Invesco Ltd. Reduces Stock Holdings in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Invesco Ltd. decreased its stake in Ingersoll Rand Inc. by 6.6%, holding 2,919,122 shares worth approximately $233.62 million following the sale of 206,158 shares.
• Institutional investors now own 95.27% of Ingersoll Rand's stock, with several firms increasing their holdings during the first quarter, including JPMorgan Chase & Co., which acquired an additional 866,759 shares.
• Ingersoll Rand declared a quarterly dividend of $0.02, with an ex-dividend date of August 14th, representing an annualized dividend yield of 0.1%.

Invesco Ltd. lowered its position in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,919,122 shares of the industrial products company's stock after selling 206,158 shares during the period. Invesco Ltd. owned about 0.72% of Ingersoll Rand worth $233,617,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in IR. JPMorgan Chase & Co. boosted its stake in Ingersoll Rand by 4.6% in the first quarter. JPMorgan Chase & Co. now owns 19,745,039 shares of the industrial products company's stock valued at $1,580,196,000 after acquiring an additional 866,759 shares during the last quarter. Frank Rimerman Advisors LLC boosted its position in shares of Ingersoll Rand by 14.9% in the first quarter. Frank Rimerman Advisors LLC now owns 5,347 shares of the industrial products company's stock valued at $428,000 after acquiring an additional 692 shares during the period. Townsquare Capital LLC lifted its position in Ingersoll Rand by 26.5% during the first quarter. Townsquare Capital LLC now owns 3,411 shares of the industrial products company's stock valued at $273,000 after purchasing an additional 714 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in Ingersoll Rand during the first quarter valued at approximately $137,000. Finally, National Bank of Canada FI lifted its position in Ingersoll Rand by 10.9% during the first quarter. National Bank of Canada FI now owns 218,032 shares of the industrial products company's stock valued at $17,449,000 after purchasing an additional 21,370 shares during the last quarter. Hedge funds and other institutional investors own 95.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on IR. 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. Barclays dropped their price target on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating on the stock in a research note on Monday, August 4th. Morgan Stanley lowered their price objective on shares of Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Wells Fargo & Company increased their price objective on shares of Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Citigroup reissued a "buy" rating and issued a $104.00 target price (up from $91.00) on shares of Ingersoll Rand in a report 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. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $97.75.

Ingersoll Rand Stock Performance

NYSE IR traded down $1.89 on Friday, reaching $78.31. The stock had a trading volume of 2,917,999 shares, compared to its average volume of 2,978,154. The business's 50-day moving average price is $83.50 and its 200 day moving average price is $81.97. Ingersoll Rand Inc. has a 12-month low of $65.61 and a 12-month high of $106.03. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.63 and a current ratio of 2.29. The stock has a market cap of $31.12 billion, a P/E ratio of 61.18, a price-to-earnings-growth ratio of 4.59 and a beta of 1.41.

Ingersoll Rand (NYSE:IR - Get Free Report) last posted its earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. Ingersoll Rand's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 earnings per share. As a group, equities analysts expect that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Thursday, August 14th. Ingersoll Rand's dividend payout ratio (DPR) is presently 6.25%.

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

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 value of $3,209,690.71. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.59% of the company's stock.

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.