has a market cap of $25.17 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 1.52 and a beta of 1.28. Ingersoll-Rand PLC has a 1-year low of $79.63 and a 1-year high of $105.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.99 and a current ratio of 1.41.
Ingersoll-Rand announced that its board has authorized a share buyback program on Wednesday, October 3rd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 7th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.04%. Ingersoll-Rand’s dividend payout ratio (DPR) is 47.01%.
In other Ingersoll-Rand news, SVP Marcia J. Avedon sold 10,408 shares of the stock in a transaction on Friday, September 14th. The shares were sold at an average price of $104.00, for a total transaction of $1,082,432.00. Following the sale, the senior vice president now directly owns 125,098 shares of the company’s stock, valued at $13,010,192. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by corporate insiders.
A number of research analysts have commented on the stock. ValuEngine upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating in a research note on Friday. Argus increased their price objective on shares of Ingersoll-Rand from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Robert W. Baird set a $106.00 price objective on shares of Ingersoll-Rand and gave the company a “hold” rating in a research note on Thursday, October 25th. Cowen reiterated a “buy” rating and set a $115.00 price objective on shares of Ingersoll-Rand in a research note on Monday, September 10th. Finally, Citigroup increased their price objective on shares of Ingersoll-Rand from $117.00 to $118.00 and gave the company a “buy” rating in a research note on Thursday, October 25th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $109.85.
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Ingersoll-Rand plc designs, manufactures, sells, and services industrial and commercial products. It operates through Climate and Industrial segments. The Climate segment offers building management, bus, rail, and multi-pipe HVAC, control, container and cryogenic, diesel-powered, ductless, geothermal, package heating and cooling, rail and self-powered truck refrigeration, temporary heating and cooling, trailer refrigeration, unitary, and vehicle-powered truck refrigeration systems.
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