CCLA Investment Management Raises Holdings in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• CCLA Investment Management has significantly increased its stake in Ingersoll Rand Inc. by 34% in Q1, now owning over 965,000 shares valued at approximately $77.23 million.
• Ingersoll Rand recently reported quarterly earnings per share of $0.80, meeting analysts' estimates, with revenue rising by 4.6% year-over-year.
• The company's board has authorized a $1 billion stock buyback plan, reflecting a belief that its stock is undervalued, along with a recently announced dividend of $0.02 per share.

CCLA Investment Management lifted its stake in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 34.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 965,189 shares of the industrial products company's stock after purchasing an additional 244,958 shares during the quarter. CCLA Investment Management owned 0.24% of Ingersoll Rand worth $77,234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital International Investors lifted its position in shares of Ingersoll Rand by 4.6% during the 4th quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company's stock worth $3,317,537,000 after buying an additional 1,606,363 shares during the last quarter. Capital World Investors raised its position in Ingersoll Rand by 1.0% in the fourth quarter. Capital World Investors now owns 20,088,857 shares of the industrial products company's stock valued at $1,817,238,000 after purchasing an additional 197,711 shares during the last quarter. FMR LLC raised its position in Ingersoll Rand by 8.2% in 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. Northern Trust Corp raised its position in Ingersoll Rand by 18.2% in 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, Dimensional Fund Advisors LP raised its position in shares of Ingersoll Rand by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,586,717 shares of the industrial products company's stock worth $324,463,000 after acquiring an additional 73,772 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ingersoll Rand

In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of the business'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 transaction, the insider owned 10,986 shares of the company's stock, valued at approximately $920,407.08. The trade was a 24.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vicente Reynal sold 38,657 shares of the business's stock in a transaction 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 completion of the transaction, the insider directly owned 193,186 shares in the company, 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. 0.68% of the stock is currently owned by insiders.

Ingersoll Rand Stock Down 1.4%

Ingersoll Rand stock traded down $1.11 during trading on Tuesday, hitting $77.49. 966,015 shares of the company were exchanged, compared to its average volume of 2,961,357. The business's 50 day moving average is $84.15 and its 200 day moving average is $82.68. Ingersoll Rand Inc. has a 52 week low of $65.61 and a 52 week high of $106.03. The company has a market capitalization of $31.26 billion, a P/E ratio of 60.52, a PEG ratio of 3.15 and a beta of 1.41. The company has a current ratio of 2.29, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. Ingersoll Rand's revenue was up 4.6% compared to the same quarter last year. Analysts predict that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand declared that its Board of Directors has approved a share repurchase plan on Thursday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Ingersoll Rand Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders 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 yield of 0.1%. Ingersoll Rand's payout ratio is currently 6.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays lowered their price objective on Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating for the company in a research report on Monday. Robert W. Baird raised their price objective on Ingersoll Rand from $97.00 to $103.00 and gave the stock an "outperform" rating in a research report on Monday. Melius downgraded 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. Stifel Nicolaus lowered their target price on Ingersoll Rand from $95.00 to $78.00 and set a "hold" rating for the company in a report on Monday. Finally, Melius Research set a $93.00 target price on Ingersoll Rand in a report on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $98.75.

About Ingersoll Rand

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.