Cambridge Investment Research Advisors Inc. trimmed its stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 48.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,989 shares of the industrial products company's stock after selling 8,512 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Ingersoll Rand were worth $719,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in IR. Norges Bank bought a new stake in Ingersoll Rand in the fourth quarter valued at $429,591,000. Capital International Investors raised its stake in shares of Ingersoll Rand by 4.6% during the fourth quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company's stock valued at $3,317,537,000 after purchasing an additional 1,606,363 shares in the last quarter. FMR LLC raised its stake in shares of Ingersoll Rand by 8.2% during the fourth quarter. FMR LLC now owns 17,472,317 shares of the industrial products company's stock valued at $1,580,546,000 after purchasing an additional 1,320,223 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Ingersoll Rand by 7,137.0% during the first quarter. GAMMA Investing LLC now owns 1,307,370 shares of the industrial products company's stock valued at $1,046,290,000 after purchasing an additional 1,289,305 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Ingersoll Rand by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 12,277,177 shares of the industrial products company's stock valued at $1,110,593,000 after purchasing an additional 679,856 shares in the last quarter. 95.27% of the stock is currently owned by institutional investors.
Insider Activity
In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the transaction, the insider owned 10,986 shares of the company's stock, valued at $920,407.08. The trade was a 24.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total value of $3,209,690.71. Following the transaction, the insider directly owned 193,186 shares in the company, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.68% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the stock. Barclays cut their price objective on shares of Ingersoll Rand from $93.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company lifted their price objective 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. Stifel Nicolaus lowered their target price on Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Finally, Citigroup lifted their target price on Ingersoll Rand from $88.00 to $91.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Ingersoll Rand has an average rating of "Moderate Buy" and a consensus target price of $98.70.
Check Out Our Latest Stock Report on Ingersoll Rand
Ingersoll Rand Trading Down 0.3%
Shares of IR opened at $86.68 on Tuesday. The business's 50-day moving average price is $81.84 and its 200 day moving average price is $83.34. The stock has a market capitalization of $34.97 billion, a P/E ratio of 42.91, a P/E/G ratio of 3.67 and a beta of 1.43. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The company has a current ratio of 2.38, a quick ratio of 1.76 and a debt-to-equity ratio of 0.45.
Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.72 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.02). The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.73 billion. Ingersoll Rand had a return on equity of 12.33% and a net margin of 11.30%. The company's revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.78 EPS. Analysts expect that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.
Ingersoll Rand announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Ingersoll Rand Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.02 per share. The ex-dividend date was Thursday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand's dividend payout ratio (DPR) is presently 3.96%.
About Ingersoll Rand
(
Free Report)
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.
Further Reading
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