Cornerstone Select Advisors LLC Acquires Shares of 4,799 Ingersoll Rand Inc. $IR

Key Points

• Cornerstone Select Advisors LLC acquired 4,799 shares of Ingersoll Rand Inc., valued at approximately $384,000, signaling increased institutional interest in the company.
• The stock currently has a consensus rating of "Hold" from analysts, with a price target averaging $97.75.
• Ingersoll Rand recently announced a quarterly dividend of $0.02 per share, reflecting a payout ratio of 6.25%.

Cornerstone Select Advisors LLC bought a new stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 4,799 shares of the industrial products company's stock, valued at approximately $384,000.

Other hedge funds have also recently modified their holdings of the company. Sowell Financial Services LLC purchased a new position in Ingersoll Rand during the 1st quarter worth $262,000. Concurrent Investment Advisors LLC lifted its stake in shares of Ingersoll Rand by 14.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company's stock worth $245,000 after acquiring an additional 385 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Ingersoll Rand by 9.4% in the first quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company's stock valued at $614,000 after purchasing an additional 660 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Ingersoll Rand by 14.5% in 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 purchasing an additional 91,777 shares during the period. Finally, Dynamic Advisor Solutions LLC lifted its stake in shares of Ingersoll Rand by 19.7% in the first 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. 95.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IR has been the subject of a number of recent research reports. Melius downgraded shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price target for the company. in a report on Monday, July 14th. Wells Fargo & Company boosted their target price on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Citigroup restated a "buy" rating and issued a $104.00 target price (up from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Robert W. Baird boosted 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. Finally, Stifel Nicolaus set a $78.00 target price on shares of Ingersoll Rand and gave the company a "hold" rating in a report on Monday, August 4th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Ingersoll Rand currently has a consensus rating of "Hold" and an average target price of $97.75.

Insider Activity at Ingersoll Rand

In related news, 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 completion of the transaction, the insider directly owned 193,186 shares of the company's stock, valued at $16,040,233.58. The trade was a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company's stock.

Ingersoll Rand Trading Down 2.4%

NYSE:IR opened at $78.31 on Monday. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03. The firm has a market cap of $31.12 billion, a price-to-earnings ratio of 61.18, a P/E/G ratio of 4.42 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's 50 day moving average is $83.40 and its 200-day moving average is $81.74.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The business 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 earnings per share. Ingersoll Rand's revenue was up 4.6% compared to the same quarter last year. Equities analysts anticipate that Ingersoll Rand Inc. will post 3.32 EPS 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 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%.

Ingersoll Rand announced that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

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.

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