National Bank of Canada FI Purchases 21,370 Shares of Ingersoll Rand Inc. (NYSE:IR)

Key Points

• National Bank of Canada FI increased its stake in Ingersoll Rand by 10.9% during the first quarter, acquiring an additional 21,370 shares, bringing their total ownership to approximately 218,032 shares.
• Several analysts raised their price targets for Ingersoll Rand, with Citigroup setting a new target at $104.00, up from $91.00, signifying confidence in the stock's performance.
• Ingersoll Rand announced a quarterly dividend of $0.02 per share, with a dividend yield of 0.1%, and has initiated a stock repurchase plan allowing for up to $1.00 billion in shares to be reacquired.

National Bank of Canada FI boosted its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 10.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 218,032 shares of the industrial products company's stock after purchasing an additional 21,370 shares during the quarter. National Bank of Canada FI owned about 0.05% of Ingersoll Rand worth $17,449,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Citigroup Inc. increased its holdings in Ingersoll Rand by 3.5% in the 1st quarter. Citigroup Inc. now owns 419,162 shares of the industrial products company's stock worth $33,546,000 after acquiring an additional 14,003 shares during the last quarter. Caisse Des Depots ET Consignations increased its holdings in Ingersoll Rand by 29.3% in the 1st quarter. Caisse Des Depots ET Consignations now owns 682,627 shares of the industrial products company's stock worth $54,631,000 after acquiring an additional 154,625 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Ingersoll Rand by 14.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 726,564 shares of the industrial products company's stock worth $58,147,000 after acquiring an additional 91,777 shares during the last quarter. Deutsche Bank AG increased its holdings in Ingersoll Rand by 8.5% in the 1st quarter. Deutsche Bank AG now owns 1,477,103 shares of the industrial products company's stock worth $118,213,000 after acquiring an additional 115,618 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Ingersoll Rand by 2.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,330,413 shares of the industrial products company's stock worth $186,503,000 after acquiring an additional 56,643 shares during the last quarter. Institutional investors and hedge funds own 95.27% of the company's stock.

Insider Buying and Selling at Ingersoll Rand

In other news, insider Vicente Reynal sold 38,657 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.59% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Melius lowered Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective for the company. in a report on Monday, July 14th. Citigroup reissued a "buy" rating and issued a $104.00 price objective (up previously from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Barclays reduced their target price on Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating for the company in a report on Monday, August 4th. Wells Fargo & Company lifted their target price on Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Stifel Nicolaus set a $78.00 target price on Ingersoll Rand and gave the company a "hold" rating in a report on Monday, August 4th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Ingersoll Rand has an average rating of "Hold" and an average price target of $97.75.

Ingersoll Rand Trading Down 2.4%

Shares of Ingersoll Rand stock traded down $1.89 during midday trading on Friday, reaching $78.31. 2,917,999 shares of the company's stock traded hands, compared to its average volume of 3,608,425. 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 company has a market cap of $31.12 billion, a PE ratio of 61.18, a price-to-earnings-growth ratio of 4.53 and a beta of 1.41. The stock has a 50 day moving average of $83.40 and a 200-day moving average of $81.89. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03.

Ingersoll Rand (NYSE:IR - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The firm's quarterly 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 EPS for the current fiscal year.

Ingersoll Rand announced that its board has approved a stock repurchase program on Thursday, May 1st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Ingersoll Rand Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.02 per share. 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 6.25%.

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.