Teacher Retirement System of Texas lifted its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 1,460.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,923 shares of the industrial products company's stock after acquiring an additional 55,146 shares during the quarter. Teacher Retirement System of Texas' holdings in Ingersoll Rand were worth $4,716,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Ingersoll Rand during the 4th quarter worth $429,591,000. Capital International Investors raised its position in Ingersoll Rand by 4.6% during the 4th quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company's stock worth $3,317,537,000 after purchasing an additional 1,606,363 shares during the last quarter. FMR LLC raised its position in Ingersoll Rand by 8.2% during the 4th quarter. FMR LLC now owns 17,472,317 shares of the industrial products company's stock worth $1,580,546,000 after purchasing an additional 1,320,223 shares during the last quarter. GAMMA Investing LLC raised its position in Ingersoll Rand by 7,137.0% during the 1st quarter. GAMMA Investing LLC now owns 1,307,370 shares of the industrial products company's stock worth $1,046,290,000 after purchasing an additional 1,289,305 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Ingersoll Rand by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 12,277,177 shares of the industrial products company's stock worth $1,110,593,000 after purchasing an additional 679,856 shares during the last quarter. Institutional investors and hedge funds own 95.27% of the company's stock.
Ingersoll Rand Stock Up 0.3%
Ingersoll Rand stock traded up $0.27 during midday trading on Tuesday, reaching $87.11. The stock had a trading volume of 2,050,006 shares, compared to its average volume of 2,903,769. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03. The company has a market capitalization of $35.15 billion, a P/E ratio of 43.12, a PEG ratio of 3.67 and a beta of 1.43. The company has a fifty day moving average price of $81.84 and a two-hundred day moving average price of $83.34. 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 earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.02). Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm earned $0.78 earnings per share. The business's quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities analysts expect that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.
Ingersoll Rand Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 15th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date was Thursday, May 15th. Ingersoll Rand's payout ratio is 3.96%.
Ingersoll Rand announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 3.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on IR. Barclays lowered their target price on Ingersoll Rand from $93.00 to $85.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Citigroup lifted their price objective on Ingersoll Rand from $88.00 to $91.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Stifel Nicolaus lowered their price objective on Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Finally, Wells Fargo & Company lifted their price objective on Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $98.70.
Read Our Latest Research Report on Ingersoll Rand
Insider Transactions at Ingersoll Rand
In related news, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total value of $293,230.00. Following the completion of the sale, the insider directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Vicente Reynal sold 38,657 shares of the business's 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 completion of the sale, the insider directly owned 193,186 shares of the company's stock, valued at $16,040,233.58. The trade was a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.59% of the company's stock.
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.
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