Pacer Advisors Inc. cut its stake in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 31.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 26,983 shares of the industrial products company's stock after selling 12,639 shares during the period. Pacer Advisors Inc.'s holdings in Ingersoll Rand were worth $2,159,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Compass Wealth Management LLC increased its position in Ingersoll Rand by 62.8% in 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 during the period. Global Wealth Strategies & Associates increased its position in Ingersoll Rand by 325.0% in the first quarter. Global Wealth Strategies & Associates now owns 374 shares of the industrial products company's stock worth $30,000 after buying an additional 286 shares during the period. Golden State Wealth Management LLC increased its position in Ingersoll Rand by 190.9% in the first quarter. Golden State Wealth Management LLC now owns 477 shares of the industrial products company's stock worth $38,000 after buying an additional 313 shares during the period. Farmers & Merchants Investments Inc. increased its position in Ingersoll Rand by 54.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 488 shares of the industrial products company's stock worth $39,000 after buying an additional 172 shares during the period. Finally, Larson Financial Group LLC increased its position in Ingersoll Rand by 136.4% in the first quarter. Larson Financial Group LLC now owns 494 shares of the industrial products company's stock worth $39,000 after buying an additional 285 shares during the period. 95.27% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Ingersoll Rand
In related news, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the completion of the sale, the insider directly owned 10,986 shares of the company's stock, valued at approximately $920,407.08. This trade represents a 24.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total value of $3,209,690.71. Following the completion of the transaction, the insider directly owned 193,186 shares of the company's stock, valued at $16,040,233.58. This represents a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.59% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on IR. Citigroup reaffirmed a "buy" rating and issued a $104.00 target price (up from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Melius lowered shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 target price for the company. in a research report on Monday, July 14th. Wells Fargo & Company raised their target price on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Melius Research set a $93.00 target price on shares of Ingersoll Rand in a research note on Monday, July 14th. Finally, Barclays raised their target price on shares of Ingersoll Rand from $85.00 to $92.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $100.92.
View Our Latest Analysis on IR
Ingersoll Rand Trading Down 11.3%
Shares of Ingersoll Rand stock traded down $9.54 during trading hours on Friday, hitting $75.09. The company's stock had a trading volume of 12,246,097 shares, compared to its average volume of 2,696,997. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03. The stock has a 50 day moving average of $84.19 and a 200 day moving average of $82.88. The company has a market capitalization of $30.30 billion, a PE ratio of 58.66, a price-to-earnings-growth ratio of 3.55 and a beta of 1.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.38 and a quick ratio of 1.76.
Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. Ingersoll Rand had a return on equity of 12.06% and a net margin of 7.10%. The firm had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.85 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The business's quarterly revenue was up 4.6% compared to the same quarter last year. Analysts predict that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.
Ingersoll Rand announced that its Board of Directors has authorized a share repurchase program 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 reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.
Ingersoll Rand Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors 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 (DPR) is presently 6.25%.
Ingersoll Rand 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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