Ingersoll Rand (NYSE:IR) Price Target Cut to $98.00 by Analysts at Wells Fargo & Company

Ingersoll Rand (NYSE:IR) had its price target dropped by stock analysts at Wells Fargo & Company from $105.00 to $98.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.07% from the stock’s current price.

A number of other analysts have also commented on IR. BNP Paribas initiated coverage on Ingersoll Rand in a research note on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 price target for the company. Barclays lifted their target price on shares of Ingersoll Rand from $101.00 to $105.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Cfra boosted their price target on shares of Ingersoll Rand from $68.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, February 16th. UBS Group raised their price objective on shares of Ingersoll Rand from $78.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Finally, Citigroup upped their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and an average price target of $95.82.

Ingersoll Rand Price Performance

Shares of Ingersoll Rand stock opened at $89.85 on Monday. The company’s fifty day simple moving average is $91.90 and its two-hundred day simple moving average is $81.21. Ingersoll Rand has a 12-month low of $56.49 and a 12-month high of $96.17. The firm has a market cap of $36.26 billion, a PE ratio of 44.70, a price-to-earnings-growth ratio of 3.02 and a beta of 1.40. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.76 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. As a group, equities analysts expect that Ingersoll Rand will post 3.1 EPS for the current year.

Ingersoll Rand declared that its Board of Directors has initiated a share buyback program on Thursday, April 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 7,590 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the sale, the chief accounting officer now owns 9,715 shares in the company, valued at $854,920. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total transaction of $667,920.00. Following the transaction, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at $854,920. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew R. Schiesl sold 35,000 shares of Ingersoll Rand stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $89.46, for a total value of $3,131,100.00. Following the completion of the sale, the insider now owns 16,525 shares of the company’s stock, valued at $1,478,326.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 293,011 shares of company stock valued at $26,374,789. 0.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC grew its stake in shares of Ingersoll Rand by 1.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 28,522 shares of the industrial products company’s stock valued at $1,817,000 after purchasing an additional 448 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in Ingersoll Rand by 21.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 42,290 shares of the industrial products company’s stock worth $2,695,000 after acquiring an additional 7,497 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ingersoll Rand by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 179,976 shares of the industrial products company’s stock worth $11,468,000 after acquiring an additional 16,237 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in shares of Ingersoll Rand by 0.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 82,387 shares of the industrial products company’s stock worth $5,250,000 after acquiring an additional 550 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Ingersoll Rand by 19.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,809 shares of the industrial products company’s stock valued at $5,277,000 after acquiring an additional 13,481 shares during the period. 95.27% of the stock is owned by hedge funds and other institutional investors.

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.