Meadow Creek Investment Management LLC lifted its holdings in Ingersoll-Rand PLC (NYSE:IR) by 74.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 27,896 shares of the industrial products company’s stock after acquiring an additional 11,880 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Ingersoll-Rand were worth $3,534,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Glen Harbor Capital Management LLC grew its position in shares of Ingersoll-Rand by 74.2% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 35,504 shares of the industrial products company’s stock worth $4,498,000 after buying an additional 15,120 shares during the period. Sandbar Asset Management LLP grew its position in shares of Ingersoll-Rand by 369.7% in the 2nd quarter. Sandbar Asset Management LLP now owns 81,351 shares of the industrial products company’s stock worth $10,305,000 after buying an additional 64,033 shares during the period. Elkfork Partners LLC grew its position in shares of Ingersoll-Rand by 74.2% in the 2nd quarter. Elkfork Partners LLC now owns 43,112 shares of the industrial products company’s stock worth $5,461,000 after buying an additional 18,360 shares during the period. Flinton Capital Management LLC boosted its stake in Ingersoll-Rand by 74.2% in the 2nd quarter. Flinton Capital Management LLC now owns 20,288 shares of the industrial products company’s stock worth $2,570,000 after purchasing an additional 8,640 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Ingersoll-Rand by 37.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 424,413 shares of the industrial products company’s stock valued at $53,760,000 after acquiring an additional 115,191 shares during the period. 78.20% of the stock is currently owned by institutional investors.
In related news, CEO Michael W. Lamach sold 146,733 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $125.00, for a total transaction of $18,341,625.00. Following the transaction, the chief executive officer now owns 356,238 shares of the company’s stock, valued at approximately $44,529,750. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Evan M. Turtz sold 3,770 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $128.00, for a total value of $482,560.00. Following the transaction, the insider now directly owns 15,549 shares in the company, valued at approximately $1,990,272. The disclosure for this sale can be found here. In the last three months, insiders have sold 151,441 shares of company stock worth $18,935,873. 0.71% of the stock is owned by corporate insiders.
Ingersoll-Rand (NYSE:IR) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.03. Ingersoll-Rand had a return on equity of 20.97% and a net margin of 8.89%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same quarter in the prior year, the company posted $1.85 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, equities analysts expect that Ingersoll-Rand PLC will post 6.4 earnings per share for the current year.
A number of brokerages recently issued reports on IR. Cowen restated a “buy” rating and issued a $131.00 price target on shares of Ingersoll-Rand in a research report on Tuesday, July 30th. Morgan Stanley lifted their target price on Ingersoll-Rand from $137.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Credit Suisse Group lifted their target price on Ingersoll-Rand from $138.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Jefferies Financial Group downgraded Ingersoll-Rand from a “buy” rating to a “hold” rating and set a $140.00 price target for the company. in a report on Tuesday, July 2nd. Finally, ValuEngine downgraded Ingersoll-Rand from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Ingersoll-Rand has an average rating of “Buy” and an average target price of $129.68.
Ingersoll-Rand Company Profile
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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