Miracle Mile Advisors LLC Has $864,000 Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Miracle Mile Advisors LLC decreased its holdings in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 43.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,791 shares of the industrial products company's stock after selling 8,186 shares during the quarter. Miracle Mile Advisors LLC's holdings in Ingersoll Rand were worth $864,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IR. UMB Bank n.a. raised its stake in Ingersoll Rand by 56.0% during the 1st quarter. UMB Bank n.a. now owns 933 shares of the industrial products company's stock valued at $75,000 after acquiring an additional 335 shares during the last quarter. Wedmont Private Capital increased its stake in shares of Ingersoll Rand by 9.4% during the first quarter. Wedmont Private Capital now owns 6,693 shares of the industrial products company's stock worth $489,000 after acquiring an additional 574 shares during the period. Merit Financial Group LLC boosted its holdings in Ingersoll Rand by 12.3% in the 1st quarter. Merit Financial Group LLC now owns 2,841 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 312 shares in the last quarter. Harbor Investment Advisory LLC raised its stake in shares of Ingersoll Rand by 149,680.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 7,489 shares of the industrial products company's stock worth $599,000 after buying an additional 7,484 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its holdings in shares of Ingersoll Rand by 1.7% in the 1st quarter. Douglas Lane & Associates LLC now owns 897,317 shares of the industrial products company's stock valued at $71,812,000 after buying an additional 15,191 shares during the period. 95.27% of the stock is owned by institutional investors and hedge funds.

Ingersoll Rand Stock Down 0.7%

NYSE IR traded down $0.57 during mid-day trading on Thursday, reaching $82.63. 954,192 shares of the company's stock traded hands, compared to its average volume of 2,574,697. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The company has a current ratio of 2.29, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The company has a market cap of $33.34 billion, a price-to-earnings ratio of 40.11, a P/E/G ratio of 3.50 and a beta of 1.44. The company has a fifty day simple moving average of $77.70 and a 200-day simple moving average of $85.79.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Ingersoll Rand had a return on equity of 12.78% and a net margin of 11.59%. Ingersoll Rand's revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 EPS. As a group, equities research analysts expect that Ingersoll Rand Inc. will post 3.32 EPS for the current year.

Ingersoll Rand Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. Ingersoll Rand's dividend payout ratio (DPR) is presently 3.96%.

Ingersoll Rand announced that its board has initiated a stock buyback program on Thursday, May 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

IR has been the topic of a number of research reports. Evercore ISI lowered their price target on Ingersoll Rand from $100.00 to $91.00 and set an "in-line" rating on the stock in a report on Wednesday, February 19th. Stifel Nicolaus decreased their price objective on shares of Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company raised their target price on shares of Ingersoll Rand from $80.00 to $86.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Robert W. Baird raised their price objective on shares of Ingersoll Rand from $105.00 to $111.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. Finally, Citigroup increased their price objective on Ingersoll Rand from $88.00 to $91.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.91.

Insiders Place Their Bets

In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand 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 transaction, the insider now directly owns 10,986 shares in the company, valued at approximately $920,407.08. The trade was a 24.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Vicente Reynal sold 38,657 shares of the firm's 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 sale, the insider now directly owns 193,186 shares of the company's stock, valued at $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. 0.59% of the stock is currently owned by insiders.

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.