Corebridge Financial Inc. Reduces Position in Ingersoll Rand Inc. $IR

Key Points

• Corebridge Financial Inc. reduced its stake in Ingersoll Rand Inc. by 3.8%, selling 3,904 shares and now holding 98,237 shares valued at approximately $7.86 million.
• Analysts have varying ratings for Ingersoll Rand, with a consensus price target of $97.75 and reports indicating a mix of "buy" and "hold" ratings from several firms.
• Ingersoll Rand announced a quarterly dividend of $0.02 and initiated a $1 billion share repurchase program to buy back up to 3.3% of its shares.

Corebridge Financial Inc. cut its stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 3.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,237 shares of the industrial products company's stock after selling 3,904 shares during the period. Corebridge Financial Inc.'s holdings in Ingersoll Rand were worth $7,862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of IR. T. Rowe Price Investment Management Inc. boosted its stake in Ingersoll Rand by 28.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 17,826,488 shares of the industrial products company's stock worth $1,426,654,000 after purchasing an additional 3,989,643 shares in the last quarter. Nuveen LLC acquired a new stake in Ingersoll Rand during the 1st quarter valued at approximately $211,408,000. Price T Rowe Associates Inc. MD lifted its stake in Ingersoll Rand by 10.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,198,593 shares of the industrial products company's stock valued at $1,536,464,000 after acquiring an additional 1,849,030 shares during the period. GAMMA Investing LLC lifted its stake in Ingersoll Rand by 7,137.0% during the 1st quarter. GAMMA Investing LLC now owns 1,307,370 shares of the industrial products company's stock valued at $1,046,290,000 after acquiring an additional 1,289,305 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Ingersoll Rand by 4.6% during the 1st quarter. JPMorgan Chase & Co. now owns 19,745,039 shares of the industrial products company's stock valued at $1,580,196,000 after acquiring an additional 866,759 shares during the period. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on IR shares. Melius Research set a $93.00 price objective on shares of Ingersoll Rand in a research note on Monday, July 14th. 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 note on Monday, July 14th. Stifel Nicolaus set a $78.00 price objective on shares of Ingersoll Rand and gave the company a "hold" rating in a research note on Monday, August 4th. Wells Fargo & Company lifted their price objective on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Robert W. Baird lifted their target price on shares of Ingersoll Rand from $97.00 to $103.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $97.75.

Ingersoll Rand Price Performance

NYSE IR traded down $0.44 on Wednesday, hitting $77.51. The company had a trading volume of 300,331 shares, compared to its average volume of 2,912,446. The company has a market capitalization of $30.80 billion, a PE ratio of 60.54, a PEG ratio of 4.50 and a beta of 1.40. The company's fifty day moving average price is $82.81 and its 200-day moving average price is $80.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 1.63. Ingersoll Rand Inc. has a 12-month low of $65.61 and a 12-month high of $106.03.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The firm's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 EPS. Ingersoll Rand has set its FY 2025 guidance at 3.340-3.460 EPS. As a group, analysts predict that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Announces Dividend

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

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.