Avantax Advisory Services Inc. Reduces Stake in Ingersoll Rand Inc. (NYSE:IR)

Avantax Advisory Services Inc. lessened its holdings in Ingersoll Rand Inc. (NYSE:IR) by 25.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,981 shares of the industrial products company’s stock after selling 2,746 shares during the period. Avantax Advisory Services Inc.’s holdings in Ingersoll Rand were worth $639,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of IR. Capital International Investors boosted its stake in shares of Ingersoll Rand by 4.6% during the 4th quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company’s stock worth $3,317,537,000 after purchasing an additional 1,606,363 shares during the last quarter. FMR LLC raised its holdings in shares of Ingersoll Rand by 8.2% in the 4th quarter. FMR LLC now owns 17,472,317 shares of the industrial products company’s stock worth $1,580,546,000 after purchasing an additional 1,320,223 shares during the period. GAMMA Investing LLC lifted its position in Ingersoll Rand by 7,137.0% during the first quarter. GAMMA Investing LLC now owns 1,307,370 shares of the industrial products company’s stock valued at $1,046,290,000 after buying an additional 1,289,305 shares in the last quarter. Northern Trust Corp grew its stake in shares of Ingersoll Rand by 18.2% in the fourth quarter. Northern Trust Corp now owns 4,042,854 shares of the industrial products company’s stock valued at $365,717,000 after buying an additional 622,246 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Ingersoll Rand during the fourth quarter valued at approximately $45,004,000. Institutional investors and hedge funds own 95.27% of the company’s stock.

Insiders Place Their Bets

In related news, insider Elizabeth Meloy Hepding sold 3,500 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total value of $293,230.00. Following the completion of the transaction, the insider directly owned 10,986 shares of the company’s stock, valued at $920,407.08. This trade represents a 24.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the sale, the insider owned 193,186 shares in the company, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Analysts Set New Price Targets

IR has been the topic of several recent analyst reports. Citigroup reaffirmed a “buy” rating and issued a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Melius Research set a $93.00 price objective on shares of Ingersoll Rand in a research note on Monday, July 14th. Robert W. Baird raised their target price on shares of Ingersoll Rand from $97.00 to $103.00 and gave the stock an “outperform” rating in a report on Monday. Wells Fargo & Company lifted their price target on Ingersoll Rand from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, Melius downgraded shares of Ingersoll Rand from a “buy” rating to a “hold” rating and set a $93.00 target price on the stock. in a research note on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $98.75.

Ingersoll Rand Stock Performance

IR stock opened at $78.62 on Tuesday. The company has a market capitalization of $31.72 billion, a price-to-earnings ratio of 61.42, a P/E/G ratio of 3.15 and a beta of 1.41. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03. The firm has a 50 day moving average of $84.15 and a two-hundred day moving average of $82.68. The company has a quick ratio of 1.63, a current ratio of 2.29 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR) last announced its earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The firm 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 business earned $0.83 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. As a group, equities analysts anticipate that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Ingersoll Rand Announces Dividend

The business 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 payout ratio is 6.25%.

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.