New England Research & Management Inc. grew its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 33.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,682 shares of the industrial products company's stock after purchasing an additional 4,970 shares during the quarter. New England Research & Management Inc.'s holdings in Ingersoll Rand were worth $1,575,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. CX Institutional increased its holdings in Ingersoll Rand by 8.2% in the 1st quarter. CX Institutional now owns 2,966 shares of the industrial products company's stock worth $237,000 after acquiring an additional 226 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Ingersoll Rand by 2.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 15,037 shares of the industrial products company's stock worth $1,203,000 after purchasing an additional 412 shares during the last quarter. SG Americas Securities LLC boosted its stake in Ingersoll Rand by 114.7% during the 1st quarter. SG Americas Securities LLC now owns 21,107 shares of the industrial products company's stock worth $1,689,000 after purchasing an additional 11,275 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in Ingersoll Rand during the 1st quarter worth $303,000. Finally, Farther Finance Advisors LLC boosted its position in shares of 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 valued at $237,000 after acquiring an additional 667 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.
Ingersoll Rand Stock Performance
Shares of NYSE IR traded down $2.08 during trading hours on Friday, reaching $80.44. The stock had a trading volume of 2,209,657 shares, compared to its average volume of 2,570,051. The business's fifty day moving average is $78.27 and its two-hundred day moving average is $85.33. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.29 and a quick ratio of 1.71. The company has a market cap of $32.45 billion, a price-to-earnings ratio of 39.05, a PEG ratio of 3.50 and a beta of 1.44. Ingersoll Rand Inc. has a twelve month low of $65.61 and a twelve month high of $106.03.
Ingersoll Rand (NYSE:IR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.72 earnings per share (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 the consensus estimate of $1.73 billion. Ingersoll Rand had a net margin of 11.59% and a return on equity of 12.78%. Ingersoll Rand's revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.78 EPS. As a group, research analysts expect that Ingersoll Rand Inc. will post 3.32 EPS for the current year.
Ingersoll Rand Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 15th were paid a $0.02 dividend. The ex-dividend date was Thursday, May 15th. This represents a $0.08 dividend on an annualized basis and a yield of 0.10%. Ingersoll Rand's dividend payout ratio is 3.96%.
Ingersoll Rand declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
IR has been the topic of a number of recent research reports. Wells Fargo & Company boosted their price target on shares of Ingersoll Rand from $80.00 to $86.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Stifel Nicolaus decreased their price objective on Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating for the company in a report on Monday, April 14th. Robert W. Baird increased their price objective on Ingersoll Rand from $105.00 to $111.00 and gave the company an "outperform" rating in a report on Tuesday, February 18th. Evercore ISI decreased their price target on Ingersoll Rand from $100.00 to $91.00 and set an "in-line" rating for the company in a report on Wednesday, February 19th. Finally, Barclays cut their price objective on Ingersoll Rand from $93.00 to $85.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Ingersoll Rand has an average rating of "Moderate Buy" and an average target price of $98.91.
Get Our Latest Analysis on IR
Insider Transactions at Ingersoll Rand
In related news, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total value of $293,230.00. Following the completion of the transaction, the insider now directly owns 10,986 shares in the company, valued at approximately $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 corporate insiders.
Ingersoll Rand Company Profile
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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.
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