Ingersoll-Rand PLC (NYSE:IR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Ingersoll continues to reposition its portfolio to focus on high-barrier markets that involve upfront cost and lead to earnings dilution in the near term. Operating risks from high R&D costs for technology-driven products are also expected to weigh on Ingersoll’s margins in the future. With operations outside the U.S, Ingersoll is highly exposed to political and economic disruptions, all of which can directly impact its profits. Post Brexit referendum, Ingersoll is likely to be stifled by the renegotiated deals and restrictions imposed on trade with other EU members. The company has a positive earnings history in the trailing four quarters, while earnings estimates have remained steady in the last 7 days. Ingersoll 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.”
IR has been the subject of several other reports. Credit Suisse Group AG reiterated a “buy” rating and issued a $72.00 price objective on shares of Ingersoll-Rand PLC in a report on Sunday, July 10th. Jefferies Group restated a “buy” rating on shares of Ingersoll-Rand PLC in a research note on Wednesday, August 3rd. Stifel Nicolaus cut their price target on Ingersoll-Rand PLC from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Finally, BMO Capital Markets assumed coverage on Ingersoll-Rand PLC in a research note on Wednesday, July 13th. They set an “outperform” rating and a $80.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $67.94.
Shares of Ingersoll-Rand PLC (NYSE:IR) opened at 67.49 on Tuesday. The stock has a market capitalization of $17.41 billion, a P/E ratio of 12.43 and a beta of 1.35. Ingersoll-Rand PLC has a 52 week low of $47.08 and a 52 week high of $68.97. The company has a 50-day moving average of $66.56 and a 200-day moving average of $65.05.
Ingersoll-Rand PLC (NYSE:IR) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.30 by $0.08. Ingersoll-Rand PLC had a return on equity of 17.73% and a net margin of 10.71%. The company earned $3.69 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period last year, the company earned $1.20 EPS. Ingersoll-Rand PLC’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts anticipate that Ingersoll-Rand PLC will post $4.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $1.28 annualized dividend and a dividend yield of 1.90%. Ingersoll-Rand PLC’s dividend payout ratio (DPR) is 23.53%.
In other news, SVP Keith A. Sultana sold 3,071 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $68.81, for a total transaction of $211,315.51. Following the sale, the senior vice president now directly owns 10,698 shares of the company’s stock, valued at approximately $736,129.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard J. Swift sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $67.99, for a total value of $142,779.00. Following the sale, the director now directly owns 66,648 shares in the company, valued at $4,531,397.52. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Howe & Rusling Inc. boosted its stake in shares of 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 during the period. Zions Bancorporation boosted its stake in shares of Ingersoll-Rand PLC by 30.1% in the second quarter. Zions Bancorporation now owns 2,575 shares of the company’s stock valued at $166,000 after buying an additional 596 shares during the period. CENTRAL TRUST Co boosted its stake in shares of Ingersoll-Rand PLC by 60.2% in the second quarter. CENTRAL TRUST Co now owns 2,660 shares of the company’s stock valued at $170,000 after buying an additional 1,000 shares during the period. Smith Asset Management Group LP purchased a new stake in shares of Ingersoll-Rand PLC during the second quarter valued at about $187,000. Finally, Williams Jones & Associates LLC purchased a new stake in shares of Ingersoll-Rand PLC during the second quarter valued at about $206,000. 80.97% 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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