Zacks Research Comments on Ingersoll Rand Inc.’s Q3 2024 Earnings (NYSE:IR)

Ingersoll Rand Inc. (NYSE:IR) – Stock analysts at Zacks Research increased their Q3 2024 earnings estimates for Ingersoll Rand in a research note issued to investors on Tuesday, June 25th. Zacks Research analyst S. Roy now forecasts that the industrial products company will post earnings of $0.81 per share for the quarter, up from their prior forecast of $0.80. The consensus estimate for Ingersoll Rand’s current full-year earnings is $3.19 per share. Zacks Research also issued estimates for Ingersoll Rand’s FY2024 earnings at $3.16 EPS, Q2 2025 earnings at $0.76 EPS and FY2026 earnings at $3.66 EPS.

Ingersoll Rand (NYSE:IR) last released its earnings results on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.70 billion.

A number of other research analysts have also commented on IR. Barclays decreased their price target on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Jefferies Financial Group initiated coverage on Ingersoll Rand in a research note on Friday, June 21st. They set a “buy” rating and a $110.00 target price on the stock. Stifel Nicolaus restated a “buy” rating and issued a $102.00 price target on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Wells Fargo & Company lowered their price objective on Ingersoll Rand from $105.00 to $98.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Finally, BNP Paribas began coverage on shares of Ingersoll Rand in a research report on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 target price for the company. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ingersoll Rand has an average rating of “Moderate Buy” and a consensus price target of $97.00.

Ingersoll Rand Price Performance

Shares of NYSE IR opened at $90.84 on Friday. Ingersoll Rand has a twelve month low of $59.20 and a twelve month high of $96.67. The company has a market cap of $36.65 billion, a PE ratio of 45.19, a price-to-earnings-growth ratio of 2.93 and a beta of 1.43. The business’s 50 day moving average price is $92.00 and its two-hundred day moving average price is $87.60. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27.

Ingersoll Rand declared that its board has authorized a share repurchase plan on Thursday, April 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Ingersoll Rand Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date was Wednesday, May 15th. Ingersoll Rand’s payout ratio is 3.98%.

Insider Buying and Selling at Ingersoll Rand

In related news, insider Andrew R. Schiesl sold 22,369 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $92.17, for a total transaction 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 approximately $2,843,075.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total value of $17,488,601.46. Following the completion of the sale, the insider now directly owns 100,367 shares in the company, valued at $8,843,336.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the transaction, the insider now owns 30,846 shares in the company, valued at approximately $2,843,075.82. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Ingersoll Rand

A number of institutional investors have recently modified their holdings of the company. Greenleaf Trust boosted its stake in Ingersoll Rand by 2.0% during the 1st quarter. Greenleaf Trust now owns 5,921 shares of the industrial products company’s stock valued at $562,000 after purchasing an additional 118 shares during the last quarter. Spire Wealth Management boosted its position in shares of Ingersoll Rand by 8.5% during the first quarter. Spire Wealth Management now owns 1,603 shares of the industrial products company’s stock valued at $152,000 after buying an additional 126 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Ingersoll Rand by 38.5% during the first quarter. EverSource Wealth Advisors LLC now owns 453 shares of the industrial products company’s stock worth $42,000 after buying an additional 126 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Ingersoll Rand by 28.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 637 shares of the industrial products company’s stock valued at $60,000 after buying an additional 141 shares during the last quarter. Finally, Pitcairn Co. lifted its stake in Ingersoll Rand by 4.1% during the 1st quarter. Pitcairn Co. now owns 3,829 shares of the industrial products company’s stock valued at $364,000 after acquiring an additional 152 shares in the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.

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.