Cresset Asset Management LLC Reduces Position in Ingersoll Rand Inc. (NYSE:IR)

Cresset Asset Management LLC reduced its position in Ingersoll Rand Inc. (NYSE:IR) by 78.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,238 shares of the industrial products company’s stock after selling 15,113 shares during the quarter. Cresset Asset Management LLC’s holdings in Ingersoll Rand were worth $383,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Ingersoll Rand by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 45,684,016 shares of the industrial products company’s stock valued at $4,132,576,000 after purchasing an additional 446,591 shares during the last quarter. Capital International Investors grew its holdings in shares of Ingersoll Rand by 4.6% during the fourth quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company’s stock valued at $3,317,537,000 after purchasing an additional 1,606,363 shares during the last quarter. Capital World Investors grew its holdings in shares of Ingersoll Rand by 1.0% during the fourth quarter. Capital World Investors now owns 20,088,857 shares of the industrial products company’s stock valued at $1,817,238,000 after purchasing an additional 197,711 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Ingersoll Rand by 3.6% during the fourth quarter. JPMorgan Chase & Co. now owns 18,878,280 shares of the industrial products company’s stock valued at $1,707,729,000 after purchasing an additional 649,102 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Ingersoll Rand by 8.2% during the fourth quarter. FMR LLC now owns 17,472,317 shares of the industrial products company’s stock valued at $1,580,546,000 after purchasing an additional 1,320,223 shares during the last quarter. 95.27% of the stock is owned by institutional investors.

Ingersoll Rand Stock Performance

IR opened at $82.95 on Friday. The company has a market capitalization of $33.47 billion, a price-to-earnings ratio of 40.27, a price-to-earnings-growth ratio of 3.50 and a beta of 1.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.29 and a quick ratio of 1.71. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The business has a 50 day moving average price of $76.99 and a two-hundred day moving average price of $88.24.

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

Ingersoll Rand announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Ingersoll Rand Announces Dividend

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

Insider Buying and Selling at Ingersoll Rand

In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total transaction of $293,230.00. Following the sale, the insider now directly owns 10,986 shares of the company’s stock, valued at $920,407.08. The trade was a 24.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on IR. Stifel Nicolaus lowered their target price on Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a report on Monday, April 14th. Evercore ISI lowered their target price on Ingersoll Rand from $100.00 to $91.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Barclays reduced their price objective on Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company boosted their price objective on Ingersoll Rand from $80.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Finally, Robert W. Baird boosted their price objective on Ingersoll Rand from $105.00 to $111.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.91.

Ingersoll Rand 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.