Korea Investment CORP Purchases 11,784 Shares of Ingersoll Rand Inc. $IR

Korea Investment CORP raised its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 4.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 277,505 shares of the industrial products company’s stock after purchasing an additional 11,784 shares during the quarter. Korea Investment CORP owned 0.07% of Ingersoll Rand worth $22,209,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Sowell Financial Services LLC purchased a new stake in Ingersoll Rand in the 1st quarter valued at about $262,000. Concurrent Investment Advisors LLC boosted its position in Ingersoll Rand by 14.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 3,066 shares of the industrial products company’s stock valued at $245,000 after buying an additional 385 shares during the period. QRG Capital Management Inc. boosted its position in Ingersoll Rand by 9.4% in the 1st quarter. QRG Capital Management Inc. now owns 7,669 shares of the industrial products company’s stock valued at $614,000 after buying an additional 660 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Ingersoll Rand by 14.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 726,564 shares of the industrial products company’s stock valued at $58,147,000 after buying an additional 91,777 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Ingersoll Rand by 2.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 190,986 shares of the industrial products company’s stock valued at $15,285,000 after buying an additional 4,690 shares during the period. 95.27% of the stock is owned by hedge funds and other institutional investors.

Ingersoll Rand Price Performance

Shares of IR opened at $79.2860 on Thursday. The company has a 50 day moving average price of $83.14 and a 200-day moving average price of $81.60. 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 $31.51 billion, a PE ratio of 61.94, a PEG ratio of 4.50 and a beta of 1.41. 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 posted its earnings results on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. Ingersoll Rand’s revenue for the quarter was up 4.6% compared to the same quarter last year. Ingersoll Rand has set its FY 2025 guidance at 3.340-3.460 EPS. Equities analysts predict 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 buyback 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 reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Ingersoll Rand Announces Dividend

The company also recently announced 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 of this dividend 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 is presently 6.25%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Stifel Nicolaus set a $78.00 price objective on shares of Ingersoll Rand and gave the company a “hold” rating in a research report on Monday, August 4th. Wells Fargo & Company boosted their price objective on shares of Ingersoll Rand from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Citigroup reissued a “buy” rating and issued a $104.00 price objective (up from $91.00) on shares of Ingersoll Rand in a research report on Monday, July 14th. Barclays lowered their price target on shares of Ingersoll Rand from $92.00 to $91.00 and set an “overweight” rating for the company in a research report on Monday, August 4th. Finally, Melius cut shares of Ingersoll Rand from a “buy” rating to a “hold” rating and set a $93.00 price target for the company. in a research report on Monday, July 14th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Ingersoll Rand currently has an average rating of “Hold” and an average price target of $97.75.

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.