Raymond James Financial Inc. Has $37.36 Million Position in Ingersoll Rand Inc. $IR

Key Points

• Raymond James Financial Inc. reduced its holdings in Ingersoll Rand Inc. by 6.2%, now owning approximately $37.36 million worth of the company's stock.
• Ingersoll Rand reported $0.80 earnings per share for the quarter, meeting analysts' estimates, with a revenue of $1.89 billion, exceeding expectations.
• The company has initiated a $1 billion stock repurchase plan, allowing it to buy back up to 3.3% of its shares, indicating potential undervaluation of the stock.

Raymond James Financial Inc. lessened its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 6.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 466,871 shares of the industrial products company's stock after selling 30,630 shares during the quarter. Raymond James Financial Inc. owned approximately 0.12% of Ingersoll Rand worth $37,363,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of IR. Sowell Financial Services LLC bought a new stake in shares of Ingersoll Rand during the 1st quarter valued at about $262,000. Concurrent Investment Advisors LLC boosted its stake in Ingersoll Rand by 14.4% in the first quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company's stock valued at $245,000 after acquiring an additional 385 shares during the period. QRG Capital Management Inc. grew its holdings in shares of Ingersoll Rand by 9.4% during the first quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company's stock valued at $614,000 after purchasing an additional 660 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of 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 purchasing an additional 91,777 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Ingersoll Rand by 2.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 190,986 shares of the industrial products company's stock valued at $15,285,000 after purchasing an additional 4,690 shares during the period. 95.27% of the stock is owned by institutional investors and hedge funds.

Ingersoll Rand Trading Down 0.9%

Shares of NYSE IR traded down $0.70 during mid-day trading on Thursday, hitting $79.95. 205,033 shares of the company traded hands, compared to its average volume of 2,931,129. 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 Inc. has a 1 year low of $65.61 and a 1 year high of $106.03. The stock has a market capitalization of $31.77 billion, a price-to-earnings ratio of 62.44, a PEG ratio of 4.58 and a beta of 1.41. The business has a 50 day moving average of $83.01 and a two-hundred day moving average of $81.18.

Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, hitting analysts' consensus estimates of $0.80. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%.The firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.85 billion. During the same quarter last year, the business posted $0.83 EPS. Ingersoll Rand's revenue was up 4.6% on a year-over-year basis. Ingersoll Rand has set its FY 2025 guidance at 3.340-3.460 EPS. On average, sell-side analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.02 per share. The ex-dividend date is Thursday, August 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. Ingersoll Rand's dividend payout ratio (DPR) is presently 6.25%.

Ingersoll Rand declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IR. Morgan Stanley dropped their target price on Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Melius Research set a $93.00 price target on shares of Ingersoll Rand in a research report on Monday, July 14th. Barclays dropped their price objective on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating on the stock in a report on Monday, August 4th. Robert W. Baird boosted their target price on shares of Ingersoll Rand from $97.00 to $103.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Finally, Melius cut 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. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Ingersoll Rand presently has an average rating of "Hold" and an average target price of $97.75.

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.