Ingersoll Rand (NYSE:IR) Price Target Cut to $85.00 by Analysts at Morgan Stanley

Ingersoll Rand (NYSE:IR) had its target price lowered by Morgan Stanley from $88.00 to $85.00 in a research report report published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the industrial products company’s stock.

A number of other equities research analysts have also weighed in on IR. Citigroup restated a “buy” rating and issued a $104.00 price objective (up from $91.00) on shares of Ingersoll Rand in a report on Monday, July 14th. Melius Research set a $93.00 target price on shares of Ingersoll Rand in a research note on Monday, July 14th. Robert W. Baird lifted their target price on shares of Ingersoll Rand from $97.00 to $103.00 and gave the stock an “outperform” rating in a research note on Monday, August 4th. Stifel Nicolaus set a $78.00 target price on shares of Ingersoll Rand and gave the stock a “hold” rating in a research note on Monday, August 4th. Finally, Barclays decreased their target price on shares of Ingersoll Rand from $92.00 to $91.00 and set an “overweight” rating on the stock in a research note on Monday, August 4th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $97.75.

Ingersoll Rand Price Performance

Shares of NYSE:IR opened at $80.72 on Wednesday. The company has a 50 day moving average of $83.53 and a 200 day moving average of $82.05. The stock has a market cap of $32.08 billion, a P/E ratio of 63.06, a P/E/G ratio of 4.46 and a beta of 1.41. Ingersoll Rand has a 12 month low of $65.61 and a 12 month high of $106.03. The company has a current ratio of 2.29, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company earned $0.83 earnings per share. Ingersoll Rand’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, sell-side analysts forecast that Ingersoll Rand will post 3.32 EPS for the current fiscal year.

Ingersoll Rand declared that its Board of Directors has authorized a stock 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 buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Ingersoll Rand Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Thursday, August 14th. Ingersoll Rand’s dividend payout ratio is 6.25%.

Insider Buying and Selling at Ingersoll Rand

In other news, insider Vicente Reynal sold 38,657 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total value of $3,209,690.71. Following the transaction, the insider owned 193,186 shares in the company, valued at $16,040,233.58. This represents a 16.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ingersoll Rand

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewSquare Capital LLC grew its holdings in Ingersoll Rand by 150.7% during the 2nd quarter. NewSquare Capital LLC now owns 341 shares of the industrial products company’s stock valued at $28,000 after buying an additional 205 shares in the last quarter. Compass Wealth Management LLC grew its holdings in Ingersoll Rand by 62.8% during the 1st quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company’s stock valued at $28,000 after buying an additional 137 shares in the last quarter. Global Wealth Strategies & Associates grew its holdings in Ingersoll Rand by 325.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 374 shares of the industrial products company’s stock valued at $30,000 after buying an additional 286 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of Ingersoll Rand by 190.9% in the first quarter. Golden State Wealth Management LLC now owns 477 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 313 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. grew its holdings in shares of Ingersoll Rand by 54.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 488 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 172 shares in the last quarter. Institutional investors own 95.27% of the company’s stock.

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.