Price T Rowe Associates Inc. MD Raises Position in Ingersoll Rand Inc. $IR

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Ingersoll Rand by 10.7% in the first quarter, owning 19,198,593 shares worth approximately $1.54 billion.
• Ingersoll Rand's stock price opened at $79.29 and has a market cap of $31.51 billion, with a 12-month range between $65.61 and $106.03.
• The company reported earnings per share of $0.80 for the most recent quarter, meeting analyst expectations, and announced a share repurchase program authorizing up to $1 billion in buybacks.

Price T Rowe Associates Inc. MD grew its position in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 10.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,198,593 shares of the industrial products company's stock after purchasing an additional 1,849,030 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 4.76% of Ingersoll Rand worth $1,536,464,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sowell Financial Services LLC acquired a new stake in shares of Ingersoll Rand in the 1st quarter valued at $262,000. Concurrent Investment Advisors LLC raised its holdings 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 valued at $245,000 after purchasing an additional 385 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Ingersoll Rand by 9.4% in the 1st 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Ingersoll Rand by 14.5% in the 1st 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 in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Ingersoll Rand by 2.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 190,986 shares of the industrial products company's stock valued at $15,285,000 after purchasing an additional 4,690 shares in the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Ingersoll Rand Stock Performance

Ingersoll Rand stock traded up $3.1090 during midday trading on Friday, hitting $80.5590. 2,184,448 shares of the company's stock were exchanged, compared to its average volume of 3,448,727. Ingersoll Rand Inc. has a 12-month low of $65.61 and a 12-month high of $106.03. 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 stock has a market cap of $32.02 billion, a price-to-earnings ratio of 62.94, a price-to-earnings-growth ratio of 4.55 and a beta of 1.41. The firm's 50 day simple moving average is $83.04 and its 200 day simple moving average is $81.34.

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

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

Ingersoll Rand Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on IR shares. Melius lowered shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective on the stock. in a report on Monday, July 14th. Wells Fargo & Company lifted their price target on shares of Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Citigroup reiterated a "buy" rating and set a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Stifel Nicolaus set a $78.00 price target on shares of Ingersoll Rand and gave the stock a "hold" rating in a research note on Monday, August 4th. Finally, Morgan Stanley cut 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 note on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Ingersoll Rand presently has a consensus rating of "Hold" and a consensus target price of $97.75.

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.