Bank of America Corp DE Trims Stock Holdings in Ingersoll Rand Inc. (NYSE:IR)

Bank of America Corp DE trimmed its holdings in Ingersoll Rand Inc. (NYSE:IR) by 15.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,470,586 shares of the industrial products company’s stock after selling 266,070 shares during the period. Bank of America Corp DE owned about 0.36% of Ingersoll Rand worth $133,029,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IR. Norges Bank acquired a new stake in shares of Ingersoll Rand during the 4th quarter valued at approximately $429,591,000. Capital International Investors lifted its position in shares of Ingersoll Rand by 4.6% in the 4th quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company’s stock worth $3,317,537,000 after buying an additional 1,606,363 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ingersoll Rand by 8.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 18,229,178 shares of the industrial products company’s stock valued at $1,789,376,000 after buying an additional 1,462,538 shares during the period. FMR LLC grew its position in shares of Ingersoll Rand by 8.2% during the 4th quarter. FMR LLC now owns 17,472,317 shares of the industrial products company’s stock valued at $1,580,546,000 after buying an additional 1,320,223 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Ingersoll Rand by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 12,277,177 shares of the industrial products company’s stock worth $1,110,593,000 after acquiring an additional 679,856 shares during the period. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IR has been the subject of several recent research reports. Wells Fargo & Company upped their target price on Ingersoll Rand from $80.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Citigroup increased their target price on Ingersoll Rand from $88.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Stifel Nicolaus lowered their price target on shares of Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a research report on Monday, April 14th. Evercore ISI cut their price objective on shares of Ingersoll Rand from $100.00 to $91.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Finally, Barclays decreased their target price on shares of Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.91.

Ingersoll Rand Trading Up 0.1 %

Shares of IR stock opened at $79.29 on Friday. The company has a quick ratio of 1.71, a current ratio of 2.29 and a debt-to-equity ratio of 0.46. The stock has a 50-day simple moving average of $77.05 and a 200 day simple moving average of $88.59. Ingersoll Rand Inc. has a fifty-two week low of $65.61 and a fifty-two week high of $106.03. The stock has a market capitalization of $31.96 billion, a P/E ratio of 38.49, a P/E/G ratio of 3.50 and a beta of 1.42.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.02). Ingersoll Rand had a return on equity of 12.78% and a net margin of 11.59%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm earned $0.78 EPS. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, sell-side analysts expect that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand announced that its board has approved a share repurchase plan on Thursday, May 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Ingersoll Rand Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 15th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. The ex-dividend date is Thursday, May 15th. Ingersoll Rand’s dividend payout ratio is presently 3.96%.

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.