Mizuho Securities USA LLC Reduces Position in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Mizuho Securities reduced its stake in Ingersoll Rand by 15.5%, selling 5,937 shares and leaving it with 32,259 shares valued at approximately $2.58 million.
• Ingersoll Rand reported a quarterly EPS of $0.80, meeting analysts' expectations, with revenue of $1.89 billion, a 4.6% increase from the previous year.
• The company's Board of Directors has authorized a $1 billion share buyback program indicating confidence in the company's valuation amidst recent market movements.

Mizuho Securities USA LLC cut its position in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 15.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,259 shares of the industrial products company's stock after selling 5,937 shares during the quarter. Mizuho Securities USA LLC's holdings in Ingersoll Rand were worth $2,582,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Compass Wealth Management LLC boosted its holdings in 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 buying an additional 137 shares in the last quarter. Global Wealth Strategies & Associates raised its position in shares of Ingersoll Rand by 325.0% during the first quarter. Global Wealth Strategies & Associates now owns 374 shares of the industrial products company's stock valued at $30,000 after buying an additional 286 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of Ingersoll Rand by 190.9% in the 1st quarter. Golden State Wealth Management LLC now owns 477 shares of the industrial products company's stock valued at $38,000 after buying an additional 313 shares in the last quarter. Farmers & Merchants Investments Inc. grew its holdings in shares of Ingersoll Rand by 54.4% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 488 shares of the industrial products company's stock worth $39,000 after purchasing an additional 172 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Ingersoll Rand by 136.4% in the first quarter. Larson Financial Group LLC now owns 494 shares of the industrial products company's stock valued at $39,000 after buying an additional 285 shares during the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.

Ingersoll Rand Stock Down 0.6%

NYSE:IR traded down $0.50 on Thursday, hitting $80.25. 3,123,949 shares of the company's stock were exchanged, compared to its average volume of 2,974,266. The firm has a 50-day moving average price of $83.53 and a 200-day moving average price of $82.05. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 1.63. Ingersoll Rand Inc. has a 52 week low of $65.61 and a 52 week high of $106.03. The company has a market cap of $31.90 billion, a P/E ratio of 62.70, a price-to-earnings-growth ratio of 4.46 and a beta of 1.41.

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

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Thursday, August 14th. Ingersoll Rand's dividend payout ratio is 6.25%.

Ingersoll Rand announced that its Board of Directors has authorized 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 purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Stifel Nicolaus set a $78.00 price target on shares of Ingersoll Rand and gave the company a "hold" rating in a research note on Monday, August 4th. Wells Fargo & Company boosted their price objective on Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Robert W. Baird increased their price objective on Ingersoll Rand from $97.00 to $103.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Melius Research set a $93.00 target price on shares of Ingersoll Rand in a research report on Monday, July 14th. Finally, Morgan Stanley lowered their price objective on shares of Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $97.75.

Insiders Place Their Bets

In related news, insider Vicente Reynal sold 38,657 shares of the stock in a transaction on 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 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.59% of the company's stock.

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.