1832 Asset Management L.P. Invests $21.41 Million in Ingersoll Rand Inc. (NYSE:IR)

1832 Asset Management L.P. bought a new position in shares of Ingersoll Rand Inc. (NYSE:IR) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 225,500 shares of the industrial products company’s stock, valued at approximately $21,411,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Greenleaf Trust lifted its position in shares of Ingersoll Rand by 2.0% during the 1st quarter. Greenleaf Trust now owns 5,921 shares of the industrial products company’s stock worth $562,000 after buying an additional 118 shares during the period. Spire Wealth Management increased its holdings in Ingersoll Rand by 8.5% during the 1st quarter. Spire Wealth Management now owns 1,603 shares of the industrial products company’s stock valued at $152,000 after purchasing an additional 126 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Ingersoll Rand by 28.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 637 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 141 shares in the last quarter. Pitcairn Co. increased its holdings 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 purchasing an additional 152 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its holdings in Ingersoll Rand by 2.7% during the 1st quarter. Bleakley Financial Group LLC now owns 6,103 shares of the industrial products company’s stock valued at $579,000 after purchasing an additional 163 shares in the last quarter. Institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Stock Up 1.8 %

IR traded up $1.76 during midday trading on Friday, reaching $98.70. The company’s stock had a trading volume of 1,803,638 shares, compared to its average volume of 1,944,285. The firm has a market capitalization of $39.82 billion, a price-to-earnings ratio of 49.10, a PEG ratio of 2.90 and a beta of 1.45. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27. Ingersoll Rand Inc. has a 1 year low of $59.20 and a 1 year high of $101.30. The stock’s 50-day moving average is $93.62 and its 200-day moving average is $90.32.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, beating 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 firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.70 billion. As a group, research analysts expect that Ingersoll Rand Inc. will post 3.17 EPS for the current year.

Ingersoll Rand declared that its board has initiated a stock repurchase plan on Thursday, April 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Ingersoll Rand Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.08%. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Insider Buying and Selling

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction on Friday, May 17th. The shares were sold at an average price of $92.17, for a total value of $2,061,750.73. Following the sale, the insider now directly owns 30,846 shares in the company, valued at approximately $2,843,075.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Vicente Reynal sold 198,486 shares of the company’s 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 of the company’s stock, valued at approximately $8,843,336.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew R. Schiesl sold 22,369 shares of the company’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 completion of the sale, the insider now directly owns 30,846 shares in the company, valued at $2,843,075.82. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IR. Citigroup raised their price target on Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a report on Monday, April 8th. StockNews.com cut Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Barclays raised their price target on Ingersoll Rand from $104.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Jefferies Financial Group began coverage on Ingersoll Rand in a report on Friday, June 21st. They set a “buy” rating and a $110.00 price target for the company. Finally, Stifel Nicolaus lifted their target price on Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus target price of $98.17.

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.