iA Global Asset Management Inc. Takes $1.08 Million Position in Ingersoll Rand Inc. (NYSE:IR)

iA Global Asset Management Inc. purchased a new position in shares of Ingersoll Rand Inc. (NYSE:IR) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 11,332 shares of the industrial products company’s stock, valued at approximately $1,076,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James & Associates raised its holdings in shares of Ingersoll Rand by 55.3% in the 4th quarter. Raymond James & Associates now owns 184,394 shares of the industrial products company’s stock valued at $14,261,000 after purchasing an additional 65,632 shares in the last quarter. Global Retirement Partners LLC lifted its stake in shares of Ingersoll Rand by 26.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,276 shares of the industrial products company’s stock worth $177,000 after buying an additional 476 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Ingersoll Rand by 4.7% during the fourth quarter. Pinnacle Associates Ltd. now owns 4,333 shares of the industrial products company’s stock worth $335,000 after purchasing an additional 193 shares during the period. Fifth Third Bancorp grew its holdings in shares of Ingersoll Rand by 2.5% in the fourth quarter. Fifth Third Bancorp now owns 12,819 shares of the industrial products company’s stock valued at $991,000 after purchasing an additional 307 shares in the last quarter. Finally, Pallas Capital Advisors LLC acquired a new position in Ingersoll Rand during the 4th quarter worth approximately $250,000. 95.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Jefferies Financial Group began coverage on shares of Ingersoll Rand in a research report on Friday, June 21st. They set a “buy” rating and a $110.00 price objective for the company. Citigroup increased their price objective on shares of Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Barclays raised their price target on shares of Ingersoll Rand from $104.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Stifel Nicolaus lifted their price objective on shares of Ingersoll Rand from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company raised their target price on Ingersoll Rand from $98.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Four research 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 an average price target of $98.17.

Ingersoll Rand Trading Down 9.1 %

Shares of Ingersoll Rand stock traded down $9.17 on Thursday, hitting $91.23. 7,341,086 shares of the company’s stock traded hands, compared to its average volume of 2,649,814. The company has a market capitalization of $36.81 billion, a price-to-earnings ratio of 45.09, a price-to-earnings-growth ratio of 2.90 and a beta of 1.45. Ingersoll Rand Inc. has a one year low of $59.20 and a one year high of $101.30. The company has a fifty day moving average of $93.86 and a two-hundred day moving average of $90.79. 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 (NYSE:IR) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.70 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. As a group, sell-side analysts expect that Ingersoll Rand Inc. will post 3.17 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be issued a dividend of $0.02 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio is presently 3.98%.

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

Insider Buying and Selling at Ingersoll Rand

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

Ingersoll Rand 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.