Ingersoll-Rand PLC (IR) Shares Sold by Bank of New York Mellon Corp

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Bank of New York Mellon Corp cut its stake in Ingersoll-Rand PLC (NYSE:IR) by 5.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,753,391 shares of the industrial products company’s stock after selling 215,557 shares during the period. Bank of New York Mellon Corp owned approximately 1.53% of Ingersoll-Rand worth $336,790,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Park Avenue Securities LLC boosted its position in shares of Ingersoll-Rand by 17.7% in the second quarter. Park Avenue Securities LLC now owns 3,463 shares of the industrial products company’s stock worth $310,000 after acquiring an additional 521 shares during the last quarter. Synovus Financial Corp boosted its position in shares of Ingersoll-Rand by 38.6% in the second quarter. Synovus Financial Corp now owns 1,898 shares of the industrial products company’s stock worth $171,000 after acquiring an additional 529 shares during the last quarter. Hemenway Trust Co LLC boosted its position in shares of Ingersoll-Rand by 17.9% in the second quarter. Hemenway Trust Co LLC now owns 3,950 shares of the industrial products company’s stock worth $354,000 after acquiring an additional 600 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its position in shares of Ingersoll-Rand by 16.5% in the second quarter. Dynamic Technology Lab Private Ltd now owns 4,542 shares of the industrial products company’s stock worth $408,000 after acquiring an additional 643 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its position in shares of Ingersoll-Rand by 2.4% in the second quarter. First Republic Investment Management Inc. now owns 29,632 shares of the industrial products company’s stock worth $2,658,000 after acquiring an additional 689 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

IR has been the topic of several research analyst reports. Cowen reissued a “buy” rating and issued a $115.00 target price on shares of Ingersoll-Rand in a research report on Monday, September 10th. UBS Group lifted their price target on shares of Ingersoll-Rand from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Citigroup lifted their price target on shares of Ingersoll-Rand from $117.00 to $118.00 and gave the company a “buy” rating in a research report on Thursday, October 25th. Argus lifted their price target on shares of Ingersoll-Rand from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Finally, Zacks Investment Research raised shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Sunday, July 15th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $109.85.

In other news, SVP Marcia J. Avedon sold 10,408 shares of Ingersoll-Rand stock in a transaction that occurred 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 owns 125,098 shares in the company, valued at $13,010,192. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.70% of the company’s stock.

Shares of IR stock opened at $95.96 on Wednesday. The company has a market cap of $23.17 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 1.46 and a beta of 1.31. 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 PLC has a fifty-two week low of $79.63 and a fifty-two week high of $105.76.

Ingersoll-Rand (NYSE:IR) last announced its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Ingersoll-Rand had a net margin of 10.03% and a return on equity of 18.75%. Ingersoll-Rand’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.44 earnings per share. As a group, equities research analysts anticipate that Ingersoll-Rand PLC will post 5.58 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, December 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.21%. Ingersoll-Rand’s dividend payout ratio is currently 47.01%.

Ingersoll-Rand announced that its board has initiated a share repurchase plan on Wednesday, October 3rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Ingersoll-Rand Company Profile

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.

Further Reading: Bull Market

Institutional Ownership by Quarter for Ingersoll-Rand (NYSE:IR)

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