CIBC Asset Management Inc cut its holdings in shares of Ingersoll Rand Inc. (NYSE:IR – Free Report) by 3.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,452 shares of the industrial products company’s stock after selling 2,215 shares during the quarter. CIBC Asset Management Inc’s holdings in Ingersoll Rand were worth $4,289,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. NEOS Investment Management LLC grew its holdings in shares of Ingersoll Rand by 21.3% in the fourth quarter. NEOS Investment Management LLC now owns 10,107 shares of the industrial products company’s stock valued at $782,000 after purchasing an additional 1,777 shares in the last quarter. Varenne Capital Partners acquired a new position in shares of Ingersoll Rand in the fourth quarter worth $1,693,000. Eagle Asset Management Inc. increased its position in shares of Ingersoll Rand by 3.2% during the fourth quarter. Eagle Asset Management Inc. now owns 28,044 shares of the industrial products company’s stock worth $2,169,000 after acquiring an additional 864 shares during the period. Bank of Nova Scotia raised its stake in shares of Ingersoll Rand by 33.4% in the fourth quarter. Bank of Nova Scotia now owns 50,087 shares of the industrial products company’s stock valued at $3,874,000 after acquiring an additional 12,550 shares in the last quarter. Finally, Qtron Investments LLC increased its holdings in Ingersoll Rand by 43.6% during the 4th quarter. Qtron Investments LLC now owns 8,565 shares of the industrial products company’s stock worth $662,000 after purchasing an additional 2,601 shares during the period. 95.27% of the stock is owned by institutional investors and hedge funds.
Ingersoll Rand Trading Up 2.0 %
Shares of IR stock opened at $89.74 on Thursday. The business’s fifty day moving average price is $92.15 and its 200 day moving average price is $85.18. The firm has a market capitalization of $36.20 billion, a PE ratio of 44.65, a P/E/G ratio of 2.84 and a beta of 1.43. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.71. Ingersoll Rand Inc. has a 1-year low of $59.20 and a 1-year high of $96.67.
Ingersoll Rand (NYSE:IR – Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.70 billion. As a group, sell-side analysts forecast that Ingersoll Rand Inc. will post 3.18 EPS for the current fiscal year.
Ingersoll Rand Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 16th will be issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio is presently 3.98%.
Ingersoll Rand announced that its Board of Directors has approved a share repurchase program on Thursday, April 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. Wells Fargo & Company decreased their price objective on Ingersoll Rand from $105.00 to $98.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Barclays dropped their price objective on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Citigroup lifted their price objective on shares of Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Cfra increased their target price on Ingersoll Rand from $68.00 to $85.00 and gave the company a “hold” rating in a report on Friday, February 16th. Finally, BNP Paribas assumed coverage on Ingersoll Rand in a report on Tuesday, March 12th. They set a “neutral” rating and a $92.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $95.82.
Get Our Latest Report on Ingersoll Rand
Insiders Place Their Bets
In related news, insider Vicente Reynal sold 198,486 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares of the company’s stock, valued at approximately $8,843,336.37. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $92.17, for a total value of $2,061,750.73. Following the completion of the transaction, the insider now directly owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Vicente Reynal sold 198,486 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares in the company, valued at approximately $8,843,336.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 255,855 shares of company stock worth $22,681,452. 0.68% of the stock is owned by corporate insiders.
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.
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