Stock Repurchase Program Declared by Ingersoll Rand (NYSE:IR) Board

Ingersoll Rand (NYSE:IR) announced that its Board of Directors has approved a stock repurchase program on Thursday, April 25th, RTT News reports. The company plans to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Ingersoll Rand Trading Up 1.6 %

Shares of Ingersoll Rand stock opened at $93.50 on Friday. The company has a market capitalization of $37.72 billion, a price-to-earnings ratio of 49.21, a PEG ratio of 3.22 and a beta of 1.44. The company has a quick ratio of 1.67, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. Ingersoll Rand has a 12-month low of $54.54 and a 12-month high of $96.17. The firm’s 50-day moving average price is $91.70 and its two-hundred day moving average price is $79.66.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Ingersoll Rand had a net margin of 11.32% and a return on equity of 12.24%. On average, analysts forecast that Ingersoll Rand will post 3.1 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Ingersoll Rand’s dividend payout ratio (DPR) is currently 4.21%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Citigroup boosted their price objective on shares of Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a report on Monday, April 8th. BNP Paribas started coverage on shares of Ingersoll Rand in a report on Tuesday, March 12th. They set a “neutral” rating and a $92.00 price objective for the company. UBS Group upped their price target on shares of Ingersoll Rand from $78.00 to $93.00 and gave the company a “buy” rating in a report on Monday, January 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $102.00 price target on shares of Ingersoll Rand in a report on Tuesday, March 26th. Finally, The Goldman Sachs Group upped their price target on shares of Ingersoll Rand from $87.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.73.

Insider Transactions at Ingersoll Rand

In related news, insider Vicente Reynal sold 240,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $90.16, for a total value of $21,638,400.00. Following the completion of the transaction, the insider now owns 91,957 shares in the company, valued at approximately $8,290,843.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Ingersoll Rand news, insider Vicente Reynal sold 240,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $90.16, for a total transaction of $21,638,400.00. Following the completion of the transaction, the insider now owns 91,957 shares in the company, valued at approximately $8,290,843.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Andrew R. Schiesl sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the transaction, the insider now owns 16,525 shares of the company’s stock, valued at approximately $1,478,326.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293,011 shares of company stock valued at $26,374,789. 0.83% of the stock is currently owned by insiders.

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.