Ingersoll-Rand PLC (IR) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “Ingersoll has outperformed the industry post 3Q earnings. Earnings estimates for the current year have increased significantly in the last 60 days. 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 for the company. 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. Ingersoll is also likely to be stifled by the renegotiated deals and restrictions imposed on trade due to the Brexit referendum. Brexit could further result in higher tariff and non-tariff barriers to trade, lowering productivity of the company.”
Several other research firms have also recently commented on IR. Buckingham Research cut Ingersoll-Rand PLC from a buy rating to a neutral rating in a research note on Wednesday, November 16th. KeyCorp reiterated a hold rating on shares of Ingersoll-Rand PLC in a research report on Monday, October 10th. Royal Bank Of Canada increased their price objective on Ingersoll-Rand PLC from $74.00 to $76.00 and gave the stock a sector perform rating in a research report on Thursday, October 27th. Finally, Jefferies Group reiterated a buy rating on shares of Ingersoll-Rand PLC in a research report on Wednesday, August 3rd. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $69.41.
Ingersoll-Rand PLC (NYSE:IR) opened at 74.54 on Wednesday. The firm has a market cap of $19.26 billion, a PE ratio of 12.93 and a beta of 1.32. The stock’s 50 day moving average is $69.87 and its 200 day moving average is $67.07. Ingersoll-Rand PLC has a 12 month low of $47.08 and a 12 month high of $76.45.
Ingersoll-Rand PLC (NYSE:IR) last released 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. Ingersoll-Rand PLC had a return on equity of 17.70% and a net margin of 11.21%. The business earned $3.57 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts forecast that Ingersoll-Rand PLC will post $4.20 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.15%. This is a positive change from Ingersoll-Rand PLC’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, December 7th. Ingersoll-Rand PLC’s dividend payout ratio (DPR) is presently 22.22%.
In other news, insider Gary S. Michel sold 10,708 shares of Ingersoll-Rand PLC stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $74.00, for a total value of $792,392.00. Following the transaction, the insider now directly owns 37,005 shares of the company’s stock, valued at approximately $2,738,370. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Didier P. Teirlinck sold 28,117 shares of Ingersoll-Rand PLC stock in a transaction dated 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 completion of the transaction, the executive vice president now directly 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 owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in IR. Apriem Advisors purchased a new position in Ingersoll-Rand PLC during the third quarter valued at $104,000. Synovus Financial Corp raised its position in Ingersoll-Rand PLC by 175.2% in the third quarter. Synovus Financial Corp now owns 1,544 shares of the company’s stock valued at $105,000 after buying an additional 983 shares in the last quarter. Penserra Capital Management LLC raised its position in Ingersoll-Rand PLC by 100.0% in the third quarter. Penserra Capital Management LLC now owns 1,872 shares of the company’s stock valued at $127,000 after buying an additional 936 shares in the last quarter. Howe & Rusling Inc. raised its position in Ingersoll-Rand PLC by 47.4% in the second quarter. Howe & Rusling Inc. now owns 2,112 shares of the company’s stock valued at $134,000 after buying an additional 679 shares in the last quarter. Finally, Global X Management Co. LLC raised its position in Ingersoll-Rand PLC by 165.7% in the third quarter. Global X Management Co. LLC now owns 2,136 shares of the company’s stock valued at $145,000 after buying an additional 1,332 shares in the last quarter. 81.48% 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.
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