Mitsubishi UFJ Asset Management Co. Ltd. Buys 91,777 Shares of Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in Ingersoll Rand by 14.5%, now owning 726,564 shares valued at approximately $58.1 million.
• Insider sales have occurred with Vicente Reynal selling 38,657 shares for over $3.2 million, decreasing his ownership by 16.67%.
• Several analysts have raised their target prices for Ingersoll Rand, with Citigroup increasing its target from $91.00 to $104.00, indicating positive outlook among analysts.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 14.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 726,564 shares of the industrial products company's stock after purchasing an additional 91,777 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Ingersoll Rand worth $58,147,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN increased its holdings in shares of Ingersoll Rand by 1.6% in the fourth quarter. Wells Fargo & Company MN now owns 423,233 shares of the industrial products company's stock valued at $38,286,000 after purchasing an additional 6,641 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Ingersoll Rand by 9.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 285,339 shares of the industrial products company's stock valued at $25,812,000 after purchasing an additional 25,128 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Ingersoll Rand by 2.9% in the fourth quarter. Invesco Ltd. now owns 3,125,280 shares of the industrial products company's stock valued at $282,713,000 after purchasing an additional 87,145 shares during the last quarter. Bank of Nova Scotia grew its stake in shares of Ingersoll Rand by 4.2% in the fourth quarter. Bank of Nova Scotia now owns 53,798 shares of the industrial products company's stock valued at $4,867,000 after acquiring an additional 2,171 shares in the last quarter. Finally, Advisory Services Network LLC grew its stake in shares of Ingersoll Rand by 15.3% in the fourth quarter. Advisory Services Network LLC now owns 6,608 shares of the industrial products company's stock valued at $598,000 after acquiring an additional 878 shares in the last quarter. Institutional investors own 95.27% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on IR shares. Melius downgraded shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price target on the stock. in a research note on Monday, July 14th. Stifel Nicolaus set a $78.00 price objective on shares of Ingersoll Rand and gave the stock a "hold" rating in a research report on Monday, August 4th. Robert W. Baird upped their price objective on shares of Ingersoll Rand from $97.00 to $103.00 and gave the stock an "outperform" rating in a research report on Monday, August 4th. Wells Fargo & Company upped their price objective on shares of Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Barclays cut their price objective on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating for the company in a research report on Monday, August 4th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $98.75.

Insider Activity

In related news, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction dated Tuesday, May 20th. The stock was 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 owned 193,186 shares of the company's stock, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total value of $293,230.00. Following the transaction, 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 disclosure for this sale can be found here. Company insiders own 0.68% of the company's stock.

Ingersoll Rand Trading Up 0.8%

NYSE:IR traded up $0.59 on Monday, reaching $76.48. 2,539,045 shares of the stock traded hands, compared to its average volume of 3,519,091. The company's 50 day moving average is $83.72 and its 200-day moving average is $82.20. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The firm has a market capitalization of $30.39 billion, a price-to-earnings ratio of 24.72, a price-to-earnings-growth ratio of 4.31 and a beta of 1.41. The company has a current ratio of 2.29, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47.

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, meeting the consensus estimate of $0.80. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The business had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.85 billion. During the same period last year, the business earned $0.83 EPS. The business's revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate 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. Investors of record on Thursday, August 14th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.08 annualized dividend and a yield of 0.1%. Ingersoll Rand's dividend payout ratio (DPR) is 6.25%.

Ingersoll Rand announced that its board has authorized a share 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 board of directors believes its stock is undervalued.

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.