Ingersoll-Rand (IR) Price Target Lowered to $110.00 at Barclays

Ingersoll-Rand (NYSE:IR) had its price objective cut by Barclays from $115.00 to $110.00 in a report issued on Friday morning. They currently have an overweight rating on the industrial products company’s stock.

A number of other equities research analysts also recently weighed in on IR. JPMorgan Chase & Co. upgraded Ingersoll-Rand from a neutral rating to an overweight rating in a report on Friday, September 21st. Credit Suisse Group assumed coverage on Ingersoll-Rand in a report on Friday, October 12th. They issued an outperform rating and a $108.00 price target for the company. Robert W. Baird set a $106.00 price objective on Ingersoll-Rand and gave the company a hold rating in a research report on Thursday, October 25th. Citigroup boosted their price objective on Ingersoll-Rand from $117.00 to $118.00 and gave the company a buy rating in a research report on Thursday, October 25th. Finally, ValuEngine upgraded Ingersoll-Rand from a hold rating to a buy rating in a research report on Friday, November 16th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $109.64.

Shares of NYSE IR traded down $0.31 during trading on Friday, reaching $94.96. The stock had a trading volume of 848,211 shares, compared to its average volume of 1,641,176. Ingersoll-Rand has a one year low of $79.63 and a one year high of $107.08. The company has a current ratio of 1.41, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $23.19 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 1.24 and a beta of 1.27.

Ingersoll-Rand (NYSE:IR) last issued its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.04. Ingersoll-Rand had a return on equity of 18.75% and a net margin of 10.03%. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the business earned $1.44 EPS. The business’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities analysts predict that Ingersoll-Rand will post 5.58 earnings per share for the current year.

Ingersoll-Rand declared that its board has initiated a share buyback plan on Wednesday, October 3rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In related news, CEO Michael W. Lamach sold 166,407 shares of the business’s stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $90.39, for a total transaction of $15,041,528.73. Following the completion of the transaction, the chief executive officer now owns 417,275 shares in the company, valued at approximately $37,717,487.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new position in Ingersoll-Rand during the 3rd quarter worth $101,000. Girard Partners LTD. acquired a new position in Ingersoll-Rand during the 3rd quarter worth $112,000. Flagship Harbor Advisors LLC acquired a new position in Ingersoll-Rand during the 2nd quarter worth $106,000. Essex Investment Management Co. LLC acquired a new position in Ingersoll-Rand during the 3rd quarter worth $203,000. Finally, Ballentine Partners LLC acquired a new position in Ingersoll-Rand during the 3rd quarter worth $205,000. Institutional investors own 79.50% of the company’s stock.

About Ingersoll-Rand

Ingersoll-Rand plc designs, manufactures, sells, and services industrial and commercial products. It operates through Climate and Industrial segments. The Climate segment offers building management, bus, rail, and multi-pipe HVAC, control, container and cryogenic, diesel-powered, ductless, geothermal, package heating and cooling, rail and self-powered truck refrigeration, temporary heating and cooling, trailer refrigeration, unitary, and vehicle-powered truck refrigeration systems.

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