Brown Brothers Harriman & Co. lifted its position in Ingersoll-Rand PLC (NYSE:IR) by 262.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,355 shares of the industrial products company’s stock after purchasing an additional 7,500 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Ingersoll-Rand were worth $1,059,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in Ingersoll-Rand during the 3rd quarter worth about $101,000. Girard Partners LTD. acquired a new position in Ingersoll-Rand during the 3rd quarter worth about $112,000. Flagship Harbor Advisors LLC acquired a new position in Ingersoll-Rand during the 2nd quarter worth about $106,000. Fort L.P. acquired a new position in Ingersoll-Rand during the 2nd quarter worth about $121,000. Finally, Hartford Financial Management Inc. acquired a new position in Ingersoll-Rand during the 2nd quarter worth about $149,000. 79.62% of the stock is currently owned by institutional investors and hedge funds.
Ingersoll-Rand stock opened at $94.58 on Wednesday. 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 1 year low of $79.63 and a 1 year high of $107.08. The stock has a market cap of $23.02 billion, a price-to-earnings ratio of 20.97, a price-to-earnings-growth ratio of 1.39 and a beta of 1.28.
Ingersoll-Rand declared that its board has initiated a share repurchase plan on Wednesday, October 3rd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is 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 given 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 yield of 2.24%. Ingersoll-Rand’s payout ratio is presently 47.01%.
Several brokerages recently issued reports on IR. Robert W. Baird set a $106.00 price target on shares of Ingersoll-Rand and gave the stock a “hold” rating in a research report on Thursday, October 25th. Cowen reiterated a “buy” rating and set a $115.00 price target on shares of Ingersoll-Rand in a research report on Monday, September 10th. Stephens began coverage on shares of Ingersoll-Rand in a research report on Monday, November 19th. They set an “overweight” rating and a $118.00 price target on the stock. ValuEngine upgraded shares of Ingersoll-Rand from a “hold” rating to a “buy” rating in a research report on Friday, November 16th. Finally, JPMorgan Chase & Co. upgraded shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a research report on Friday, September 21st. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Ingersoll-Rand has a consensus rating of “Buy” and a consensus price target of $110.43.
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.
Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll-Rand PLC (NYSE:IR).
Receive News & Ratings for Ingersoll-Rand Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingersoll-Rand and related companies with MarketBeat.com's FREE daily email newsletter.