T. Rowe Price Investment Management Inc. Buys 3,989,643 Shares of Ingersoll Rand Inc. $IR

Key Points

• T. Rowe Price Investment Management Inc. has increased its stake in Ingersoll Rand by 28.8%, now holding approximately 17.8 million shares valued at about $1.43 billion, making it the 16th largest position in their portfolio.
• Ingersoll Rand recently reported earnings per share of $0.80 for the last quarter, matching consensus estimates, with revenues of $1.89 billion, indicating a year-over-year revenue growth of 4.6%.
• The company has announced a $1 billion share buyback plan and declared a quarterly dividend of $0.02, reflecting confidence in its stock valuation and a low payout ratio of 6.25%.

T. Rowe Price Investment Management Inc. raised its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 28.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,826,488 shares of the industrial products company's stock after acquiring an additional 3,989,643 shares during the period. Ingersoll Rand makes up 0.9% of T. Rowe Price Investment Management Inc.'s portfolio, making the stock its 16th biggest holding. T. Rowe Price Investment Management Inc. owned approximately 4.42% of Ingersoll Rand worth $1,426,654,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Ingersoll Rand by 1.3% during the first quarter. Vanguard Group Inc. now owns 46,269,471 shares of the industrial products company's stock valued at $3,702,946,000 after acquiring an additional 585,455 shares during the period. JPMorgan Chase & Co. boosted its holdings in Ingersoll Rand by 4.6% during the first 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. Wellington Management Group LLP boosted its holdings in Ingersoll Rand by 7.8% during the first quarter. Wellington Management Group LLP now owns 4,261,123 shares of the industrial products company's stock valued at $341,018,000 after acquiring an additional 307,557 shares during the period. Northern Trust Corp raised its position in shares of Ingersoll Rand by 0.3% during the first quarter. Northern Trust Corp now owns 4,053,235 shares of the industrial products company's stock valued at $324,380,000 after buying an additional 10,381 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Ingersoll Rand by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 3,600,999 shares of the industrial products company's stock valued at $288,136,000 after buying an additional 14,282 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors.

Ingersoll Rand Price Performance

NYSE:IR traded up $3.1090 during mid-day trading on Friday, hitting $80.5590. The company's stock had a trading volume of 2,184,448 shares, compared to its average volume of 3,448,727. Ingersoll Rand Inc. has a fifty-two week low of $65.61 and a fifty-two week high of $106.03. The company has a current ratio of 2.29, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $32.02 billion, a price-to-earnings ratio of 62.94, a P/E/G ratio of 4.55 and a beta of 1.41. The stock has a fifty day moving average of $83.04 and a 200-day moving average of $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 for the quarter, hitting the consensus estimate of $0.80. The firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.85 billion. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. Ingersoll Rand has set its FY 2025 guidance at 3.340-3.460 EPS. As a group, equities analysts forecast that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid 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 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 outstanding shares. This buyback authorization permits the industrial products company to purchase up to 3.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

IR has been the subject of a number of research analyst reports. Stifel Nicolaus set a $78.00 price objective on shares of Ingersoll Rand and gave the company a "hold" rating in a research report on Monday, August 4th. Citigroup reaffirmed a "buy" rating and set a $104.00 price objective (up previously from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Robert W. Baird upped their price objective on shares of Ingersoll Rand from $97.00 to $103.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Melius lowered 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 report on Monday, July 14th. Finally, Morgan Stanley cut their price objective on shares of Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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.