Ingersoll Rand Inc. (NYSE:IR) Plans $0.02 Quarterly Dividend

Ingersoll Rand Inc. (NYSE:IR - Get Free Report) declared a quarterly dividend on Thursday, July 24th, RTT News reports. Shareholders of record on Thursday, August 14th will be given a dividend of 0.02 per share by the industrial products company on Thursday, September 4th. This represents a $0.08 annualized dividend and a yield of 0.09%.

Ingersoll Rand has a dividend payout ratio of 2.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Ingersoll Rand to earn $3.59 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 2.2%.

Ingersoll Rand Trading Up 0.1%

Ingersoll Rand stock traded up $0.09 during mid-day trading on Thursday, hitting $86.92. 2,749,520 shares of the company's stock were exchanged, compared to its average volume of 2,888,842. The company's 50 day simple moving average is $83.80 and its 200-day simple moving average is $83.07. The firm has a market capitalization of $35.07 billion, a P/E ratio of 43.03, a PEG ratio of 3.59 and a beta of 1.43. The company has a quick ratio of 1.76, a current ratio of 2.38 and a debt-to-equity ratio of 0.45. Ingersoll Rand has a fifty-two week low of $65.61 and a fifty-two week high of $106.03.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The firm's revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities analysts anticipate that Ingersoll Rand will post 3.32 earnings per share for the current year.

Ingersoll Rand announced that its board has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 3.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity at Ingersoll Rand

In other news, 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. The trade was a 24.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 completion of the sale, the insider owned 193,186 shares of the company's stock, valued at $16,040,233.58. This represents a 16.67% decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ingersoll Rand

Large investors have recently made changes to their positions in the company. NewEdge Advisors LLC raised its position in shares of Ingersoll Rand by 4.8% in the 1st quarter. NewEdge Advisors LLC now owns 6,168 shares of the industrial products company's stock worth $494,000 after acquiring an additional 282 shares in the last quarter. Empowered Funds LLC boosted its position in Ingersoll Rand by 6.2% during the first quarter. Empowered Funds LLC now owns 7,731 shares of the industrial products company's stock valued at $619,000 after buying an additional 454 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Ingersoll Rand by 12.7% during the first quarter. AQR Capital Management LLC now owns 37,078 shares of the industrial products company's stock worth $2,904,000 after purchasing an additional 4,167 shares during the period. Finally, Woodline Partners LP bought a new position in Ingersoll Rand in the first quarter worth about $643,000. Institutional investors own 95.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company upped 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. Citigroup restated a "buy" rating and set a $104.00 price objective (up from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Barclays boosted their price target on shares of Ingersoll Rand from $85.00 to $92.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Stifel Nicolaus upped their price objective on shares of Ingersoll Rand from $78.00 to $95.00 and gave the company a "hold" rating in a report on Monday. Finally, Melius downgraded shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price target for the company. in a research note on Monday, July 14th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $100.92.

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.

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