Resona Asset Management Co. Ltd. Has $10.34 Million Holdings in Ingersoll Rand Inc. $IR

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Ingersoll Rand Inc. by 6.4%, acquiring an additional 7,754 shares, bringing its total ownership to 129,399 shares valued at approximately $10.34 million.
• Ingersoll Rand's recent quarterly earnings met analysts' expectations with $0.80 earnings per share and revenue of $1.89 billion, which was above consensus estimates.
• The company announced a quarterly dividend of $0.02 per share and initiated a share repurchase plan authorizing up to $1 billion in stock buybacks, reflecting confidence in its stock value.

Resona Asset Management Co. Ltd. increased its stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 129,399 shares of the industrial products company's stock after purchasing an additional 7,754 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Ingersoll Rand were worth $10,344,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Compass Wealth Management LLC lifted its holdings in Ingersoll Rand by 62.8% in the 1st quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 137 shares during the last quarter. Global Wealth Strategies & Associates raised its holdings in shares of Ingersoll Rand by 325.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 374 shares of the industrial products company's stock worth $30,000 after purchasing an additional 286 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Ingersoll Rand by 190.9% during the first quarter. Golden State Wealth Management LLC now owns 477 shares of the industrial products company's stock valued at $38,000 after purchasing an additional 313 shares during the last quarter. Farmers & Merchants Investments Inc. grew 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 last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Ingersoll Rand by 136.4% during the 1st quarter. Larson Financial Group LLC now owns 494 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 285 shares during the last quarter. Institutional investors own 95.27% of the company's stock.

Ingersoll Rand Stock Performance

Shares of Ingersoll Rand stock traded up $0.57 during midday trading on Monday, hitting $78.89. The company had a trading volume of 779,635 shares, compared to its average volume of 2,963,605. The stock has a market cap of $31.36 billion, a PE ratio of 61.64, a P/E/G ratio of 4.42 and a beta of 1.41. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The business's 50 day simple moving average is $83.40 and its two-hundred day simple moving average is $81.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 1.63.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, hitting analysts' consensus estimates of $0.80. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The company's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the company earned $0.83 EPS. As a group, equities analysts predict that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

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

Ingersoll Rand Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Thursday, August 14th. Ingersoll Rand's payout ratio is currently 6.25%.

Insider Activity at Ingersoll Rand

In related news, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand 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 completion of the transaction, the insider directly owned 193,186 shares of the company's stock, valued at $16,040,233.58. This trade represents a 16.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.59% of the company's stock.

Analyst Ratings Changes

IR has been the topic of several analyst reports. Barclays dropped their target price on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating on the stock in a research report on Monday, August 4th. Morgan Stanley decreased their target price on shares of Ingersoll Rand from $88.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Melius Research set a $93.00 price objective on Ingersoll Rand in a report on Monday, July 14th. Stifel Nicolaus set a $78.00 target price on Ingersoll Rand and gave the stock a "hold" rating in a research report on Monday, August 4th. Finally, Citigroup reissued a "buy" rating and issued a $104.00 price target (up previously from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $97.75.

Ingersoll Rand Company Profile

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.