State of Michigan Retirement System Sells 11,900 Shares of Ingersoll Rand Inc. $IR

State of Michigan Retirement System cut its position in Ingersoll Rand Inc. (NYSE:IR) by 10.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,823 shares of the industrial products company’s stock after selling 11,900 shares during the quarter. State of Michigan Retirement System’s holdings in Ingersoll Rand were worth $8,082,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in IR. Norges Bank purchased a new stake in Ingersoll Rand during the second quarter valued at about $397,501,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Ingersoll Rand by 8,153.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,614,212 shares of the industrial products company’s stock valued at $137,692,000 after buying an additional 1,594,653 shares in the last quarter. Swedbank AB boosted its holdings in Ingersoll Rand by 141.1% in the 3rd quarter. Swedbank AB now owns 2,249,353 shares of the industrial products company’s stock worth $185,842,000 after buying an additional 1,316,375 shares during the period. Liontrust Investment Partners LLP purchased a new position in Ingersoll Rand in the 2nd quarter valued at approximately $81,628,000. Finally, Vanguard Group Inc. raised its holdings in Ingersoll Rand by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 47,128,533 shares of the industrial products company’s stock valued at $3,920,151,000 after acquiring an additional 859,062 shares during the period. Institutional investors own 95.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wells Fargo & Company raised their price target on Ingersoll Rand from $87.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Stifel Nicolaus raised their target price on Ingersoll Rand from $81.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, January 23rd. Zacks Research raised Ingersoll Rand from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Citigroup increased their price target on shares of Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ingersoll Rand in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.13.

Ingersoll Rand Stock Performance

Shares of IR opened at $98.52 on Monday. Ingersoll Rand Inc. has a 12-month low of $65.61 and a 12-month high of $99.44. The company has a current ratio of 2.16, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. The company has a market cap of $38.93 billion, a PE ratio of 72.98, a price-to-earnings-growth ratio of 6.12 and a beta of 1.32. The stock has a 50-day moving average price of $84.04 and a 200-day moving average price of $81.04.

Insider Buying and Selling

In related news, insider Vicente Reynal sold 191,000 shares of the company’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $88.12, for a total value of $16,830,920.00. Following the completion of the transaction, the insider directly owned 193,186 shares in the company, valued at approximately $17,023,550.32. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael J. Scheske sold 1,477 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $80.63, for a total value of $119,090.51. Following the sale, the chief accounting officer owned 12,153 shares in the company, valued at $979,896.39. The trade was a 10.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 292,477 shares of company stock valued at $26,703,912. Corporate insiders own 0.68% 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.