Alliancebernstein L.P. lessened its position in Ingersoll Rand Inc. (NYSE:IR) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,447,858 shares of the industrial products company’s stock after selling 72,221 shares during the quarter. Alliancebernstein L.P. owned about 0.82% of Ingersoll Rand worth $173,807,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IR. JPMorgan Chase & Co. lifted its position in shares of Ingersoll Rand by 52.1% in the second quarter. JPMorgan Chase & Co. now owns 20,213,460 shares of the industrial products company’s stock valued at $986,620,000 after acquiring an additional 6,921,391 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Ingersoll Rand by 52.5% in the second quarter. Artisan Partners Limited Partnership now owns 17,604,777 shares of the industrial products company’s stock valued at $859,289,000 after acquiring an additional 6,059,144 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of Ingersoll Rand by 66.1% in the second quarter. UBS Asset Management Americas Inc. now owns 9,245,870 shares of the industrial products company’s stock valued at $451,291,000 after acquiring an additional 3,680,776 shares in the last quarter. BlackRock Inc. lifted its position in shares of Ingersoll Rand by 14.1% in the third quarter. BlackRock Inc. now owns 27,794,816 shares of the industrial products company’s stock valued at $1,401,138,000 after acquiring an additional 3,435,590 shares in the last quarter. Finally, Ceredex Value Advisors LLC purchased a new position in shares of Ingersoll Rand in the third quarter valued at approximately $165,098,000. Institutional investors and hedge funds own 95.86% of the company’s stock.
A number of equities analysts recently commented on the company. Credit Suisse Group lifted their price objective on Ingersoll Rand from $59.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, November 19th. Wells Fargo & Company upgraded Ingersoll Rand from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $58.00 to $68.00 in a research report on Friday, November 19th. Morgan Stanley lifted their price objective on Ingersoll Rand from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 15th. Zacks Investment Research downgraded Ingersoll Rand from a “strong-buy” rating to a “hold” rating and set a $54.00 price objective on the stock. in a research report on Thursday, September 30th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $69.00 price objective on shares of Ingersoll Rand in a research report on Friday, November 19th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Ingersoll Rand has an average rating of “Buy” and an average price target of $65.57.
Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Wednesday, November 3rd. The industrial products company reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.10. Ingersoll Rand had a return on equity of 7.11% and a net margin of 7.68%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the firm posted $0.07 earnings per share. The company’s revenue was up 19.1% on a year-over-year basis. On average, equities analysts predict that Ingersoll Rand Inc. will post 1.85 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 17th. Investors of record on Wednesday, November 10th were paid a dividend of $0.02 per share. The ex-dividend date was Tuesday, November 9th. This represents a $0.08 annualized dividend and a yield of 0.13%. Ingersoll Rand’s payout ratio is 8.00%.
In related news, insider Sia Abbaszadeh sold 5,000 shares of the business’s stock in a transaction on Monday, November 15th. The stock was sold at an average price of $58.59, for a total transaction of $292,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael J. Scheske sold 6,972 shares of Ingersoll Rand stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $59.98, for a total value of $418,180.56. The disclosure for this sale can be found here. Insiders own 0.69% of the company’s stock.
About Ingersoll Rand
Ingersoll Rand, Inc provides a broad range of mission critical air, fluid, energy, specialty vehicle and medical technologies, providing services and solutions to increase industrial productivity and efficiency. It operates through the following segments: Industrial Technologies and Services, Precision and Science Technologies, High Pressure Solutions, and Specialty Vehicle Technologies.
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