Citigroup Inc. Has $33.55 Million Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Citigroup Inc. increased its holdings in Ingersoll Rand by 3.5%, acquiring an additional 14,003 shares, bringing its total ownership to 419,162 shares, valued at approximately $33.5 million.
• Several other institutional investors have also raised their stakes in Ingersoll Rand, resulting in 95.27% of its stock being owned by these investors, indicating strong institutional interest.
• Ingersoll Rand has approved a $1 billion stock buyback program and announced a quarterly dividend of $0.02 per share, reflecting confidence in its stock value and reinforcing shareholder returns.

Citigroup Inc. increased its stake in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 419,162 shares of the industrial products company's stock after purchasing an additional 14,003 shares during the quarter. Citigroup Inc. owned approximately 0.10% of Ingersoll Rand worth $33,546,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Caisse Des Depots ET Consignations raised its position in Ingersoll Rand by 29.3% during the first quarter. Caisse Des Depots ET Consignations now owns 682,627 shares of the industrial products company's stock valued at $54,631,000 after acquiring an additional 154,625 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Ingersoll Rand by 14.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 726,564 shares of the industrial products company's stock valued at $58,147,000 after acquiring an additional 91,777 shares in the last quarter. Deutsche Bank AG raised its position in Ingersoll Rand by 8.5% during the first quarter. Deutsche Bank AG now owns 1,477,103 shares of the industrial products company's stock valued at $118,213,000 after acquiring an additional 115,618 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Ingersoll Rand by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,330,413 shares of the industrial products company's stock valued at $186,503,000 after acquiring an additional 56,643 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. bought a new position in Ingersoll Rand during the first quarter valued at approximately $4,524,000. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ingersoll Rand

In other news, insider Vicente Reynal sold 38,657 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total value of $3,209,690.71. Following the sale, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. The trade was a 16.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.59% of the company's stock.

Ingersoll Rand Stock Performance

Ingersoll Rand stock traded down $1.89 on Friday, hitting $78.31. The company's stock had a trading volume of 2,917,999 shares, compared to its average volume of 3,608,425. The firm has a market cap of $31.12 billion, a P/E ratio of 61.18, a price-to-earnings-growth ratio of 4.53 and a beta of 1.41. The company has a quick ratio of 1.63, a current ratio of 2.29 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average price of $83.40 and a 200-day moving average price of $81.89. Ingersoll Rand Inc. has a one year low of $65.61 and a one year high of $106.03.

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, meeting the consensus estimate of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. The business's revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

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

Ingersoll Rand Dividend Announcement

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 paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Thursday, August 14th. Ingersoll Rand's payout ratio is currently 6.25%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup reaffirmed a "buy" rating and set a $104.00 price objective (up previously from $91.00) on shares of Ingersoll Rand 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. Morgan Stanley dropped their price target on shares of Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Barclays reduced their price objective on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating for the company in a research note on Monday, August 4th. Finally, Stifel Nicolaus set a $78.00 price objective on shares of Ingersoll Rand and gave the stock a "hold" rating in a research note on Monday, August 4th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $97.75.

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.