Robert W. Baird Increases Ingersoll Rand (NYSE:IR) Price Target to $103.00

Key Points

• Robert W. Baird has raised the price target for Ingersoll Rand (NYSE:IR) from $97.00 to $103.00, suggesting a potential upside of 37.17% from the current stock price.
• Multiple other firms have also adjusted their price targets for Ingersoll Rand, with consensus rating reflecting a "Hold" and an average price target of $100.25.
• Ingersoll Rand reported earnings of $0.80 EPS for the last quarter, meeting analysts’ estimates, with a revenue increase of 4.6% year-over-year.

Ingersoll Rand (NYSE:IR - Get Free Report) had its price target raised by investment analysts at Robert W. Baird from $97.00 to $103.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the industrial products company's stock. Robert W. Baird's price target would indicate a potential upside of 37.17% from the stock's current price.

IR has been the topic of several other research reports. Wells Fargo & Company raised their price objective on Ingersoll Rand from $86.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Barclays lifted their price objective on Ingersoll Rand from $85.00 to $92.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Citigroup reaffirmed a "buy" rating and set a $104.00 price objective (up from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Melius cut Ingersoll Rand from a "buy" rating to a "hold" rating and set a $93.00 price objective on the stock. in a research report on Monday, July 14th. Finally, Stifel Nicolaus lifted their price objective on Ingersoll Rand from $78.00 to $95.00 and gave the company a "hold" rating in a research report on Monday, July 21st. Seven investment 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 currently has a consensus rating of "Hold" and an average target price of $100.25.

Ingersoll Rand Price Performance

NYSE IR opened at $75.09 on Monday. Ingersoll Rand has a 52 week low of $65.61 and a 52 week high of $106.03. The firm has a market capitalization of $30.30 billion, a P/E ratio of 58.66, a PEG ratio of 3.15 and a beta of 1.41. The company has a quick ratio of 1.63, a current ratio of 2.29 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $84.19 and a 200-day moving average price of $82.77.

Ingersoll Rand (NYSE:IR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the firm earned $0.83 EPS. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts anticipate that Ingersoll Rand will post 3.32 earnings per share for the current year.

Ingersoll Rand announced that its board has initiated a stock 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 reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, insider Vicente Reynal sold 38,657 shares of the business's 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 sale, the insider directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.68% of the company's stock.

Institutional Investors Weigh In On Ingersoll Rand

Hedge funds have recently made changes to their positions in the company. Sowell Financial Services LLC purchased a new stake in shares of Ingersoll Rand in the first quarter worth about $262,000. Concurrent Investment Advisors LLC lifted its position in shares of Ingersoll Rand by 14.4% in the first quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company's stock worth $245,000 after buying an additional 385 shares in the last quarter. QRG Capital Management Inc. grew its position in Ingersoll Rand by 9.4% in the first quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company's stock worth $614,000 after acquiring an additional 660 shares in the last quarter. Dynamic Advisor Solutions LLC grew its position in Ingersoll Rand by 19.7% in the first quarter. Dynamic Advisor Solutions LLC now owns 11,823 shares of the industrial products company's stock worth $946,000 after acquiring an additional 1,948 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Ingersoll Rand by 29.3% in the first quarter. Farther Finance Advisors LLC now owns 2,945 shares of the industrial products company's stock worth $237,000 after acquiring an additional 667 shares in the last quarter. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

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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