Ingersoll Rand (NYSE:IR) Price Target Raised to $109.00

Ingersoll Rand (NYSE:IR) had its price target hoisted by Robert W. Baird from $107.00 to $109.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

A number of other research analysts have also recently weighed in on IR. Evercore ISI cut shares of Ingersoll Rand from an outperform rating to an in-line rating and lifted their price objective for the company from $81.00 to $89.00 in a report on Tuesday, February 20th. Wells Fargo & Company upped their price target on Ingersoll Rand from $83.00 to $100.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Stifel Nicolaus reiterated a buy rating and set a $102.00 price target on shares of Ingersoll Rand in a research report on Tuesday, March 26th. BNP Paribas started coverage on Ingersoll Rand in a research report on Tuesday, March 12th. They issued a neutral rating and a $92.00 price objective for the company. Finally, Citigroup upped their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a buy rating in a research note on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $95.82.

Ingersoll Rand Stock Performance

Shares of IR stock opened at $90.75 on Monday. Ingersoll Rand has a 52-week low of $56.49 and a 52-week high of $96.17. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The stock has a market cap of $36.61 billion, a PE ratio of 45.15, a price-to-earnings-growth ratio of 3.02 and a beta of 1.40. The business has a 50-day simple moving average of $91.90 and a 200-day simple moving average of $81.21.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.76 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. On average, equities analysts expect that Ingersoll Rand will post 3.1 EPS for the current year.

Ingersoll Rand Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th will be paid 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 (DPR) is presently 3.98%.

Ingersoll Rand announced that its Board of Directors has approved a share buyback plan on Thursday, April 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Ingersoll Rand

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

Institutional Trading of Ingersoll Rand

Several hedge funds have recently made changes to their positions in IR. Vanguard Group Inc. lifted its holdings in Ingersoll Rand by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 45,384,257 shares of the industrial products company’s stock valued at $3,510,018,000 after acquiring an additional 176,734 shares during the last quarter. FMR LLC grew its holdings in shares of Ingersoll Rand by 3.4% during the 3rd quarter. FMR LLC now owns 19,190,038 shares of the industrial products company’s stock worth $1,222,789,000 after purchasing an additional 627,146 shares during the period. Capital International Investors increased its position in shares of Ingersoll Rand by 35.4% during the 4th quarter. Capital International Investors now owns 12,246,481 shares of the industrial products company’s stock worth $947,143,000 after purchasing an additional 3,202,973 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Ingersoll Rand by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,547,716 shares of the industrial products company’s stock valued at $735,821,000 after buying an additional 213,441 shares during the period. Finally, Capital Research Global Investors lifted its position in Ingersoll Rand by 46.6% in the fourth quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock valued at $758,847,000 after buying an additional 3,119,793 shares during the last quarter. Hedge funds and other 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.