Barclays Increases Ingersoll Rand (NYSE:IR) Price Target to $92.00

Ingersoll Rand (NYSE:IR - Get Free Report) had its target price boosted by equities research analysts at Barclays from $85.00 to $92.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the industrial products company's stock. Barclays's price target points to a potential upside of 5.08% from the company's current price.

Several other brokerages have also recently commented on IR. Wells Fargo & Company increased their price target on shares of Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Citigroup increased their price target on shares of Ingersoll Rand from $88.00 to $91.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Finally, Stifel Nicolaus cut their target price on shares of Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $99.40.

Ingersoll Rand Stock Up 0.6%

NYSE:IR traded up $0.55 on Wednesday, reaching $87.56. The stock had a trading volume of 404,675 shares, compared to its average volume of 2,570,280. The company has a current ratio of 2.38, a quick ratio of 1.76 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average of $82.08 and a 200 day moving average of $83.36. The stock has a market cap of $35.32 billion, a P/E ratio of 43.35, a price-to-earnings-growth ratio of 3.67 and a beta of 1.43. Ingersoll Rand has a 12-month low of $65.61 and a 12-month high of $106.03.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). Ingersoll Rand had a return on equity of 12.33% and a net margin of 11.30%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the business posted $0.78 EPS. The business's revenue for the quarter was up 2.8% on a year-over-year basis. On average, research analysts predict that Ingersoll Rand will post 3.32 earnings per share for the current year.

Ingersoll Rand announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 1st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Activity at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 38,657 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total value of $3,209,690.71. Following the sale, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total transaction of $293,230.00. Following the completion of the sale, the insider owned 10,986 shares in the company, valued at $920,407.08. The trade was a 24.16% decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IR. Proficio Capital Partners LLC acquired a new position in shares of Ingersoll Rand during the fourth quarter valued at approximately $131,000. Atria Investments Inc increased its stake in shares of Ingersoll Rand by 5.6% during the fourth quarter. Atria Investments Inc now owns 14,135 shares of the industrial products company's stock valued at $1,279,000 after acquiring an additional 754 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Ingersoll Rand during the fourth quarter valued at approximately $45,004,000. Callan Family Office LLC acquired a new position in shares of Ingersoll Rand during the fourth quarter valued at approximately $255,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Ingersoll Rand by 3.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 192,151 shares of the industrial products company's stock valued at $17,382,000 after acquiring an additional 6,195 shares during the period. Institutional investors and hedge funds own 95.27% of the company's stock.

About Ingersoll Rand

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.

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