Fjarde AP Fonden Fourth Swedish National Pension Fund Lowers Position in Ingersoll Rand Inc. (NYSE:IR)

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 18.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,169 shares of the industrial products company’s stock after selling 18,800 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Ingersoll Rand were worth $6,736,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ingersoll Rand during the 1st quarter valued at about $40,000. S Bank Fund Management Ltd purchased a new position in shares of Ingersoll Rand during the 1st quarter valued at about $131,000. National Pension Service raised its holdings in shares of Ingersoll Rand by 17.0% during the 1st quarter. National Pension Service now owns 597,286 shares of the industrial products company’s stock valued at $47,801,000 after buying an additional 86,828 shares in the last quarter. Prudential PLC grew its position in Ingersoll Rand by 1.8% during the 1st quarter. Prudential PLC now owns 171,630 shares of the industrial products company’s stock worth $13,736,000 after acquiring an additional 3,078 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. grew its position in Ingersoll Rand by 6.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 129,399 shares of the industrial products company’s stock worth $10,344,000 after acquiring an additional 7,754 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IR. Stifel Nicolaus set a $78.00 price target on Ingersoll Rand and gave the stock a “hold” rating in a research report on Monday, August 4th. Barclays reduced their price target on Ingersoll Rand from $92.00 to $91.00 and set an “overweight” rating on the stock in a research report on Monday, August 4th. Wells Fargo & Company raised their price target on Ingersoll Rand from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Robert W. Baird raised their price target on Ingersoll Rand from $97.00 to $103.00 and gave the stock an “outperform” rating in a research report on Monday, August 4th. Finally, Morgan Stanley reduced their price target on Ingersoll Rand from $88.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $97.75.

Insider Transactions at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction 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 completion of the transaction, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. The trade was a 16.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.59% of the company’s stock.

Ingersoll Rand Price Performance

Shares of IR stock opened at $78.31 on Friday. The firm has a market cap of $31.12 billion, a P/E ratio of 61.18, a P/E/G ratio of 4.53 and a beta of 1.41. Ingersoll Rand Inc. has a fifty-two week low of $65.61 and a fifty-two week high of $106.03. The business’s 50 day moving average price is $83.40 and its 200-day moving average price is $81.89. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.63 and a current ratio of 2.29.

Ingersoll Rand (NYSE:IR) last released its quarterly 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 company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The firm’s revenue was up 4.6% on a year-over-year basis. On average, equities research analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid 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 payout ratio is presently 6.25%.

Ingersoll Rand declared that its Board of Directors has initiated a share buyback plan on Thursday, May 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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.