Ingersoll-Rand PLC (IR) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Ingersoll-Rand PLC (NYSE:IR) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $84.00 price objective on the stock.
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. It is likely to achieve steady improvements in operating profitability with new products, investments in IT platform and enhancement of channel services footprint and product management capabilities. Ingersoll also raised the guidance for 2016 on favorable growth dynamics. A disciplined capital allocation, flexible balance sheet position, robust operating platform and an efficient management team remain tailwinds and are likely to drive net asset value and dividend growth. However, operating risks from high R&D costs for technology-driven products are expected to weigh on margins in the future.”
Several other equities research analysts have also commented on the stock. Buckingham Research lowered shares of Ingersoll-Rand PLC from a buy rating to a neutral rating in a research report on Wednesday, November 16th. Royal Bank Of Canada upped their target price on shares of Ingersoll-Rand PLC from $74.00 to $76.00 and gave the company a sector perform rating in a report on Thursday, October 27th. Jefferies Group restated a buy rating on shares of Ingersoll-Rand PLC in a report on Tuesday, October 18th. KeyCorp restated a hold rating on shares of Ingersoll-Rand PLC in a report on Monday, October 10th. Finally, Stifel Nicolaus reduced their target price on shares of Ingersoll-Rand PLC from $77.00 to $75.00 and set a buy rating on the stock in a report on Thursday, July 28th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Ingersoll-Rand PLC has an average rating of Buy and a consensus target price of $69.35.
Ingersoll-Rand PLC (NYSE:IR) traded up 0.79% on Friday, hitting $75.05. 492,533 shares of the stock traded hands. Ingersoll-Rand PLC has a 12-month low of $47.08 and a 12-month high of $76.45. The stock has a market cap of $19.39 billion, a price-to-earnings ratio of 13.02 and a beta of 1.32. The firm’s 50-day moving average price is $68.75 and its 200-day moving average price is $66.69.
Ingersoll-Rand PLC (NYSE:IR) last released its quarterly earnings data on Wednesday, October 26th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.29 by $0.12. Ingersoll-Rand PLC had a net margin of 11.21% and a return on equity of 17.70%. The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the firm earned $1.21 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Ingersoll-Rand PLC will post $4.20 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend 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 22.22%.
In other news, insider Paul A. Camuti sold 2,436 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $67.91, for a total transaction of $165,428.76. Following the transaction, the insider now directly owns 52,240 shares of the company’s stock, valued at $3,547,618.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gary S. Michel sold 10,708 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 37,005 shares in the company, valued at $2,738,370. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nuveen Asset Management LLC raised its position in shares of Ingersoll-Rand PLC by 319.7% in the first quarter. Nuveen Asset Management LLC now owns 75,802 shares of the company’s stock worth $4,700,000 after buying an additional 57,742 shares during the period. Quantum Capital Management acquired a new position in shares of Ingersoll-Rand PLC during the first quarter worth approximately $8,153,000. Euclid Advisors LLC raised its position in shares of Ingersoll-Rand PLC by 21.9% in the first quarter. Euclid Advisors LLC now owns 63,328 shares of the company’s stock worth $3,927,000 after buying an additional 11,375 shares during the period. M&R Capital Management Inc. acquired a new position in shares of Ingersoll-Rand PLC during the first quarter worth approximately $236,000. Finally, 10 15 Associates Inc. raised its position in shares of Ingersoll-Rand PLC by 31.7% in the first quarter. 10 15 Associates Inc. now owns 20,199 shares of the company’s stock worth $1,252,000 after buying an additional 4,865 shares during the period. 80.18% of the stock is currently owned by institutional investors.
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.
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