Assetmark Inc. Purchases 11,193 Shares of Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Assetmark Inc. increased its stake in Ingersoll Rand Inc. by 8.5% during the first quarter, now owning a total of 142,419 shares valued at approximately $11.4 million.
• A variety of research firms have raised their price targets for Ingersoll Rand, with Barclays setting it at $92.00 and Wells Fargo at $95.00, while the stock maintains a consensus rating of "Hold."
• Ingersoll Rand recently announced a quarterly dividend of $0.02 to be paid on September 4th, alongside a $1 billion stock buyback program, indicating management's belief that the stock is undervalued.

Assetmark Inc. boosted its stake in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 8.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 142,419 shares of the industrial products company's stock after purchasing an additional 11,193 shares during the period. Assetmark Inc.'s holdings in Ingersoll Rand were worth $11,398,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Compass Wealth Management LLC lifted its position in Ingersoll Rand by 62.8% during the first quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 137 shares during the period. Arrow Financial Corp increased its holdings in Ingersoll Rand by 0.5% during the fourth quarter. Arrow Financial Corp now owns 32,343 shares of the industrial products company's stock valued at $2,926,000 after buying an additional 149 shares during the last quarter. GeoWealth Management LLC increased its holdings in Ingersoll Rand by 10.2% during the fourth quarter. GeoWealth Management LLC now owns 1,726 shares of the industrial products company's stock valued at $156,000 after buying an additional 160 shares during the last quarter. CWM LLC increased its holdings in Ingersoll Rand by 1.5% during the first quarter. CWM LLC now owns 10,655 shares of the industrial products company's stock valued at $853,000 after buying an additional 161 shares during the last quarter. Finally, Rothschild Investment LLC increased its holdings in Ingersoll Rand by 33.5% during the first quarter. Rothschild Investment LLC now owns 654 shares of the industrial products company's stock valued at $52,000 after buying an additional 164 shares during the last quarter. Institutional investors own 95.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IR. Barclays upped their target price on shares of Ingersoll Rand from $85.00 to $92.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Wells Fargo & Company upped their target price on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Citigroup reaffirmed a "buy" rating and set a $104.00 target price (up from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Melius Research set a $93.00 target price on shares of Ingersoll Rand in a report on Monday, July 14th. Finally, Melius cut 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 note on Monday, July 14th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $100.92.

Ingersoll Rand Price Performance

IR traded down $0.84 during trading on Tuesday, hitting $86.99. 939,884 shares of the company traded hands, compared to its average volume of 2,862,393. The company has a market cap of $35.10 billion, a PE ratio of 43.06, a P/E/G ratio of 3.71 and a beta of 1.43. The stock's 50-day simple moving average is $84.05 and its two-hundred day simple moving average is $82.95. 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 posted its earnings results on Thursday, May 1st. The industrial products company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.02). The company had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.73 billion. Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The business's revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.78 earnings per share. As a group, sell-side analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

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. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand's dividend payout ratio (DPR) is currently 3.96%.

Ingersoll Rand announced that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Ingersoll Rand

In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total transaction of $293,230.00. Following the completion of the transaction, the insider owned 10,986 shares in the company, valued at $920,407.08. This trade represents a 24.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Vicente Reynal sold 38,657 shares of the stock in a transaction 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 owned 193,186 shares of the company's stock, valued at $16,040,233.58. This trade represents a 16.67% decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Ingersoll Rand 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.