236,140 Ingersoll Rand Inc. $IR Shares Bought by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Ingersoll Rand stake by 11.9%, buying 236,140 shares in the third quarter to hold 2.22 million shares, worth about $166.7 million.
• Ingersoll Rand beat quarterly earnings expectations, reporting $1.07 per share versus the $0.90 consensus, while revenue rose 5.6% year over year to $2.06 billion.
• Analysts give the stock a “Moderate Buy” consensus rating, with an average price target of $95; the company also declared a quarterly dividend of $0.02 per share.

Pictet Asset Management Holding SA lifted its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 11.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,218,909 shares of the industrial products company's stock after purchasing an additional 236,140 shares during the period. Pictet Asset Management Holding SA owned 0.57% of Ingersoll Rand worth $166,674,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Ingersoll Rand in the 2nd quarter valued at $2,484,319,000. Jupiter Topco LLC acquired a new position in Ingersoll Rand in the 2nd quarter valued at $547,628,000. Janus Henderson Group PLC grew its holdings in Ingersoll Rand by 2.3% in the 1st quarter. Janus Henderson Group PLC now owns 6,576,720 shares of the industrial products company's stock valued at $526,926,000 after buying an additional 146,450 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Ingersoll Rand during the 2nd quarter worth $328,309,000. Finally, Amundi increased its position in Ingersoll Rand by 19.3% during the 2nd quarter. Amundi now owns 3,282,920 shares of the industrial products company's stock worth $269,175,000 after buying an additional 531,095 shares during the period. Institutional investors own 95.27% of the company's stock.

Ingersoll Rand Price Performance

Ingersoll Rand stock opened at $82.96 on Monday. The firm has a market cap of $31.86 billion, a P/E ratio of 23.37, a P/E/G ratio of 3.47 and a beta of 1.15. Ingersoll Rand Inc. has a one year low of $68.07 and a one year high of $100.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.69 and a quick ratio of 1.24. The stock's 50 day moving average is $76.68 and its 200 day moving average is $81.16.

Ingersoll Rand (NYSE:IR - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The industrial products company reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.17. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.05 billion. Ingersoll Rand had a net margin of 17.20% and a return on equity of 13.47%. The company's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. As a group, research analysts expect that Ingersoll Rand Inc. will post 3.47 EPS for the current year.

Ingersoll Rand Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 12th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Thursday, November 12th. Ingersoll Rand's dividend payout ratio is presently 2.25%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IR. Wall Street Zen downgraded Ingersoll Rand from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Robert W. Baird decreased their price target on shares of Ingersoll Rand from $109.00 to $107.00 and set an "outperform" rating on the stock in a research note on Monday, November 2nd. Citigroup restated a "buy" rating on shares of Ingersoll Rand in a research note on Monday, October 12th. Morgan Stanley set a $87.00 price objective on shares of Ingersoll Rand in a research note on Monday, August 10th. Finally, Stifel Nicolaus reiterated a "buy" rating and set a $95.00 target price (up from $93.00) on shares of Ingersoll Rand in a research report on Monday, November 2nd. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $95.00.

About Ingersoll Rand

Ingersoll Rand Inc NYSE: IR is a global industrial company that designs and manufactures equipment and technologies used to move, manage and control air, gases, fluids and other materials. Its products include air and gas compressors, vacuum and blower systems, pumps, and related components and services.

The company also supplies precision and science technologies for applications such as fluid handling, material processing and life sciences. Its equipment and services support customers across a range of industries, including manufacturing, energy, healthcare and food and beverage.

The modern Ingersoll Rand was formed in 2020 through the combination of Gardner Denver and the industrial business of the former Ingersoll-Rand plc; the Ingersoll Rand name has roots dating to the 19th century.

Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll Rand Inc. (NYSE:IR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.