Harvest Portfolios Group Inc. Buys 5,019 Shares of Ingersoll Rand Inc. $IR

Key Points

• Harvest Portfolios Group Inc. increased its stake in Ingersoll Rand by 29.9% in the first quarter, now owning 21,819 shares valued at approximately $1.75 million.
• Investment firms such as Vanguard and JPMorgan Chase also raised their stakes in Ingersoll Rand during the same period, indicating strong institutional interest in the company.
• Ingersoll Rand recently declared a quarterly dividend of $0.02 per share, alongside a $1 billion stock repurchase plan, suggesting confidence in the company’s value and future performance.

Harvest Portfolios Group Inc. lifted its holdings in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 29.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,819 shares of the industrial products company's stock after acquiring an additional 5,019 shares during the period. Harvest Portfolios Group Inc.'s holdings in Ingersoll Rand were worth $1,746,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in IR. Compass Wealth Management LLC grew its position in Ingersoll Rand by 62.8% in the 1st quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company's stock worth $28,000 after purchasing an additional 137 shares in the last quarter. Global Wealth Strategies & Associates grew its position in Ingersoll Rand by 325.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 374 shares of the industrial products company's stock worth $30,000 after purchasing an additional 286 shares in the last quarter. Golden State Wealth Management LLC grew its position in Ingersoll Rand by 190.9% in the 1st quarter. Golden State Wealth Management LLC now owns 477 shares of the industrial products company's stock worth $38,000 after purchasing an additional 313 shares in the last quarter. Farmers & Merchants Investments Inc. grew its position in Ingersoll Rand by 54.4% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 488 shares of the industrial products company's stock worth $39,000 after purchasing an additional 172 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Ingersoll Rand by 136.4% in the 1st quarter. Larson Financial Group LLC now owns 494 shares of the industrial products company's stock worth $39,000 after purchasing an additional 285 shares in the last quarter. 95.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. 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 research note on Monday, August 4th. Melius cut shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 target price on the stock. in a research note on Monday, July 14th. Barclays dropped their price target on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating on the stock in a research note on Monday, August 4th. Finally, Wells Fargo & Company upped their price target 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. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $97.75.

Ingersoll Rand Price Performance

Ingersoll Rand stock traded down $0.82 during midday trading on Monday, reaching $79.44. 1,923,003 shares of the stock were exchanged, compared to its average volume of 2,805,934. The company's fifty day moving average is $82.98 and its 200-day moving average is $80.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.63 and a current ratio of 2.29. The firm has a market cap of $31.57 billion, a PE ratio of 62.07, a PEG ratio of 4.48 and a beta of 1.40. Ingersoll Rand Inc. has a 52 week low of $65.61 and a 52 week high of $106.03.

Ingersoll Rand (NYSE:IR - Get Free Report) last posted its earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, hitting analysts' consensus estimates of $0.80. The business had revenue of $1.89 billion for 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%. Ingersoll Rand's revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 EPS. Ingersoll Rand has set its FY 2025 guidance at 3.340-3.460 EPS. On average, sell-side analysts forecast that Ingersoll Rand Inc. will post 3.32 EPS for the current year.

Ingersoll Rand Dividend Announcement

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

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.