Zacks Investment Research upgraded shares of Ingersoll-Rand (NYSE:IR) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $138.00 price target on the industrial products company’s stock.
According to Zacks, “Over the past three months, Ingersoll's shares have outperformed the industry. The company believes that stellar sales generated from the Commercial and residential HVAC market will bolster revenues in the quarters ahead. Further, increased productivity, pricing actions and new investments made toward footprint-optimization initiatives are expected to boost profitability. Also, the Precision Flow Systems buyout (when completed) will strengthen the fluid management business. Margins and earnings accretion are predicted in the first year of the completion of this buyout. For 2019, Ingersoll has revised its earnings view from $6.15-$6.35 per share to roughly $6.35. Revenues are predicted to grow 4-5% year over year, with organic sales increasing 5-6%. In the past 30 days, earnings estimates for the stock increased for both 2019 and 2020.”
Several other analysts have also issued reports on IR. Barclays raised their price target on shares of Ingersoll-Rand from $115.00 to $135.00 and gave the stock an overweight rating in a research report on Wednesday, May 1st. KeyCorp raised their price objective on shares of Ingersoll-Rand from $112.00 to $130.00 and gave the stock an overweight rating in a report on Wednesday, April 10th. Bank of America raised shares of Ingersoll-Rand from a neutral rating to a buy rating and raised their price objective for the stock from $105.00 to $130.00 in a report on Thursday, April 4th. Credit Suisse Group raised their price objective on shares of Ingersoll-Rand from $122.00 to $130.00 and gave the stock an outperform rating in a report on Wednesday, May 1st. Finally, Morgan Stanley set a $120.00 price objective on shares of Ingersoll-Rand and gave the stock a buy rating in a report on Tuesday, February 26th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $123.96.
Ingersoll-Rand (NYSE:IR) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.09. The company had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.50 billion. Ingersoll-Rand had a net margin of 8.94% and a return on equity of 20.52%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. Research analysts forecast that Ingersoll-Rand will post 6.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date is Thursday, June 6th. Ingersoll-Rand’s payout ratio is 37.79%.
In related news, insider Marcia J. Avedon sold 10,205 shares of Ingersoll-Rand stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $105.95, for a total transaction of $1,081,219.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David S. Regnery sold 7,957 shares of Ingersoll-Rand stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $122.25, for a total transaction of $972,743.25. Following the transaction, the insider now directly owns 58,735 shares of the company’s stock, valued at $7,180,353.75. The disclosure for this sale can be found here. Insiders have sold a total of 218,760 shares of company stock valued at $23,276,480 over the last ninety days. 0.70% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Resources Investment Advisors Inc. bought a new position in Ingersoll-Rand during the 4th quarter valued at about $27,000. Ruggie Capital Group bought a new position in Ingersoll-Rand during the 4th quarter valued at about $28,000. Legacy Financial Advisors Inc. lifted its holdings in Ingersoll-Rand by 78.3% during the 4th quarter. Legacy Financial Advisors Inc. now owns 312 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 137 shares during the last quarter. WP Advisors LLC bought a new position in Ingersoll-Rand during the 1st quarter valued at about $34,000. Finally, Financial Gravity Wealth Inc. bought a new position in Ingersoll-Rand during the 1st quarter valued at about $38,000. 81.51% of the stock is owned by hedge funds and other institutional investors.
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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