PNC Financial Services Group Inc. lifted its stake in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 2.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 190,986 shares of the industrial products company's stock after acquiring an additional 4,690 shares during the period. PNC Financial Services Group Inc.'s holdings in Ingersoll Rand were worth $15,285,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Blueshift Asset Management LLC lifted its holdings in shares of Ingersoll Rand by 62.7% during the 1st quarter. Blueshift Asset Management LLC now owns 5,515 shares of the industrial products company's stock worth $441,000 after acquiring an additional 2,126 shares during the last quarter. Moors & Cabot Inc. raised its position in Ingersoll Rand by 7.5% in the 1st quarter. Moors & Cabot Inc. now owns 3,251 shares of the industrial products company's stock worth $260,000 after purchasing an additional 226 shares during the period. Arkadios Wealth Advisors purchased a new position in Ingersoll Rand in the 1st quarter worth $207,000. Banque Cantonale Vaudoise purchased a new position in shares of Ingersoll Rand in the first quarter valued at about $1,479,000. Finally, Mackenzie Financial Corp increased its position in shares of Ingersoll Rand by 1.8% in the first quarter. Mackenzie Financial Corp now owns 246,020 shares of the industrial products company's stock valued at $19,689,000 after acquiring an additional 4,372 shares during the period. 95.27% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the stock. Melius cut shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective on the stock. in a research report on Monday, July 14th. Stifel Nicolaus decreased their price objective on shares of Ingersoll Rand from $95.00 to $78.00 and set a "hold" rating on the stock in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Melius Research set a $93.00 price objective on shares of Ingersoll Rand in a research report on Monday, July 14th. Finally, Citigroup restated a "buy" rating and issued a $104.00 price objective (up previously from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $98.75.
Check Out Our Latest Research Report on IR
Insider Activity
In related news, insider Vicente Reynal sold 38,657 shares of the business's stock in a transaction dated 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 sale, the insider owned 193,186 shares of the company's stock, valued at $16,040,233.58. The trade was a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the sale, the insider directly owned 10,986 shares in the company, valued at $920,407.08. The trade was a 24.16% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.68% of the company's stock.
Ingersoll Rand Price Performance
Shares of NYSE IR opened at $78.62 on Tuesday. Ingersoll Rand Inc. has a 1 year low of $65.61 and a 1 year high of $106.03. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 1.63. The company's 50-day moving average is $84.15 and its 200 day moving average is $82.68. The stock has a market capitalization of $31.72 billion, a P/E ratio of 61.42, a P/E/G ratio of 3.15 and a beta of 1.41.
Ingersoll Rand (NYSE:IR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Ingersoll Rand's quarterly revenue was up 4.6% on a year-over-year basis. On average, sell-side analysts expect that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.
Ingersoll Rand Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $0.08 annualized dividend and a yield of 0.1%. Ingersoll Rand's payout ratio is presently 6.25%.
Ingersoll Rand declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 1st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.
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.
Further Reading
Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll Rand Inc. (NYSE:IR - Free Report).
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