TIAA Trust National Association Decreases Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Key Points

• TIAA Trust National Association has significantly reduced its stake in Ingersoll Rand by 43.1%, selling 23,598 shares, leaving it with a total of 31,214 shares valued at approximately $2.5 million.
• The company reported earnings of $0.80 per share for the last quarter, meeting analysts' expectations, and generated revenues of $1.89 billion, exceeding expected revenue of $1.85 billion.
• Ingersoll Rand has authorized a share repurchase plan allowing the company to buy back $1 billion of its outstanding shares, an indication that the board believes its stock is undervalued.

TIAA Trust National Association trimmed its holdings in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 43.1% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 31,214 shares of the industrial products company's stock after selling 23,598 shares during the quarter. TIAA Trust National Association's holdings in Ingersoll Rand were worth $2,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Schroder Investment Management Group raised its stake in shares of Ingersoll Rand by 16.6% in the fourth quarter. Schroder Investment Management Group now owns 34,374 shares of the industrial products company's stock valued at $3,112,000 after acquiring an additional 4,888 shares during the period. Wells Fargo & Company MN increased its position in Ingersoll Rand by 1.6% during the 4th quarter. Wells Fargo & Company MN now owns 423,233 shares of the industrial products company's stock valued at $38,286,000 after buying an additional 6,641 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of Ingersoll Rand in the 4th quarter valued at $11,024,000. Wedbush Securities Inc. grew its holdings in Ingersoll Rand by 38.2% during the fourth quarter. Wedbush Securities Inc. now owns 9,100 shares of the industrial products company's stock worth $823,000 after acquiring an additional 2,516 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in Ingersoll Rand by 9.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 285,339 shares of the industrial products company's stock valued at $25,812,000 after purchasing an additional 25,128 shares in the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on IR shares. Citigroup reissued a "buy" rating and set a $104.00 target price (up previously from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Barclays dropped their target price on shares of Ingersoll Rand from $92.00 to $91.00 and set an "overweight" rating for the company in a report on Monday. Wells Fargo & Company raised their target price on shares of Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Melius Research set a $93.00 price target on shares of Ingersoll Rand in a research report on Monday, July 14th. Finally, Robert W. Baird raised their price target on shares of Ingersoll Rand from $97.00 to $103.00 and gave the company an "outperform" rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Ingersoll Rand currently has an average rating of "Hold" and an average price target of $98.75.

Insider Activity

In related news, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total value of $293,230.00. Following the completion of the sale, the insider directly owned 10,986 shares in the company, valued at $920,407.08. This trade represents a 24.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total value of $3,209,690.71. Following the completion of the sale, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. The trade was a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is owned by company insiders.

Ingersoll Rand Stock Down 0.3%

NYSE IR traded down $0.22 on Thursday, reaching $76.26. The company had a trading volume of 1,577,024 shares, compared to its average volume of 2,980,851. 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 $30.31 billion, a P/E ratio of 59.58, a P/E/G ratio of 4.43 and a beta of 1.41. The company's fifty day moving average is $83.95 and its 200 day moving average is $82.60. 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 (NYSE:IR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share 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 during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the firm posted $0.83 earnings per share. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. Sell-side analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid a $0.02 dividend. 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 dividend payout ratio (DPR) is presently 6.25%.

Ingersoll Rand announced that its Board of Directors has initiated a share buyback program on Thursday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Ingersoll Rand 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.