Bank of Nova Scotia Invests $5.04 Million in Ingersoll Rand Inc. $IR

Key Points

• Bank of Nova Scotia acquired 61,536 shares of Ingersoll Rand in the second quarter, valued at approximately $5.04 million. Institutional investors and hedge funds collectively own 95.27% of the company.
• Ingersoll Rand exceeded quarterly expectations, reporting $0.86 EPS versus the $0.83 consensus and revenue of $2.05 billion, up 8.5% year over year.
• Analysts maintain a generally positive outlook, with the stock holding a “Moderate Buy” consensus rating and an average price target of $96.14 versus its $78.61 opening price. The company also declared a quarterly dividend of $0.02 per share.

Bank of Nova Scotia bought a new stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 61,536 shares of the industrial products company's stock, valued at approximately $5,045,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. AQR Capital Management LLC grew its position in shares of Ingersoll Rand by 12.7% during the 1st quarter. AQR Capital Management LLC now owns 37,078 shares of the industrial products company's stock worth $2,904,000 after purchasing an additional 4,167 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Ingersoll Rand by 4.8% in the first quarter. NewEdge Advisors LLC now owns 6,168 shares of the industrial products company's stock valued at $494,000 after buying an additional 282 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Ingersoll Rand by 6.2% in the first quarter. Empowered Funds LLC now owns 7,731 shares of the industrial products company's stock valued at $619,000 after buying an additional 454 shares during the period. Woodline Partners LP bought a new stake in shares of Ingersoll Rand in the first quarter valued at approximately $643,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Ingersoll Rand by 663.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 74,615 shares of the industrial products company's stock worth $6,206,000 after buying an additional 64,838 shares in the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ingersoll Rand

In related news, Director Aurobind Satpathy acquired 11,538 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was acquired at an average cost of $86.68 per share, for a total transaction of $1,000,113.84. Following the transaction, the director directly owned 11,538 shares in the company, valued at $1,000,113.84. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.49% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

IR has been the subject of several analyst reports. Wells Fargo & Company dropped their price objective on Ingersoll Rand from $90.00 to $88.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Weiss Ratings raised Ingersoll Rand from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, July 21st. Barclays decreased their price target on Ingersoll Rand from $100.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, April 30th. Evercore set a $84.00 price objective on shares of Ingersoll Rand in a research report on Monday, May 11th. Finally, Robert W. Baird increased their price objective on shares of Ingersoll Rand from $103.00 to $109.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $96.14.

Ingersoll Rand Trading Down 1.7%

Shares of IR opened at $78.61 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.15 and a current ratio of 1.62. Ingersoll Rand Inc. has a 52-week low of $68.07 and a 52-week high of $100.96. The firm has a market cap of $30.50 billion, a price-to-earnings ratio of 32.35, a PEG ratio of 5.03 and a beta of 1.17. The business's fifty day moving average is $81.93 and its 200-day moving average is $82.17.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.03. Ingersoll Rand had a return on equity of 12.90% and a net margin of 12.08%.The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the prior year, the company earned $0.80 EPS. Ingersoll Rand's revenue for the quarter was up 8.5% on a year-over-year basis. Ingersoll Rand has set its FY 2026 guidance at 3.570-3.570 EPS. Equities analysts anticipate that Ingersoll Rand Inc. will post 3.39 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Ingersoll Rand's payout ratio is 3.29%.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company's products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.

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