Ingersoll Rand Inc. (NYSE:IR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 93.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,559 shares of the industrial products company's stock after selling 280,275 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Ingersoll Rand were worth $1,577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Ingersoll Rand in the fourth quarter worth approximately $429,591,000. Capital International Investors lifted its position in shares of Ingersoll Rand by 4.6% in the fourth 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 in the last quarter. FMR LLC lifted its position in shares of Ingersoll Rand by 8.2% in the fourth 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 in the last quarter. GAMMA Investing LLC lifted its position in shares of Ingersoll Rand by 7,137.0% in the first 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 in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Ingersoll Rand by 5.9% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 95.27% of the company's stock.

Ingersoll Rand Stock Down 0.3%

Shares of NYSE IR opened at $86.68 on Tuesday. The stock has a market cap of $34.97 billion, a PE ratio of 42.91, a PEG ratio of 3.67 and a beta of 1.43. The business has a fifty day moving average of $81.84 and a two-hundred day moving average of $83.34. Ingersoll Rand Inc. has a 52-week low of $65.61 and a 52-week high of $106.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 2.38.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.02). The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The firm's revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 earnings per share. As a group, equities research analysts expect that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 15th were given a $0.02 dividend. The ex-dividend date was Thursday, May 15th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Ingersoll Rand's payout ratio is 3.96%.

Ingersoll Rand declared that its board has authorized a share repurchase program on Thursday, May 1st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

IR has been the topic of a number of research reports. Wells Fargo & Company increased their price objective on Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup increased their price objective on Ingersoll Rand from $88.00 to $91.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Barclays dropped their price objective on Ingersoll Rand from $93.00 to $85.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Stifel Nicolaus dropped their price objective on Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Ingersoll Rand has an average rating of "Moderate Buy" and an average price target of $98.70.

Insider Transactions at Ingersoll Rand

In other 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 transaction of $3,209,690.71. Following the transaction, the insider owned 193,186 shares in the company, valued at $16,040,233.58. The trade was a 16.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total value of $293,230.00. Following the completion of the sale, the insider owned 10,986 shares in the company, valued at $920,407.08. The trade was a 24.16% decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

About Ingersoll Rand

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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