Sit Investment Associates Inc. lessened its holdings in Ingersoll-Rand PLC (NYSE:IR) by 3.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 78,281 shares of the industrial products company’s stock after selling 2,515 shares during the quarter. Sit Investment Associates Inc.’s holdings in Ingersoll-Rand were worth $8,450,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. MorganRosel Wealth Management LLC lifted its position in shares of Ingersoll-Rand by 1.3% in the 1st quarter. MorganRosel Wealth Management LLC now owns 7,163 shares of the industrial products company’s stock worth $773,000 after purchasing an additional 91 shares during the period. Flagship Harbor Advisors LLC lifted its position in shares of Ingersoll-Rand by 10.0% in the 1st quarter. Flagship Harbor Advisors LLC now owns 1,108 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 101 shares during the period. Cetera Advisor Networks LLC lifted its position in Ingersoll-Rand by 0.5% during the first quarter. Cetera Advisor Networks LLC now owns 26,743 shares of the industrial products company’s stock valued at $2,884,000 after acquiring an additional 124 shares during the last quarter. First Manhattan Co. lifted its position in Ingersoll-Rand by 5.2% during the first quarter. First Manhattan Co. now owns 2,851 shares of the industrial products company’s stock valued at $307,000 after acquiring an additional 141 shares during the last quarter. Finally, Csenge Advisory Group lifted its position in Ingersoll-Rand by 3.2% during the fourth quarter. Csenge Advisory Group now owns 4,711 shares of the industrial products company’s stock valued at $429,000 after acquiring an additional 148 shares during the last quarter. 78.77% of the stock is owned by hedge funds and other institutional investors.

In other news, CAO Christopher J. Kuehn sold 5,195 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $109.90, for a total value of $570,930.50. Following the sale, the chief accounting officer now owns 25,273 shares in the company, valued at $2,777,502.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David S. Regnery sold 7,957 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $122.25, for a total transaction of $972,743.25. Following the completion of the sale, the insider now owns 58,735 shares in the company, valued at approximately $7,180,353.75. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

A number of equities research analysts recently commented on IR shares. Bank of America raised shares of Ingersoll-Rand from a “neutral” rating to a “buy” rating and increased their target price for the company from $105.00 to $130.00 in a research report on Thursday, April 4th. Zacks Investment Research raised shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $123.00 target price for the company in a research report on Tuesday, April 2nd. Morgan Stanley set a $120.00 target price on shares of Ingersoll-Rand and gave the company a “buy” rating in a research report on Tuesday, February 26th. Deutsche Bank raised shares of Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $123.46 target price for the company in a research report on Wednesday, May 1st. Finally, ValuEngine raised shares of Ingersoll-Rand from a “hold” rating to a “buy” rating in a research report on Monday, April 29th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $123.96.

Ingersoll-Rand stock traded down $0.12 during mid-day trading on Friday, reaching $124.23. 8,688 shares of the company traded hands, compared to its average volume of 1,234,184. The company has a current ratio of 1.58, a quick ratio of 1.14 and a debt-to-equity ratio of 0.75. Ingersoll-Rand PLC has a fifty-two week low of $85.15 and a fifty-two week high of $127.08. The firm has a market capitalization of $29.90 billion, a price-to-earnings ratio of 22.16, a PEG ratio of 1.82 and a beta of 1.28.

Ingersoll-Rand (NYSE:IR) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.09. Ingersoll-Rand had a net margin of 8.94% and a return on equity of 20.52%. The business had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the prior year, the business posted $0.70 EPS. Ingersoll-Rand’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, sell-side analysts predict that Ingersoll-Rand PLC will post 6.36 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $2.12 dividend on an annualized basis and a yield of 1.71%. Ingersoll-Rand’s payout ratio is 37.79%.

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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.

Read More: Leveraged Buyout (LBO) Explained

Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll-Rand PLC (NYSE:IR).

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

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