Banco Santander S.A. Buys 22,646 Shares of Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Banco Santander S.A. increased its holdings in Ingersoll Rand by 304.5% during the first quarter, resulting in 30,084 shares valued at approximately $2.4 million.
• Ingersoll Rand's board approved a $1 billion stock repurchase plan, indicating confidence in the company's valuation, and they announced a quarterly dividend of $0.02 per share.
• Recent analyst reports have shown a positive trend, with Wells Fargo and Stifel Nicolaus raising their price targets on Ingersoll Rand shares to $95.00 and maintaining an "overweight" rating.

Banco Santander S.A. grew its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 304.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,084 shares of the industrial products company's stock after purchasing an additional 22,646 shares during the quarter. Banco Santander S.A.'s holdings in Ingersoll Rand were worth $2,408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently modified their holdings of IR. Compass Wealth Management LLC raised 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 valued at $28,000 after buying an additional 137 shares during the last quarter. Global Wealth Strategies & Associates grew its stake 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 valued at $30,000 after buying an additional 286 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in Ingersoll Rand by 190.9% during 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 stake in Ingersoll Rand by 54.4% during the first quarter. Farmers & Merchants Investments Inc. now owns 488 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 172 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in shares of Ingersoll Rand by 136.4% in the first quarter. Larson Financial Group LLC now owns 494 shares of the industrial products company's stock worth $39,000 after buying an additional 285 shares in the last quarter. Institutional investors own 95.27% of the company's stock.

Insiders Place Their Bets

In other Ingersoll Rand news, insider Vicente Reynal sold 38,657 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the transaction, the insider directly owned 193,186 shares in the company, valued at $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the completion of the transaction, the insider directly owned 10,986 shares in the company, valued at approximately $920,407.08. The trade was a 24.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on IR shares. Citigroup reissued a "buy" rating and issued a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Melius lowered Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 target price for the company. in a research report on Monday, July 14th. Wells Fargo & Company boosted their price target on Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Robert W. Baird raised their price target on shares of Ingersoll Rand from $97.00 to $103.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Melius Research set a $93.00 price objective on shares of Ingersoll Rand in a report on Monday, July 14th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Ingersoll Rand presently has an average rating of "Hold" and a consensus target price of $98.75.

Ingersoll Rand Price Performance

Shares of IR traded down $0.22 during midday trading on Thursday, reaching $76.26. The stock had a trading volume of 2,366,772 shares, compared to its average volume of 2,981,470. The firm's 50 day moving average price is $83.95 and its 200-day moving average price is $82.60. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 1.63. The company has a market capitalization of $30.31 billion, a P/E ratio of 59.58, a P/E/G ratio of 4.43 and a beta of 1.41. 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 quarterly 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. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the company earned $0.83 earnings per share. The business's revenue was up 4.6% compared to the same quarter last year. On average, analysts forecast that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

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

Ingersoll Rand Announces Dividend

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

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.