Mackenzie Financial Corp Has $19.69 Million Holdings in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Mackenzie Financial Corp increased its position in Ingersoll Rand Inc. by 1.8% in Q1, owning approximately 0.06% of the company, valued at $19.69 million.
• Institutional investors own about 95.27% of Ingersoll Rand's stock, indicating strong support from large financial entities.
• A range of analysts have set new price targets for Ingersoll Rand, with the consensus target now at $100.92, amidst ratings of both "hold" and "buy".

Mackenzie Financial Corp raised its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,020 shares of the industrial products company's stock after buying an additional 4,372 shares during the period. Mackenzie Financial Corp owned about 0.06% of Ingersoll Rand worth $19,689,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Compass Wealth Management LLC grew its holdings in shares of Ingersoll Rand by 62.8% during the first quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company's stock worth $28,000 after purchasing an additional 137 shares during the last quarter. Arrow Financial Corp grew its holdings in shares of Ingersoll Rand by 0.5% during the fourth quarter. Arrow Financial Corp now owns 32,343 shares of the industrial products company's stock worth $2,926,000 after purchasing an additional 149 shares during the last quarter. GeoWealth Management LLC grew its holdings in shares of Ingersoll Rand by 10.2% during the fourth quarter. GeoWealth Management LLC now owns 1,726 shares of the industrial products company's stock worth $156,000 after purchasing an additional 160 shares during the last quarter. CWM LLC grew its holdings in shares of Ingersoll Rand by 1.5% during the first quarter. CWM LLC now owns 10,655 shares of the industrial products company's stock worth $853,000 after purchasing an additional 161 shares during the last quarter. Finally, Rothschild Investment LLC grew its holdings in shares of Ingersoll Rand by 33.5% during the first quarter. Rothschild Investment LLC now owns 654 shares of the industrial products company's stock worth $52,000 after purchasing an additional 164 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Melius Research set a $93.00 price target on Ingersoll Rand in a report on Monday, July 14th. Barclays raised their price target on Ingersoll Rand from $85.00 to $92.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Wells Fargo & Company raised their price objective 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. Stifel Nicolaus raised their price objective on shares of Ingersoll Rand from $78.00 to $95.00 and gave the company a "hold" rating in a research report on Monday, July 21st. Finally, Melius downgraded shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective for the company. in a research report on Monday, July 14th. 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, Ingersoll Rand currently has a consensus rating of "Hold" and a consensus price target of $100.92.

Insider Activity at Ingersoll Rand

In other news, insider Vicente Reynal sold 38,657 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total value of $3,209,690.71. Following the completion of the transaction, the insider directly owned 193,186 shares in the company, valued at $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total transaction of $293,230.00. Following the completion of the transaction, the insider owned 10,986 shares of the company's stock, valued at $920,407.08. This trade represents a 24.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

Ingersoll Rand Stock Down 1.3%

Ingersoll Rand stock traded down $1.14 during trading on Thursday, reaching $84.62. 4,827,043 shares of the company's stock were exchanged, compared to its average volume of 2,517,633. The company's 50-day moving average is $84.29 and its two-hundred day moving average 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. Ingersoll Rand Inc. has a 52-week low of $65.61 and a 52-week high of $106.03. The firm 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 issued its earnings results 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). Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the company posted $0.78 EPS. The business's revenue for the quarter was up 2.8% compared to the same quarter last year. On average, analysts predict that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The company 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. The ex-dividend date is Thursday, August 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Ingersoll Rand's dividend payout ratio (DPR) is presently 3.96%.

Ingersoll Rand announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 3.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Ingersoll Rand 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.