Ingersoll-Rand Plc, the maker of Trane air conditioners, raised its dividend 71 percent to 12 cents a share and authorized buying back as much as $2 billion in stock.
The dividend is payable June 30 to shareholders of record on June 17, the Swords, Ireland-based company said today in a statement. The previous payout was 7 cents a share. The dividend was projected to rise to 16 cents, based on Bloomberg data.
The shares rose 20 cents to $48.02 at 7 a.m. before New York Stock Exchange composite trading.
Ingersoll-Rand had 329.6 million shares outstanding as of Feb. 11, according to data compiled by Bloomberg. At yesterday’s closing price, a $2 billion repurchase would amount to about 41.8 million shares.