Ethic Inc. Decreases Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Ethic Inc. cut its holdings in Ingersoll Rand Inc. (NYSE:IR) by 3.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 78,187 shares of the industrial products company’s stock after selling 2,829 shares during the quarter. Ethic Inc.’s holdings in Ingersoll Rand were worth $6,303,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Sowell Financial Services LLC acquired a new position in shares of Ingersoll Rand in the first quarter valued at about $262,000. Concurrent Investment Advisors LLC grew its holdings in Ingersoll Rand by 14.4% during the first quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company’s stock worth $245,000 after acquiring an additional 385 shares during the period. QRG Capital Management Inc. grew its holdings in Ingersoll Rand by 9.4% during the first quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company’s stock worth $614,000 after acquiring an additional 660 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Ingersoll Rand by 14.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 726,564 shares of the industrial products company’s stock worth $58,147,000 after acquiring an additional 91,777 shares during the period. Finally, Dynamic Advisor Solutions LLC grew its holdings in Ingersoll Rand by 19.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 11,823 shares of the industrial products company’s stock worth $946,000 after acquiring an additional 1,948 shares during the period. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

Ingersoll Rand Stock Performance

NYSE IR opened at $78.31 on Friday. The company has a market cap of $31.12 billion, a PE ratio of 61.18, a price-to-earnings-growth ratio of 4.53 and a beta of 1.41. The stock’s 50 day simple moving average is $83.40 and its 200-day simple moving average is $81.89. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 1.63.

Ingersoll Rand (NYSE:IR) last released its earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter last year, the business posted $0.83 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be given a dividend of $0.02 per share. The ex-dividend date is Thursday, August 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 6.25%.

Ingersoll Rand announced that its board has initiated a stock repurchase program on Thursday, May 1st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IR shares. Stifel Nicolaus set a $78.00 target price on Ingersoll Rand and gave the stock a “hold” rating in a report on Monday, August 4th. Robert W. Baird raised their target price on Ingersoll Rand from $97.00 to $103.00 and gave the stock an “outperform” rating in a report on Monday, August 4th. Melius lowered Ingersoll Rand from a “buy” rating to a “hold” rating and set a $93.00 price objective on the stock. in a report on Monday, July 14th. Citigroup reissued a “buy” rating and issued a $104.00 price objective (up from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Finally, Morgan Stanley dropped their price objective on Ingersoll Rand from $88.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Ingersoll Rand currently has a consensus rating of “Hold” and an average target price of $97.75.

Insider Buying and Selling

In related news, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the transaction, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.59% of the company’s stock.

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.