Citigroup Forecasts Strong Price Appreciation for Ingersoll Rand (NYSE:IR) Stock

Ingersoll Rand (NYSE:IR - Get Free Report) had its price target increased by analysts at Citigroup from $88.00 to $91.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Citigroup's price objective would indicate a potential upside of 18.23% from the stock's current price.

A number of other brokerages also recently weighed in on IR. Barclays cut their price objective on Ingersoll Rand from $93.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company lifted their price target on shares of Ingersoll Rand from $80.00 to $86.00 and gave the company an "overweight" rating in a research report on Monday. Stifel Nicolaus decreased their price objective on shares of Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating for the company in a report on Monday, April 14th. Robert W. Baird lifted their target price on shares of Ingersoll Rand from $105.00 to $111.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. Finally, Evercore ISI decreased their price target on shares of Ingersoll Rand from $100.00 to $91.00 and set an "in-line" rating for the company in a report on Wednesday, February 19th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.91.

Ingersoll Rand Stock Up 0.3 %

NYSE IR traded up $0.24 during trading on Monday, reaching $76.97. The company's stock had a trading volume of 3,667,222 shares, compared to its average volume of 2,592,235. The business has a 50-day moving average price of $77.57 and a 200-day moving average price of $89.20. Ingersoll Rand has a 1-year low of $65.61 and a 1-year high of $106.03. The stock has a market capitalization of $31.02 billion, a PE ratio of 37.36, a PEG ratio of 3.50 and a beta of 1.40. The company has a current ratio of 2.29, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.02). Ingersoll Rand had a return on equity of 12.78% and a net margin of 11.59%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted $0.78 earnings per share. The company's revenue for the quarter was up 2.8% on a year-over-year basis. On average, research analysts forecast that Ingersoll Rand will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand announced that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Savant Capital LLC increased its holdings in Ingersoll Rand by 2.3% in the 4th quarter. Savant Capital LLC now owns 6,938 shares of the industrial products company's stock valued at $628,000 after buying an additional 158 shares during the period. Nordea Investment Management AB increased its stake in Ingersoll Rand by 19.1% in the fourth quarter. Nordea Investment Management AB now owns 1,691,399 shares of the industrial products company's stock valued at $153,867,000 after acquiring an additional 271,381 shares during the period. abrdn plc raised its position in Ingersoll Rand by 70.5% in the fourth quarter. abrdn plc now owns 262,863 shares of the industrial products company's stock worth $23,851,000 after purchasing an additional 108,700 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in Ingersoll Rand by 441.4% during the fourth quarter. AdvisorNet Financial Inc now owns 18,652 shares of the industrial products company's stock worth $1,687,000 after purchasing an additional 15,207 shares during the period. Finally, tru Independence LLC acquired a new stake in Ingersoll Rand during the fourth quarter valued at approximately $291,000. 95.27% of the stock is currently owned by institutional investors and hedge funds.

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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