Teachers Retirement System of The State of Kentucky increased its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 27.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 123,830 shares of the industrial products company's stock after acquiring an additional 26,413 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Ingersoll Rand were worth $9,910,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Compass Wealth Management LLC increased its position in shares of Ingersoll Rand by 62.8% during 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 grew its stake 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 acquiring an additional 286 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Ingersoll Rand during the fourth quarter valued at approximately $36,000. Lee Danner & Bass Inc. purchased a new stake in Ingersoll Rand during the fourth quarter worth about $42,000. Finally, Golden State Wealth Management LLC raised its stake in shares of 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 valued at $38,000 after buying an additional 313 shares during the period. Institutional investors and hedge funds own 95.27% of the company's stock.
Ingersoll Rand Price Performance
IR opened at $85.55 on Monday. The company's 50-day simple moving average is $83.71 and its two-hundred day simple moving average is $83.08. Ingersoll Rand Inc. has a 52-week low of $65.61 and a 52-week high of $106.03. The stock has a market capitalization of $34.52 billion, a P/E ratio of 42.35, a P/E/G ratio of 3.61 and a beta of 1.43. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 2.38.
Ingersoll Rand (NYSE:IR - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.02). The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.73 billion. Ingersoll Rand had a return on equity of 12.33% and a net margin of 11.30%. The business's quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.78 EPS. As a group, analysts predict that Ingersoll Rand Inc. will post 3.32 EPS for the current year.
Ingersoll Rand declared that its board has approved a stock buyback program on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.
Ingersoll Rand Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 15th were paid a $0.02 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand's payout ratio is 3.96%.
Insiders Place Their Bets
In related news, insider Vicente Reynal sold 38,657 shares of the firm's 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 approximately $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's stock in a transaction 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 owned 10,986 shares in the company, valued at $920,407.08. This represents a 24.16% decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of research analysts have weighed in on IR shares. Wells Fargo & Company lifted their target price on Ingersoll Rand from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Stifel Nicolaus decreased their target price on shares of Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating on the stock in a research note on Monday, April 14th. Barclays lifted their price objective on Ingersoll Rand from $85.00 to $92.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Citigroup reissued a "buy" rating and issued a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Finally, Melius Research set a $93.00 target price on shares of Ingersoll Rand in a research report on Monday, July 14th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $99.42.
Check Out Our Latest Research Report on Ingersoll Rand
Ingersoll Rand Profile
(
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
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