Wells Fargo & Company Lowers Ingersoll Rand (NYSE:IR) Price Target to $98.00

Ingersoll Rand (NYSE:IR) had its price target trimmed by Wells Fargo & Company from $105.00 to $98.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other research firms have also commented on IR. BNP Paribas assumed coverage on shares of Ingersoll Rand in a research note on Tuesday, March 12th. They issued a neutral rating and a $92.00 price objective for the company. StockNews.com lowered Ingersoll Rand from a buy rating to a hold rating in a research report on Saturday, May 4th. Barclays raised their price objective on Ingersoll Rand from $101.00 to $105.00 and gave the stock an overweight rating in a research report on Tuesday, April 2nd. The Goldman Sachs Group upped their target price on Ingersoll Rand from $87.00 to $97.00 and gave the company a buy rating in a report on Wednesday, February 21st. Finally, Cfra raised their price target on shares of Ingersoll Rand from $68.00 to $85.00 and gave the stock a hold rating in a report on Friday, February 16th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Ingersoll Rand presently has a consensus rating of Moderate Buy and an average price target of $95.82.

Ingersoll Rand Stock Performance

Shares of NYSE IR opened at $91.00 on Monday. Ingersoll Rand has a 52-week low of $56.49 and a 52-week high of $96.17. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 45.27, a PEG ratio of 3.02 and a beta of 1.40. 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’s fifty day simple moving average is $91.92 and its 200 day simple moving average is $81.28.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.76 billion. As a group, sell-side analysts forecast that Ingersoll Rand will post 3.1 earnings per share for the current fiscal year.

Ingersoll Rand announced that its Board of Directors has initiated a share repurchase program on Thursday, April 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Ingersoll Rand Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Insider Buying and Selling at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 7,590 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total value of $667,920.00. Following the sale, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at $854,920. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Andrew R. Schiesl sold 35,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the completion of the transaction, the insider now directly owns 16,525 shares in the company, valued at approximately $1,478,326.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Michael J. Scheske sold 7,590 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the sale, the chief accounting officer now owns 9,715 shares in the company, valued at $854,920. The disclosure for this sale can be found here. Insiders have sold a total of 293,011 shares of company stock worth $26,374,789 over the last 90 days. Insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new position in Ingersoll Rand in the 3rd quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Ingersoll Rand during the fourth quarter valued at approximately $27,000. Quintet Private Bank Europe S.A. acquired a new position in shares of Ingersoll Rand in the third quarter valued at $28,000. Kapitalo Investimentos Ltda bought a new position in Ingersoll Rand in the fourth quarter worth $28,000. Finally, Headlands Technologies LLC acquired a new stake in Ingersoll Rand during the first quarter worth $28,000. Institutional investors and hedge funds own 95.27% of the company’s stock.

Ingersoll Rand Company Profile

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.