Protection Purchased on Ingersoll-Rand (IR)

Shares of Ingersoll-Rand Plc IR are lower on the session by 4.54%, currently trading at $35.33. The stock has been trading largely unchanged for the past two months; this comes after a strong rally in March and April. Options traders are picking up some protection on the name today. The August $35.00 put was purchased, on the offer, 2,600 times; open interest on the strike is only 14 contracts, signaling new, bearish positioning. Put volume is now running at 3x the daily average. Ingersoll-Rand plc, together with its subsidiaries, engages in the design, manufacture, sale, and service of industrial and commercial products in the United States and internationally. It operates in four segments: Air Conditioning Systems and Services, Climate Control Technologies, Industrial Technologies, and Security Technologies