Wells Fargo & Company Increases Ingersoll Rand (NYSE:IR) Price Target to $102.00

Ingersoll Rand (NYSE:IR) had its price objective lifted by Wells Fargo & Company from $98.00 to $102.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 6.81% from the company’s previous close.

IR has been the subject of several other research reports. Jefferies Financial Group initiated coverage on shares of Ingersoll Rand in a research report on Friday, June 21st. They issued a “buy” rating and a $110.00 price target for the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $102.00 price target on shares of Ingersoll Rand in a research report on Tuesday, March 26th. StockNews.com downgraded Ingersoll Rand from a “buy” rating to a “hold” rating in a research note on Saturday, May 4th. Barclays lowered their price objective on Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Finally, Citigroup upped their price target on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.50.

Ingersoll Rand Stock Performance

Shares of IR stock opened at $95.50 on Wednesday. The firm has a 50 day moving average of $91.95 and a 200-day moving average of $88.56. The company has a market cap of $38.53 billion, a price-to-earnings ratio of 47.51, a price-to-earnings-growth ratio of 2.69 and a beta of 1.45. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. Ingersoll Rand has a 52 week low of $59.20 and a 52 week high of $97.00.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. On average, equities analysts forecast that Ingersoll Rand will post 3.19 earnings per share for the current year.

Ingersoll Rand announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $92.17, for a total value of $2,061,750.73. Following the sale, the insider now owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Vicente Reynal sold 198,486 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares in the company, valued at $8,843,336.37. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the transaction, the insider now directly owns 30,846 shares of the company’s stock, valued at approximately $2,843,075.82. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IR. ANTIPODES PARTNERS Ltd bought a new position in Ingersoll Rand in the 4th quarter worth about $27,000. Kapitalo Investimentos Ltda purchased a new stake in Ingersoll Rand in the fourth quarter valued at approximately $28,000. Headlands Technologies LLC bought a new stake in Ingersoll Rand during the first quarter valued at approximately $28,000. Riverview Trust Co purchased a new position in Ingersoll Rand in the 1st quarter worth approximately $29,000. Finally, Scarborough Advisors LLC bought a new position in shares of Ingersoll Rand in the 4th quarter worth $32,000. 95.27% of the stock is owned by institutional investors.

Ingersoll Rand Company Profile

Ingersoll Rand Inc provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies. The Industrial Technologies and Services segment designs, manufactures, markets, and services air and gas compression, vacuum, and blower products; fluid transfer equipment and loading systems; and power tools and lifting equipment, including associated aftermarket parts, consumables, air treatment equipment, controls, other accessories, and services under the under the Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle brands, etc.