Citigroup Forecasts Strong Price Appreciation for Ingersoll Rand (NYSE:IR) Stock

Ingersoll Rand (NYSE:IR - Get Free Report) had its target price lifted by equities research analysts at Citigroup from $91.00 to $104.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Citigroup's price objective suggests a potential upside of 20.43% from the stock's previous close.

A number of other research firms also recently commented on IR. Melius downgraded shares of Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price target on the stock. in a research report on Monday. Stifel Nicolaus dropped their price target on shares of Ingersoll Rand from $94.00 to $77.00 and set a "hold" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company boosted their price target 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. Barclays boosted their target price 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. Finally, Melius Research set a $93.00 target price on shares of Ingersoll Rand in a report on Monday. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $99.42.

Ingersoll Rand Trading Down 1.5%

Shares of NYSE:IR traded down $1.28 during trading on Monday, reaching $86.36. The stock had a trading volume of 2,182,789 shares, compared to its average volume of 2,586,930. The business has a fifty day moving average price of $83.04 and a 200-day moving average price of $83.20. The company has a quick ratio of 1.76, a current ratio of 2.38 and a debt-to-equity ratio of 0.45. The stock has a market cap of $34.84 billion, a P/E ratio of 42.75, a PEG ratio of 3.76 and a beta of 1.43. 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 earnings results on Thursday, May 1st. The industrial products company reported $0.72 earnings per share 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 during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the company posted $0.78 earnings per share. Ingersoll Rand's revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, analysts anticipate that Ingersoll Rand will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand announced that its board has initiated a share repurchase program 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 programs are often an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Vicente Reynal sold 38,657 shares of the firm's stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the firm's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total transaction of $293,230.00. Following the completion of the transaction, the insider directly owned 10,986 shares of the company's stock, valued at $920,407.08. This represents a 24.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Rathbones Group PLC lifted its stake in shares of Ingersoll Rand by 1.4% in the first quarter. Rathbones Group PLC now owns 9,044 shares of the industrial products company's stock worth $724,000 after acquiring an additional 121 shares during the period. EP Wealth Advisors LLC lifted its stake in shares of Ingersoll Rand by 2.4% in the first quarter. EP Wealth Advisors LLC now owns 5,918 shares of the industrial products company's stock worth $474,000 after acquiring an additional 136 shares during the period. Compass Wealth Management LLC lifted its stake in shares of Ingersoll Rand by 62.8% in the first quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company's stock worth $28,000 after acquiring an additional 137 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of Ingersoll Rand by 0.7% in the second quarter. AdvisorNet Financial Inc now owns 18,708 shares of the industrial products company's stock worth $1,556,000 after acquiring an additional 138 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Ingersoll Rand by 8.6% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,825 shares of the industrial products company's stock worth $165,000 after acquiring an additional 145 shares during the period. Institutional investors own 95.27% of the company's stock.

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.