Ingersoll Rand (NYSE:IR) Price Target Lowered to $88.00 at Evercore ISI

Ingersoll Rand (NYSE:IR) had its price objective cut by Evercore ISI from $93.00 to $88.00 in a report released on Monday morning, Benzinga reports. They currently have an in-line rating on the industrial products company’s stock.

IR has been the subject of a number of other reports. Stifel Nicolaus boosted their target price on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company a buy rating in a research note on Thursday, July 18th. Robert W. Baird boosted their target price on shares of Ingersoll Rand from $109.00 to $115.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Wells Fargo & Company lowered their target price on shares of Ingersoll Rand from $102.00 to $100.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Ingersoll Rand in a research note on Friday, June 21st. They set a buy rating and a $110.00 target price for the company. Finally, Barclays lowered their target price on shares of Ingersoll Rand from $106.00 to $101.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Ingersoll Rand currently has an average rating of Moderate Buy and a consensus target price of $100.27.

Ingersoll Rand Trading Down 0.1 %

IR stock opened at $90.95 on Monday. The company has a quick ratio of 1.71, a current ratio of 2.18 and a debt-to-equity ratio of 0.47. Ingersoll Rand has a twelve month low of $59.20 and a twelve month high of $101.30. The stock has a market capitalization of $36.69 billion, a price-to-earnings ratio of 45.25, a price-to-earnings-growth ratio of 2.68 and a beta of 1.45. The firm’s fifty day simple moving average is $93.31 and its two-hundred day simple moving average is $91.82.

Ingersoll Rand Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Thursday, August 15th. Ingersoll Rand’s payout ratio is 3.98%.

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

Insider Buying and Selling at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the completion of the sale, the insider now directly owns 100,367 shares of the company’s stock, valued at $8,843,336.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Vicente Reynal sold 198,486 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the transaction, the insider now owns 100,367 shares in the company, valued at $8,843,336.37. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew R. Schiesl sold 15,381 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the transaction, the insider now owns 39,486 shares in the company, valued at approximately $3,543,473.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,867 shares of company stock valued at $23,494,392. 0.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ingersoll Rand

Several hedge funds have recently modified their holdings of the stock. Kimelman & Baird LLC acquired a new position in Ingersoll Rand in the 2nd quarter worth approximately $57,000. B. Riley Wealth Advisors Inc. increased its holdings in Ingersoll Rand by 15.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 3,606 shares of the industrial products company’s stock worth $328,000 after buying an additional 494 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Ingersoll Rand by 2.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 16,871 shares of the industrial products company’s stock worth $1,533,000 after buying an additional 382 shares during the period. Creative Planning increased its holdings in Ingersoll Rand by 9.0% in the 2nd quarter. Creative Planning now owns 66,160 shares of the industrial products company’s stock worth $6,010,000 after buying an additional 5,458 shares during the period. Finally, MBB Public Markets I LLC acquired a new position in Ingersoll Rand in the 2nd quarter worth approximately $2,645,000. Institutional investors and hedge funds own 95.27% of the company’s stock.

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.