State of New Jersey Common Pension Fund D Lowers Position in Ingersoll Rand Inc. (NYSE:IR)

State of New Jersey Common Pension Fund D cut its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 31.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 150,194 shares of the industrial products company’s stock after selling 69,618 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Ingersoll Rand were worth $13,644,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Coldstream Capital Management Inc. lifted its stake in Ingersoll Rand by 2.9% during the 2nd quarter. Coldstream Capital Management Inc. now owns 6,962 shares of the industrial products company’s stock worth $632,000 after acquiring an additional 196 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Ingersoll Rand by 56.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 83,043 shares of the industrial products company’s stock worth $7,544,000 after acquiring an additional 29,891 shares in the last quarter. Choreo LLC acquired a new position in Ingersoll Rand during the 2nd quarter worth about $787,000. Wedbush Securities Inc. acquired a new position in Ingersoll Rand during the 2nd quarter worth about $598,000. Finally, Prudential PLC raised its position in Ingersoll Rand by 5.7% in the 2nd quarter. Prudential PLC now owns 192,297 shares of the industrial products company’s stock valued at $17,468,000 after purchasing an additional 10,448 shares in the last quarter. Institutional investors and hedge funds own 95.27% of the company’s stock.

Ingersoll Rand Trading Up 1.3 %

Shares of IR stock opened at $91.03 on Friday. The business’s 50 day moving average is $92.42 and its two-hundred day moving average is $92.12. Ingersoll Rand Inc. has a twelve month low of $59.20 and a twelve month high of $101.30. The company has a market capitalization of $36.73 billion, a P/E ratio of 45.29, a price-to-earnings-growth ratio of 2.53 and a beta of 1.42. The company has a current ratio of 2.18, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.74 by $0.06. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Ingersoll Rand had a return on equity of 13.00% and a net margin of 11.73%. Equities analysts forecast that Ingersoll Rand Inc. will post 3.21 EPS for the current year.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 15th were issued a dividend of $0.02 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio is presently 3.98%.

Insider Buying and Selling

In related news, insider Vicente Reynal sold 50,000 shares of Ingersoll Rand stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $92.51, for a total transaction of $4,625,500.00. Following the completion of the transaction, the insider now directly owns 100,367 shares of the company’s stock, valued at $9,284,951.17. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Andrew R. Schiesl sold 15,381 shares of Ingersoll Rand stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $89.74, for a total value of $1,380,290.94. Following the completion of the sale, the insider now owns 39,486 shares of the company’s stock, valued at $3,543,473.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Vicente Reynal sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $92.51, for a total value of $4,625,500.00. Following the sale, the insider now directly owns 100,367 shares of the company’s stock, valued at approximately $9,284,951.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,510 shares of company stock valued at $7,108,005. 0.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

IR has been the topic of a number of analyst reports. Morgan Stanley initiated coverage on Ingersoll Rand in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Cfra reiterated a “hold” rating and issued a $85.00 price objective on shares of Ingersoll Rand in a report on Friday, August 2nd. Wells Fargo & Company dropped their price objective on Ingersoll Rand from $102.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Stifel Nicolaus increased their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Finally, Robert W. Baird increased their price objective on Ingersoll Rand from $109.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Ingersoll Rand currently has an average rating of “Moderate Buy” and an average price target of $100.00.

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.