Stock Repurchase Program Approved by Ingersoll Rand (NYSE:IR) Board

Ingersoll Rand (NYSE:IR) declared that its board has approved a share repurchase program on Thursday, April 25th, RTT News reports. The company plans to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IR. Evercore ISI cut Ingersoll Rand from an “outperform” rating to an “in-line” rating and lifted their price target for the stock from $81.00 to $89.00 in a report on Tuesday, February 20th. Cfra boosted their price objective on Ingersoll Rand from $68.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, February 16th. Stifel Nicolaus restated a “buy” rating and set a $102.00 price objective on shares of Ingersoll Rand in a report on Tuesday, March 26th. UBS Group boosted their price objective on Ingersoll Rand from $78.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Finally, Wells Fargo & Company boosted their price objective on Ingersoll Rand from $83.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Ingersoll Rand Stock Up 1.6 %

NYSE IR opened at $93.50 on Friday. Ingersoll Rand has a 1-year low of $54.54 and a 1-year high of $96.17. The company has a market cap of $37.72 billion, a price-to-earnings ratio of 49.21, a PEG ratio of 3.21 and a beta of 1.44. The company has a current ratio of 2.22, a quick ratio of 1.67 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $91.70 and a 200-day moving average of $79.76.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. Ingersoll Rand had a net margin of 11.32% and a return on equity of 12.24%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.76 billion. On average, equities research analysts expect that Ingersoll Rand will post 3.1 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, June 6th. Shareholders of record on Thursday, May 16th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio is currently 4.21%.

Insider Buying and Selling at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew R. Schiesl sold 35,000 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the transaction, the insider now owns 16,525 shares of the company’s stock, valued at $1,478,326.50. The disclosure for this sale can be found here. Insiders sold a total of 293,011 shares of company stock worth $26,374,789 over the last three months. Corporate insiders own 0.83% 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.