Arrow Financial Corp Sells 14,113 Shares of Ingersoll Rand Inc. (NYSE:IR)

Arrow Financial Corp decreased its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 43.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,230 shares of the industrial products company's stock after selling 14,113 shares during the period. Arrow Financial Corp's holdings in Ingersoll Rand were worth $1,459,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Sowell Financial Services LLC bought a new stake in shares of Ingersoll Rand during the 1st quarter valued at $262,000. Concurrent Investment Advisors LLC boosted its holdings in Ingersoll Rand by 14.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company's stock worth $245,000 after buying an additional 385 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Ingersoll Rand by 9.4% during the 1st quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company's stock valued at $614,000 after purchasing an additional 660 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ingersoll Rand by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 45,684,016 shares of the industrial products company's stock valued at $4,132,576,000 after purchasing an additional 446,591 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its holdings in shares of Ingersoll Rand by 19.7% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 11,823 shares of the industrial products company's stock valued at $946,000 after purchasing an additional 1,948 shares during the last quarter. 95.27% of the stock is owned by institutional investors.

Ingersoll Rand Stock Down 1.9%

Ingersoll Rand stock traded down $1.60 during midday trading on Monday, reaching $83.95. The stock had a trading volume of 2,561,431 shares, compared to its average volume of 2,595,933. The stock has a market capitalization of $33.87 billion, a P/E ratio of 27.60, a price-to-earnings-growth ratio of 3.61 and a beta of 1.43. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The firm's fifty day simple moving average is $83.71 and its 200-day simple moving average is $83.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 2.38.

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

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

Ingersoll Rand Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 15th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.10%. Ingersoll Rand's dividend payout ratio is currently 3.96%.

Insider Activity at Ingersoll Rand

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

Analyst Upgrades and Downgrades

IR has been the topic of several recent research reports. Stifel Nicolaus upped their target price on shares of Ingersoll Rand from $78.00 to $95.00 and gave the company a "hold" rating in a research report on Monday. Melius lowered shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective on the stock. in a research report on Monday, July 14th. Melius Research set a $93.00 price objective on shares of Ingersoll Rand in a research report on Monday, July 14th. Citigroup reissued a "buy" rating and issued a $104.00 price objective (up from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Finally, Wells Fargo & Company increased their price objective 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. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Ingersoll Rand has a consensus rating of "Hold" and a consensus target price of $100.92.

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.