Norges Bank Takes $360.95 Million Position in Ingersoll-Rand PLC (IR)

Norges Bank bought a new position in Ingersoll-Rand PLC (NYSE:IR) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 3,956,487 shares of the industrial products company’s stock, valued at approximately $360,951,000. Norges Bank owned about 1.63% of Ingersoll-Rand as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC boosted its position in shares of Ingersoll-Rand by 155.3% during the third quarter. SG Americas Securities LLC now owns 16,777 shares of the industrial products company’s stock worth $1,716,000 after buying an additional 10,206 shares during the period. JPMorgan Chase & Co. boosted its position in Ingersoll-Rand by 26.6% during the third quarter. JPMorgan Chase & Co. now owns 5,165,500 shares of the industrial products company’s stock valued at $528,432,000 after purchasing an additional 1,085,581 shares during the last quarter. MML Investors Services LLC boosted its position in Ingersoll-Rand by 84.1% during the third quarter. MML Investors Services LLC now owns 6,368 shares of the industrial products company’s stock valued at $651,000 after purchasing an additional 2,909 shares during the last quarter. Pictet Asset Management Ltd. acquired a new position in Ingersoll-Rand during the third quarter valued at approximately $14,576,000. Finally, FDx Advisors Inc. boosted its position in Ingersoll-Rand by 16.9% during the third quarter. FDx Advisors Inc. now owns 5,489 shares of the industrial products company’s stock valued at $561,000 after purchasing an additional 795 shares during the last quarter. Hedge funds and other institutional investors own 81.15% of the company’s stock.

In other Ingersoll-Rand news, Chairman Michael W. Lamach sold 105,064 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.74, for a total transaction of $11,109,467.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Marcia J. Avedon sold 6,486 shares of the firm’s stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $99.24, for a total value of $643,670.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 242,747 shares of company stock worth $25,550,072. 0.70% of the stock is owned by corporate insiders.

Shares of IR traded down $0.04 during mid-day trading on Friday, reaching $112.79. The company’s stock had a trading volume of 2,007,299 shares, compared to its average volume of 1,279,803. Ingersoll-Rand PLC has a 1-year low of $79.63 and a 1-year high of $114.55. The stock has a market cap of $27.31 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 1.67 and a beta of 1.28. The company has a quick ratio of 0.94, a current ratio of 1.33 and a debt-to-equity ratio of 0.53.

Ingersoll-Rand (NYSE:IR) last released its quarterly earnings data on Wednesday, January 30th. The industrial products company reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.03. Ingersoll-Rand had a return on equity of 19.78% and a net margin of 8.54%. The company had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $3.86 billion. During the same period last year, the firm posted $1.02 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. As a group, analysts expect that Ingersoll-Rand PLC will post 6.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, June 6th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.88%. Ingersoll-Rand’s dividend payout ratio (DPR) is currently 37.79%.

Several research analysts recently commented on IR shares. Bank of America raised Ingersoll-Rand from a “neutral” rating to a “buy” rating and increased their price target for the company from $105.00 to $130.00 in a research report on Thursday, April 4th. Zacks Investment Research raised Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $123.00 price target for the company in a research report on Tuesday, April 2nd. Morgan Stanley set a $120.00 price target on Ingersoll-Rand and gave the company a “buy” rating in a research report on Tuesday, February 26th. Cowen reissued a “buy” rating and set a $115.00 price target on shares of Ingersoll-Rand in a research report on Wednesday, January 23rd. Finally, Deutsche Bank started coverage on Ingersoll-Rand in a research report on Wednesday, March 13th. They set a “hold” rating and a $107.00 price target for the company. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Ingersoll-Rand has a consensus rating of “Buy” and an average price target of $116.20.

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About Ingersoll-Rand

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

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