Twin Capital Management Inc. trimmed its stake in Ingersoll-Rand PLC (NYSE:IR) by 35.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 99,680 shares of the industrial products company’s stock after selling 54,190 shares during the quarter. Ingersoll-Rand comprises about 0.9% of Twin Capital Management Inc.’s holdings, making the stock its 28th biggest position. Twin Capital Management Inc.’s holdings in Ingersoll-Rand were worth $12,626,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. Arrow Financial Corp grew its holdings in Ingersoll-Rand by 232.6% in the second quarter. Arrow Financial Corp now owns 286 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 200 shares during the period. AdvisorNet Financial Inc grew its holdings in Ingersoll-Rand by 92.2% in the second quarter. AdvisorNet Financial Inc now owns 294 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 141 shares during the period. Berman Capital Advisors LLC grew its holdings in Ingersoll-Rand by 93.9% in the second quarter. Berman Capital Advisors LLC now owns 316 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 153 shares during the period. Financial Gravity Wealth Inc. acquired a new stake in Ingersoll-Rand in the first quarter worth $38,000. Finally, Ibex Wealth Advisors acquired a new stake in Ingersoll-Rand in the second quarter worth $66,000. Institutional investors and hedge funds own 77.97% of the company’s stock.
IR has been the subject of a number of analyst reports. KeyCorp lifted their price objective on shares of Ingersoll-Rand from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. Zacks Investment Research cut shares of Ingersoll-Rand from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. Deutsche Bank upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $123.46 price objective for the company in a report on Wednesday, May 1st. Wells Fargo & Co lifted their price objective on shares of Ingersoll-Rand from $113.00 to $122.00 and gave the company a “market perform” rating in a report on Wednesday, May 1st. Finally, Credit Suisse Group lifted their price objective on shares of Ingersoll-Rand from $138.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $128.70.
Ingersoll-Rand (NYSE:IR) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. Ingersoll-Rand had a net margin of 8.89% and a return on equity of 20.97%. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same period last year, the firm earned $1.85 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Ingersoll-Rand PLC will post 6.4 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Thursday, September 5th. Ingersoll-Rand’s payout ratio is currently 37.79%.
In other Ingersoll-Rand news, CEO Michael W. Lamach sold 146,733 shares of Ingersoll-Rand stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $125.00, for a total value of $18,341,625.00. Following the sale, the chief executive officer now owns 356,238 shares of the company’s stock, valued at $44,529,750. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jared L. Cohon sold 938 shares of Ingersoll-Rand stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $119.07, for a total transaction of $111,687.66. Following the completion of the sale, the director now directly owns 23,697 shares in the company, valued at approximately $2,821,601.79. The disclosure for this sale can be found here. Insiders have sold 151,441 shares of company stock worth $18,935,873 over the last three months. 0.70% of the stock is owned by insiders.
Ingersoll-Rand Plc designs, manufactures, sells, and services industrial and commercial products. The company operates through Climate and Industrial segments. The Climate segment offers air conditioners, exchangers, and handlers; airside and terminal devices; auxiliary power units; chillers; coils and condensers; gensets; furnaces; heat pumps; home automation; humidifiers; hybrid and non-diesel transport refrigeration, and ice energy storage solutions; indoor air quality; industrial refrigeration; motor replacements; refrigerant reclamation; thermostats/controls; transport heater products; and water source heat pumps.
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