Nuveen LLC Makes New $211.41 Million Investment in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• Nuveen LLC has acquired a new stake in Ingersoll Rand Inc., purchasing 2,641,615 shares valued at approximately $211.4 million, representing about 0.65% of the company.
• Ingersoll Rand announced a $1 billion share repurchase plan, indicating that its board believes the stock is undervalued.
• The company has recently reported a quarterly earnings per share of $0.80, meeting analysts' estimates, with a revenue of $1.89 billion for the quarter.

Nuveen LLC bought a new stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,641,615 shares of the industrial products company's stock, valued at approximately $211,408,000. Nuveen LLC owned approximately 0.65% of Ingersoll Rand as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its position in Ingersoll Rand by 9.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 285,339 shares of the industrial products company's stock worth $25,812,000 after buying an additional 25,128 shares during the period. Advisory Services Network LLC boosted its stake in shares of Ingersoll Rand by 15.3% during the fourth quarter. Advisory Services Network LLC now owns 6,608 shares of the industrial products company's stock valued at $598,000 after purchasing an additional 878 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Ingersoll Rand during the fourth quarter valued at about $45,004,000. Bessemer Group Inc. lifted its stake in shares of Ingersoll Rand by 24.1% in the fourth quarter. Bessemer Group Inc. now owns 10,558 shares of the industrial products company's stock worth $956,000 after acquiring an additional 2,047 shares during the period. Finally, Capital Fund Management S.A. acquired a new position in shares of Ingersoll Rand in the fourth quarter worth approximately $4,996,000. Institutional investors and hedge funds own 95.27% of the company's stock.

Ingersoll Rand Price Performance

Shares of IR traded down $1.89 during mid-day trading on Friday, reaching $78.31. 2,917,999 shares of the company's stock were exchanged, compared to its average volume of 3,608,425. Ingersoll Rand Inc. has a 52-week low of $65.61 and a 52-week high of $106.03. The company has a 50-day simple moving average of $83.40 and a two-hundred day simple moving average of $81.89. The company has a market cap of $31.12 billion, a price-to-earnings ratio of 61.18, a PEG ratio of 4.53 and a beta of 1.41. The company has a quick ratio of 1.63, a current ratio of 2.29 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, meeting analysts' consensus estimates of $0.80. The company 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%. Ingersoll Rand's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business earned $0.83 EPS. On average, sell-side analysts predict that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

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 paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Thursday, August 14th. Ingersoll Rand's dividend payout ratio is currently 6.25%.

Ingersoll Rand declared that its Board of Directors has authorized a share buyback program on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

IR has been the subject of several recent research reports. Robert W. Baird boosted 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 lowered Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective on the stock. in a research note on Monday, July 14th. Morgan Stanley dropped their target price on Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday. Citigroup reissued a "buy" rating and issued a $104.00 target price (up previously from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Finally, Stifel Nicolaus set a $78.00 target price on Ingersoll Rand and gave the stock a "hold" rating in a report on Monday, August 4th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $97.75.

Insider Buying and Selling at Ingersoll Rand

In related news, insider Vicente Reynal sold 38,657 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the completion of the sale, the insider directly 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 available at the SEC website. Corporate insiders own 0.59% of the company's stock.

About Ingersoll Rand

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.