On Jun 6, Zacks Investment Research updated the research report on industrial goods manufacturer Ingersoll-Rand Plc (IR Quick QuoteIR - Free Report) .

Headquartered in Dublin, Ireland, Ingersoll manufactures and services a diverse portfolio of industrial and commercial products across the globe. From enhancing the quality and comfort of air in homes and buildings to transporting and protecting food and perishables, the product portfolio of the company secures homes and commercial properties and increases industrial productivity and efficiency.

Ingersoll has a solid foundation of global brands and a leading market share in all major product lines. The company's geographic and industrial diversity, along with a large installed product base, provides ample growth opportunities within service, spare parts and replacement revenue streams. Additionally, the company’s complementary portfolio of products and services is likely to aid it in strengthening its market position and achieving high productivity.

At the same time, Ingersoll continues to focus on strategic priorities, which include a disciplined capital allocation; strong and flexible balance sheet position; and cash flow enhancement to support dividend growth. We believe that such moves, along with a robust operating platform and an efficient management team, will help in the execution of these strategic priorities and drive net asset value and dividend growth in the future as well.

For 2016, management expects slow-to-moderate growth in the global construction and retrofit markets, and a recovering but slow industrial market growth. The company expects organic revenues to increase  2–4% year over year, while revenues are expected to be flat to up 2%.

Ingersoll expects adjusted earnings from continuing operations in 2016 to be within $3.95 and $4.10 per share. Adjusted free cash flow for the year is expected to be $950 million to $1 billion.

We remain impressed by the healthy growth prospects of this Zacks Rank #1 (Strong Buy) stock. Some other favorably placed stocks in the industry include Gorman-Rupp Co. (GRC Quick QuoteGRC - Free Report) , Kadant Inc. (KAI Quick QuoteKAI - Free Report) and Luxfer Holdings PLC (LXFR Quick QuoteLXFR - Free Report) .

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