Ingersoll Rand Inc. $IR Holdings Increased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Ingersoll Rand stake 1.1% in the third quarter, adding 18,586 shares to hold about 1.77 million shares worth $133.1 million. Institutional investors collectively own 95.27% of the company.
• Ingersoll Rand reported quarterly EPS of $1.07, beating the $0.90 consensus, while revenue rose 5.6% year over year to $2.06 billion.
• Analysts give the stock a “Moderate Buy” consensus, with an average price target of $95; five analysts rate it Buy and three rate it Hold.

Allspring Global Investments Holdings LLC grew its stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,768,937 shares of the industrial products company's stock after purchasing an additional 18,586 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.46% of Ingersoll Rand worth $133,113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Alps Advisors Inc. lifted its stake in Ingersoll Rand by 3.2% in the third quarter. Alps Advisors Inc. now owns 4,492 shares of the industrial products company's stock valued at $337,000 after buying an additional 140 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in Ingersoll Rand by 6.4% during the first quarter. Chicago Partners Investment Group LLC now owns 2,658 shares of the industrial products company's stock worth $222,000 after buying an additional 160 shares during the last quarter. North Dakota State Investment Board grew its position in shares of Ingersoll Rand by 1.4% during the 3rd quarter. North Dakota State Investment Board now owns 11,987 shares of the industrial products company's stock worth $900,000 after buying an additional 165 shares during the period. Parallel Advisors LLC grew its position in shares of Ingersoll Rand by 5.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,477 shares of the industrial products company's stock worth $261,000 after buying an additional 170 shares during the period. Finally, Ferguson Wellman Capital Management Inc. increased its stake in shares of Ingersoll Rand by 5.0% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 3,647 shares of the industrial products company's stock valued at $292,000 after acquiring an additional 174 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors.

Ingersoll Rand Stock Performance

Shares of IR opened at $82.96 on Monday. The firm has a market cap of $31.86 billion, a P/E ratio of 23.37, a PEG ratio of 3.47 and a beta of 1.15. Ingersoll Rand Inc. has a twelve month low of $68.07 and a twelve month high of $100.96. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.24 and a current ratio of 1.69. The firm's 50 day moving average price is $76.68 and its two-hundred day moving average price is $81.16.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.17. Ingersoll Rand had a net margin of 17.20% and a return on equity of 13.47%. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The firm's revenue was up 5.6% compared to the same quarter last year. On average, analysts forecast that Ingersoll Rand Inc. will post 3.47 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 12th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Ingersoll Rand's dividend payout ratio (DPR) is currently 2.25%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IR. Stifel Nicolaus restated a "buy" rating and set a $95.00 price objective (up from $93.00) on shares of Ingersoll Rand in a report on Monday, November 2nd. Morgan Stanley set a $87.00 target price on shares of Ingersoll Rand in a report on Monday, August 10th. Wall Street Zen cut shares of Ingersoll Rand from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Robert W. Baird decreased their price target on shares of Ingersoll Rand from $109.00 to $107.00 and set an "outperform" rating for the company in a report on Monday, November 2nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ingersoll Rand in a report on Monday, October 19th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $95.00.

Ingersoll Rand Profile

Ingersoll Rand Inc NYSE: IR is a global industrial company that designs and manufactures equipment and technologies used to move, manage and control air, gases, fluids and other materials. Its products include air and gas compressors, vacuum and blower systems, pumps, and related components and services.

The company also supplies precision and science technologies for applications such as fluid handling, material processing and life sciences. Its equipment and services support customers across a range of industries, including manufacturing, energy, healthcare and food and beverage.

The modern Ingersoll Rand was formed in 2020 through the combination of Gardner Denver and the industrial business of the former Ingersoll-Rand plc; the Ingersoll Rand name has roots dating to the 19th century.

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