LPL Financial LLC grew its stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 8.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 764,645 shares of the industrial products company's stock after buying an additional 57,759 shares during the period. LPL Financial LLC owned 0.19% of Ingersoll Rand worth $61,194,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in IR. Sowell Financial Services LLC acquired a new stake in Ingersoll Rand during the 1st quarter valued at approximately $262,000. Concurrent Investment Advisors LLC lifted its position in Ingersoll Rand by 14.4% during the first quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company's stock valued at $245,000 after purchasing an additional 385 shares during the period. QRG Capital Management Inc. lifted its position in Ingersoll Rand by 9.4% during the first quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company's stock valued at $614,000 after purchasing an additional 660 shares during the period. Dynamic Advisor Solutions LLC boosted its holdings in Ingersoll Rand by 19.7% in the first quarter. Dynamic Advisor Solutions LLC now owns 11,823 shares of the industrial products company's stock valued at $946,000 after purchasing an additional 1,948 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in Ingersoll Rand by 29.3% during the 1st quarter. Farther Finance Advisors LLC now owns 2,945 shares of the industrial products company's stock worth $237,000 after purchasing an additional 667 shares during the period. 95.27% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have recently commented on IR shares. Barclays upped their target price on Ingersoll Rand from $85.00 to $92.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Melius Research set a $93.00 price objective on Ingersoll Rand in a research report on Monday, July 14th. Melius lowered shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 target price for the company. in a report on Monday, July 14th. Citigroup reissued a "buy" rating and set a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Finally, Wells Fargo & Company raised their price target on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Ingersoll Rand currently has an average rating of "Hold" and an average target price of $100.92.
Check Out Our Latest Research Report on Ingersoll Rand
Insider Buying and Selling at Ingersoll Rand
In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of the firm's stock in a transaction on 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. This trade represents a 24.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vicente Reynal sold 38,657 shares of the company'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 directly owned 193,186 shares of the company's stock, valued at $16,040,233.58. This represents a 16.67% decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.
Ingersoll Rand Stock Performance
IR opened at $84.62 on Friday. Ingersoll Rand Inc. has a 52-week low of $65.61 and a 52-week high of $106.03. The company has a quick ratio of 1.76, a current ratio of 2.38 and a debt-to-equity ratio of 0.45. The firm's fifty day simple moving average is $84.29 and its two-hundred day simple moving average is $82.98. The company has a market cap of $34.14 billion, a price-to-earnings ratio of 41.89, a PEG ratio of 3.60 and a beta of 1.43.
Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, meeting analysts' consensus estimates 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 12.33% and a net margin of 11.30%. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. Equities analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.
Ingersoll Rand Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. Ingersoll Rand's payout ratio is 3.96%.
Ingersoll Rand declared that its board has approved a share repurchase plan on Thursday, May 1st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its stock is undervalued.
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.
See Also
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