Ingersoll Rand Inc. (NYSE:IR) Shares Purchased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia increased its holdings in Ingersoll Rand Inc. by 267.8%, acquiring an additional 144,054 shares during the first quarter, bringing its total to 197,852 shares valued at approximately $15.8 million.
• Insider sales were reported, with Vicente Reynal selling 38,657 shares at an average price of $83.03, reducing his ownership stake by 16.67%.
• Ingersoll Rand announced a new $1 billion stock buyback plan, indicating that the company's board believes its shares are undervalued.

Bank of Nova Scotia lifted its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 267.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 197,852 shares of the industrial products company's stock after buying an additional 144,054 shares during the quarter. Bank of Nova Scotia's holdings in Ingersoll Rand were worth $15,834,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new position in Ingersoll Rand during the first quarter worth approximately $262,000. Concurrent Investment Advisors LLC raised its stake in shares of Ingersoll Rand by 14.4% in the first quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company's stock valued at $245,000 after acquiring an additional 385 shares during the last quarter. QRG Capital Management Inc. grew its holdings in shares of Ingersoll Rand by 9.4% in the 1st quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company's stock valued at $614,000 after buying an additional 660 shares during the period. Dynamic Advisor Solutions LLC raised its holdings in shares of Ingersoll Rand by 19.7% in 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 period. Finally, Teacher Retirement System of Texas grew its position in shares of Ingersoll Rand by 1,460.0% during the 1st quarter. Teacher Retirement System of Texas now owns 58,923 shares of the industrial products company's stock worth $4,716,000 after purchasing an additional 55,146 shares in the last quarter. Institutional investors and hedge funds own 95.27% of the company's stock.

Analyst Ratings Changes

IR has been the subject of several recent analyst reports. Melius cut shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective for the company. in a research report on Monday, July 14th. 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. Robert W. Baird increased their price objective on shares of Ingersoll Rand from $97.00 to $103.00 and gave the stock an "outperform" rating in a research report on Monday. Stifel Nicolaus set a $78.00 price target on shares of Ingersoll Rand and gave the stock a "hold" rating in a report on Monday. Finally, Barclays reduced their price target on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating for the company in a report on Monday. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $98.75.

Ingersoll Rand Price Performance

IR traded down $0.22 on Thursday, reaching $76.26. The company had a trading volume of 2,366,772 shares, compared to its average volume of 2,981,470. Ingersoll Rand Inc. has a one year low of $65.61 and a one year high of $106.03. The company has a current ratio of 2.29, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $30.31 billion, a P/E ratio of 59.58, a PEG ratio of 4.43 and a beta of 1.41. The company has a fifty day moving average of $83.95 and a 200-day moving average of $82.60.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. Ingersoll Rand's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. As a group, equities research analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Ingersoll Rand's dividend payout ratio is currently 6.25%.

Ingersoll Rand declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Ingersoll Rand

In other Ingersoll Rand news, 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 transaction of $293,230.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $3,209,690.71. Following the sale, the insider directly owned 193,186 shares of the company's stock, valued at approximately $16,040,233.58. This represents a 16.67% decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.

Ingersoll Rand 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.