Principal Financial Group Inc. Decreases Stake in Ingersoll Rand Inc. $IR

Principal Financial Group Inc. reduced its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 12.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 394,402 shares of the industrial products company’s stock after selling 55,217 shares during the quarter. Principal Financial Group Inc.’s holdings in Ingersoll Rand were worth $32,585,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its position in Ingersoll Rand by 12.3% during the 3rd quarter. Nordea Investment Management AB now owns 2,018,638 shares of the industrial products company’s stock worth $165,811,000 after buying an additional 220,815 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Ingersoll Rand in the 2nd quarter valued at about $8,375,000. Fisher Asset Management LLC raised its stake in shares of Ingersoll Rand by 0.6% during the 2nd quarter. Fisher Asset Management LLC now owns 6,913,924 shares of the industrial products company’s stock worth $575,100,000 after buying an additional 38,999 shares during the period. National Pension Service raised its position in Ingersoll Rand by 2.7% during the third quarter. National Pension Service now owns 617,981 shares of the industrial products company’s stock worth $51,058,000 after acquiring an additional 16,084 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Ingersoll Rand by 26.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 86,865 shares of the industrial products company’s stock worth $7,177,000 after purchasing an additional 18,151 shares during the last quarter. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Insider Activity

In other Ingersoll Rand news, CAO Michael J. Scheske sold 1,477 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $80.63, for a total transaction of $119,090.51. Following the completion of the sale, the chief accounting officer owned 12,153 shares in the company, valued at $979,896.39. This trade represents a 10.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vicente Reynal sold 191,000 shares of Ingersoll Rand stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $88.12, for a total value of $16,830,920.00. Following the completion of the transaction, the insider owned 193,186 shares of the company’s stock, valued at approximately $17,023,550.32. The trade was a 49.72% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 292,477 shares of company stock worth $26,703,912. Insiders own 0.59% of the company’s stock.

Ingersoll Rand Stock Down 1.5%

IR opened at $95.98 on Friday. The business has a 50-day moving average of $83.68 and a two-hundred day moving average of $81.01. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.16 and a quick ratio of 1.51. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $99.44. The stock has a market capitalization of $37.92 billion, a price-to-earnings ratio of 71.10, a price-to-earnings-growth ratio of 6.14 and a beta of 1.32.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IR. Wells Fargo & Company upped their target price on shares of Ingersoll Rand from $87.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Weiss Ratings restated a “hold (c)” rating on shares of Ingersoll Rand in a research report on Monday, December 29th. Citigroup upped their price objective on Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Zacks Research raised Ingersoll Rand from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Finally, Stifel Nicolaus increased their price target on Ingersoll Rand from $81.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, January 23rd. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Ingersoll Rand presently has an average rating of “Hold” and an average price target of $92.13.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.