Ingersoll Rand (NYSE:IR) Given New $78.00 Price Target at Stifel Nicolaus

Ingersoll Rand (NYSE:IR) had its price objective cut by Stifel Nicolaus from $95.00 to $78.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a hold rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. Melius downgraded Ingersoll Rand from a “buy” rating to a “hold” rating and set a $93.00 price target for the company. in a research note on Monday, July 14th. Wells Fargo & Company boosted their price target on Ingersoll Rand from $86.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Barclays cut their price target on Ingersoll Rand from $92.00 to $91.00 and set an “overweight” rating for the company in a research note on Monday. Melius Research set a $93.00 price objective on Ingersoll Rand in a research note on Monday, July 14th. Finally, Robert W. Baird boosted their price objective on Ingersoll Rand from $97.00 to $103.00 and gave the company an “outperform” rating in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.75.

Ingersoll Rand Price Performance

Shares of NYSE:IR opened at $78.62 on Monday. Ingersoll Rand has a fifty-two week low of $65.61 and a fifty-two week high of $106.03. The business has a 50-day simple moving average of $84.15 and a two-hundred day simple moving average of $82.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.63 and a current ratio of 2.29. The firm has a market cap of $31.72 billion, a price-to-earnings ratio of 61.42, a price-to-earnings-growth ratio of 3.15 and a beta of 1.41.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. Ingersoll Rand had a return on equity of 12.12% and a net margin of 7.10%. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. On average, analysts expect that Ingersoll Rand will post 3.32 earnings per share for the current year.

Ingersoll Rand declared that its board has approved a share buyback program on Thursday, May 1st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Ingersoll Rand Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be issued a $0.02 dividend. 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 currently 6.25%.

Insider Buying and Selling

In related news, insider Elizabeth Meloy Hepding sold 3,500 shares of the business’s stock in a transaction that occurred 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 transaction, the insider directly owned 10,986 shares of the company’s stock, valued at approximately $920,407.08. The trade was a 24.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vicente Reynal sold 38,657 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total value of $3,209,690.71. Following the completion of the transaction, the insider directly owned 193,186 shares in the company, valued at approximately $16,040,233.58. This represents a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Institutional Trading of Ingersoll Rand

Several hedge funds have recently modified their holdings of the company. Spinnaker Trust purchased a new stake in shares of Ingersoll Rand during the 2nd quarter worth approximately $200,000. Assetmark Inc. raised its holdings in shares of Ingersoll Rand by 15.8% during the 2nd quarter. Assetmark Inc. now owns 164,988 shares of the industrial products company’s stock worth $13,724,000 after acquiring an additional 22,569 shares in the last quarter. Keybank National Association OH raised its holdings in shares of Ingersoll Rand by 3.3% during the 2nd quarter. Keybank National Association OH now owns 12,802 shares of the industrial products company’s stock worth $1,065,000 after acquiring an additional 412 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in shares of Ingersoll Rand by 70.1% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,395 shares of the industrial products company’s stock worth $366,000 after acquiring an additional 1,811 shares in the last quarter. Finally, Boyd Watterson Asset Management LLC OH raised its holdings in shares of Ingersoll Rand by 12.0% during the 2nd quarter. Boyd Watterson Asset Management LLC OH now owns 1,472 shares of the industrial products company’s stock worth $122,000 after acquiring an additional 158 shares in the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Ingersoll Rand Company Profile

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.