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Phoenix Financial Ltd. Cuts Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Ingersoll Rand logo with Industrials background

Key Points

  • Phoenix Financial Ltd. reduced its holdings in Ingersoll Rand by 39.1%, selling 19,442 shares during the first quarter, bringing its remaining shares to 30,241.
  • Ingersoll Rand announced a $1.00 billion share buyback plan, indicating that the company's management may believe its stock is undervalued.
  • Insider Elizabeth Meloy Hepding sold 3,500 shares at $83.78, while Vicente Reynal sold 38,657 shares at an average price of $83.03, each representing significant decreases in their ownership stakes.
  • Five stocks we like better than Ingersoll Rand.

Phoenix Financial Ltd. trimmed its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 39.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,241 shares of the industrial products company's stock after selling 19,442 shares during the quarter. Phoenix Financial Ltd.'s holdings in Ingersoll Rand were worth $2,420,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. increased its holdings in shares of Ingersoll Rand by 8.5% during the 1st quarter. Assetmark Inc. now owns 142,419 shares of the industrial products company's stock valued at $11,398,000 after purchasing an additional 11,193 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Ingersoll Rand by 4.6% during the 1st quarter. Cetera Investment Advisers now owns 62,074 shares of the industrial products company's stock valued at $4,968,000 after purchasing an additional 2,720 shares in the last quarter. AE Wealth Management LLC purchased a new position in shares of Ingersoll Rand during the 1st quarter valued at approximately $221,000. Advisors Preferred LLC purchased a new position in shares of Ingersoll Rand during the 1st quarter valued at approximately $1,153,000. Finally, KLP Kapitalforvaltning AS grew its stake in Ingersoll Rand by 1.5% in the 1st quarter. KLP Kapitalforvaltning AS now owns 134,499 shares of the industrial products company's stock valued at $10,764,000 after acquiring an additional 2,000 shares during the period. 95.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Ingersoll Rand from $78.00 to $95.00 and gave the company a "hold" rating in a research note on Monday, July 21st. Barclays lifted their price target on shares of Ingersoll Rand from $85.00 to $92.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Melius Research set a $93.00 price target on shares of Ingersoll Rand in a research note on Monday, July 14th. Wells Fargo & Company lifted their price target on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Citigroup reissued a "buy" rating and issued a $104.00 price target (up previously from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Ingersoll Rand presently has a consensus rating of "Hold" and an average price target of $100.92.

Get Our Latest Report on IR

Insider Activity

In related news, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's 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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $3,209,690.71. Following the completion of the sale, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Ingersoll Rand Trading Down 0.9%

Shares of IR stock traded down $0.75 on Wednesday, hitting $86.32. 403,482 shares of the stock traded hands, compared to its average volume of 2,854,937. The firm's 50-day moving average price is $84.13 and its two-hundred day moving average price is $82.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 2.38. The stock has a market capitalization of $34.83 billion, a PE ratio of 42.70, a PEG ratio of 3.69 and a beta of 1.43. Ingersoll Rand Inc. has a twelve month low of $65.61 and a twelve month high of $106.03.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly 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 firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The company's revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.78 EPS. As a group, analysts anticipate that Ingersoll Rand Inc. will post 3.32 EPS for the current year.

Ingersoll Rand Announces Dividend

The business 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 0.09%. Ingersoll Rand's dividend payout ratio (DPR) is currently 3.96%.

Ingersoll Rand announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Ingersoll Rand Company Profile

(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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Institutional Ownership by Quarter for Ingersoll Rand (NYSE:IR)

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