Royal Bank of Canada reduced its stake in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 3.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,679,349 shares of the industrial products company's stock after selling 63,244 shares during the period. Royal Bank of Canada owned approximately 0.42% of Ingersoll Rand worth $151,914,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Murphy & Mullick Capital Management Corp bought a new stake in shares of Ingersoll Rand during the 4th quarter worth $36,000. OFI Invest Asset Management bought a new stake in shares of Ingersoll Rand during the 4th quarter worth $38,000. Lee Danner & Bass Inc. bought a new stake in Ingersoll Rand in the fourth quarter worth $42,000. Ancora Advisors LLC lifted its stake in Ingersoll Rand by 144.8% in the fourth quarter. Ancora Advisors LLC now owns 497 shares of the industrial products company's stock worth $45,000 after purchasing an additional 294 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Ingersoll Rand in the fourth quarter worth $50,000. 95.27% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Citigroup boosted their price target on shares of Ingersoll Rand from $88.00 to $91.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Robert W. Baird boosted their price target on shares of Ingersoll Rand from $105.00 to $111.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. Evercore ISI lowered their price target on shares of Ingersoll Rand from $100.00 to $91.00 and set an "in-line" rating for the company in a research note on Wednesday, February 19th. Wells Fargo & Company boosted their price target on shares of Ingersoll Rand from $80.00 to $86.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, Barclays lowered their price target on shares of Ingersoll Rand from $93.00 to $85.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.91.
Check Out Our Latest Stock Analysis on IR
Ingersoll Rand Trading Down 1.0%
Shares of IR stock traded down $0.80 during mid-day trading on Friday, reaching $80.41. The stock had a trading volume of 3,790,820 shares, compared to its average volume of 2,606,507. The stock's 50-day moving average price is $77.05 and its two-hundred day moving average price is $87.56. Ingersoll Rand Inc. has a 52-week low of $65.61 and a 52-week high of $106.03. The firm has a market capitalization of $32.44 billion, a PE ratio of 39.03, a price-to-earnings-growth ratio of 3.50 and a beta of 1.42. The company has a current ratio of 2.29, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.
Ingersoll Rand (NYSE:IR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.02). Ingersoll Rand had a net margin of 11.59% and a return on equity of 12.78%. The firm had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the previous year, the firm posted $0.78 EPS. Ingersoll Rand's revenue was up 2.8% compared to the same quarter last year. Equities analysts expect that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.
Ingersoll Rand Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 15th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. The ex-dividend date is Thursday, May 15th. Ingersoll Rand's dividend payout ratio is currently 3.96%.
Ingersoll Rand announced that its Board of Directors has authorized a share buyback program 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 buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.
Insider Activity at Ingersoll Rand
In other Ingersoll Rand news, insider Vicente Reynal sold 38,657 shares of the company's stock in a transaction dated 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 sale, the insider now owns 193,186 shares in the company, valued at approximately $16,040,233.58. This represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the company'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 completion of the sale, the insider now owns 10,986 shares in the company, valued at approximately $920,407.08. This trade represents a 24.16% decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.
About Ingersoll Rand
(
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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