Ingersoll Rand (NYSE:IR) Hits New 12-Month High on Analyst Upgrade

Ingersoll Rand Inc. (NYSE:IR)’s share price reached a new 52-week high during mid-day trading on Thursday after Barclays raised their price target on the stock from $104.00 to $106.00. Barclays currently has an overweight rating on the stock. Ingersoll Rand traded as high as $97.00 and last traded at $96.78, with a volume of 381133 shares trading hands. The stock had previously closed at $94.30.

Other analysts have also recently issued research reports about the company. Citigroup increased their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Robert W. Baird boosted their price target on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. Jefferies Financial Group started coverage on Ingersoll Rand in a research report on Friday, June 21st. They set a “buy” rating and a $110.00 price objective for the company. StockNews.com lowered Ingersoll Rand from a “buy” rating to a “hold” rating in a research note on Saturday, May 4th. Finally, BNP Paribas assumed coverage on Ingersoll Rand in a research note on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.50.

Insider Buying and Selling

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

Hedge Funds Weigh In On Ingersoll Rand

Several institutional investors and hedge funds have recently modified their holdings of IR. Vanguard Group Inc. lifted its position in Ingersoll Rand by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 45,384,257 shares of the industrial products company’s stock worth $3,510,018,000 after buying an additional 176,734 shares in the last quarter. Capital International Investors increased its position in Ingersoll Rand by 113.7% during the first quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock worth $2,484,486,000 after purchasing an additional 13,919,775 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Ingersoll Rand by 28.4% during the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock worth $1,517,040,000 after purchasing an additional 3,535,543 shares during the period. Capital Research Global Investors grew its stake in shares of Ingersoll Rand by 15.3% in the 1st quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company’s stock valued at $1,074,477,000 after buying an additional 1,504,414 shares during the period. Finally, Putnam Investments LLC increased its holdings in shares of Ingersoll Rand by 8.0% during the 4th quarter. Putnam Investments LLC now owns 9,443,792 shares of the industrial products company’s stock worth $730,383,000 after buying an additional 696,610 shares during the last quarter. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Stock Up 1.8 %

The business has a fifty day moving average of $92.16 and a 200 day moving average of $88.70. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.71. The stock has a market capitalization of $39.24 billion, a price-to-earnings ratio of 48.39, a PEG ratio of 2.75 and a beta of 1.45.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.70 billion. As a group, equities analysts predict that Ingersoll Rand Inc. will post 3.19 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 16th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%. The ex-dividend date was Wednesday, May 15th. Ingersoll Rand’s dividend payout ratio (DPR) is 3.98%.

Ingersoll Rand declared that its Board of Directors has approved a share repurchase plan on Thursday, April 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.