Bank of New York Mellon Corp Sells 94,032 Shares of Ingersoll Rand Inc. $IR

Bank of New York Mellon Corp trimmed its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 2.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,019,041 shares of the industrial products company’s stock after selling 94,032 shares during the period. Bank of New York Mellon Corp owned approximately 1.01% of Ingersoll Rand worth $332,053,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. NewSquare Capital LLC raised its holdings in Ingersoll Rand by 150.7% in the second quarter. NewSquare Capital LLC now owns 341 shares of the industrial products company’s stock worth $28,000 after buying an additional 205 shares during the last quarter. Heartwood Wealth Advisors LLC purchased a new position in Ingersoll Rand in the 3rd quarter worth approximately $36,000. Grey Fox Wealth Advisors LLC purchased a new stake in Ingersoll Rand during the 3rd quarter valued at $36,000. Gladwyn Financial Advisors Inc. bought a new stake in shares of Ingersoll Rand in the 2nd quarter worth $42,000. Finally, Legacy Investment Solutions LLC bought a new position in shares of Ingersoll Rand during the second quarter valued at $45,000. Institutional investors own 95.27% of the company’s stock.

Analyst Ratings Changes

IR has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of Ingersoll Rand from $87.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Citigroup increased their price target on Ingersoll Rand from $94.00 to $98.00 and gave the company a “buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ingersoll Rand in a report on Monday, December 29th. Robert W. Baird lowered their target price on Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Finally, Zacks Research upgraded Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $92.13.

Ingersoll Rand Stock Up 4.1%

IR stock opened at $88.78 on Friday. The business’s 50-day moving average price is $82.35 and its 200-day moving average price is $80.81. The stock has a market cap of $35.08 billion, a P/E ratio of 65.76, a PEG ratio of 5.37 and a beta of 1.33. The company has a quick ratio of 1.51, a current ratio of 2.16 and a debt-to-equity ratio of 0.47. Ingersoll Rand Inc. has a twelve month low of $65.61 and a twelve month high of $95.85.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings results on Thursday, October 30th. The industrial products company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.01). The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Ingersoll Rand had a net margin of 7.31% and a return on equity of 12.14%. Ingersoll Rand’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 EPS. On average, equities research analysts forecast that Ingersoll Rand Inc. will post 3.32 EPS for the current year.

Insider Transactions at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 191,000 shares of the stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $88.12, for a total transaction of $16,830,920.00. Following the completion of the sale, the insider directly owned 193,186 shares of the company’s stock, valued at $17,023,550.32. This trade represents a 49.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Michael J. Scheske sold 1,477 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $80.63, for a total transaction of $119,090.51. Following the completion of the transaction, the chief accounting officer directly owned 12,153 shares in the company, valued at $979,896.39. This trade represents a 10.84% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.59% of the company’s stock.

Ingersoll Rand Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.