Allianz Asset Management GmbH trimmed its holdings in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 15.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,164 shares of the industrial products company's stock after selling 7,046 shares during the period. Allianz Asset Management GmbH's holdings in Ingersoll Rand were worth $2,974,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Capital International Investors raised its position in Ingersoll Rand by 4.6% in the 4th quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company's stock valued at $3,317,537,000 after buying an additional 1,606,363 shares during the last quarter. FMR LLC lifted its holdings in Ingersoll Rand by 8.2% during the fourth quarter. FMR LLC now owns 17,472,317 shares of the industrial products company's stock valued at $1,580,546,000 after purchasing an additional 1,320,223 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Ingersoll Rand by 7,137.0% during the first quarter. GAMMA Investing LLC now owns 1,307,370 shares of the industrial products company's stock valued at $1,046,290,000 after purchasing an additional 1,289,305 shares during the last quarter. Northern Trust Corp lifted its holdings in Ingersoll Rand by 18.2% during the fourth quarter. Northern Trust Corp now owns 4,042,854 shares of the industrial products company's stock valued at $365,717,000 after purchasing an additional 622,246 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Ingersoll Rand during the fourth quarter valued at about $45,004,000. 95.27% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on IR shares. Citigroup reiterated a "buy" rating and set a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Barclays upped their target price on Ingersoll Rand from $85.00 to $92.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company upped their target price on Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Melius lowered Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective for the company. in a research note on Monday, July 14th. Finally, Stifel Nicolaus increased their price objective on Ingersoll Rand from $78.00 to $95.00 and gave the company a "hold" rating in a research note on Monday, July 21st. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Ingersoll Rand presently has a consensus rating of "Hold" and a consensus target price of $100.92.
View Our Latest Analysis on Ingersoll Rand
Ingersoll Rand Stock Performance
NYSE IR traded down $9.54 during trading hours on Friday, hitting $75.09. The company's stock had a trading volume of 12,246,097 shares, compared to its average volume of 2,696,997. The company's 50 day simple moving average is $84.19 and its two-hundred day simple moving average is $82.88. The company has a market cap of $30.30 billion, a P/E ratio of 58.66, a price-to-earnings-growth ratio of 3.55 and a beta of 1.41. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.38 and a quick ratio of 1.76.
Ingersoll Rand (NYSE:IR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.80. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Ingersoll Rand had a return on equity of 12.06% and a net margin of 7.10%. The business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. As a group, sell-side analysts expect that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.
Ingersoll Rand Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid 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, August 14th. Ingersoll Rand's payout ratio is currently 6.25%.
Ingersoll Rand declared that its board has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.
Insider Transactions at Ingersoll Rand
In other news, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the transaction, the insider directly owned 193,186 shares of the company's stock, valued at $16,040,233.58. The trade was a 16.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total value of $293,230.00. Following the sale, the insider directly owned 10,986 shares in the company, valued at $920,407.08. This trade represents a 24.16% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.59% of the company's stock.
Ingersoll Rand Company Profile
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Free Report)
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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