DNB Asset Management AS Buys 2,906 Shares of Ingersoll Rand Inc. (NYSE:IR)

DNB Asset Management AS grew its stake in Ingersoll Rand Inc. (NYSE:IR) by 3.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,449 shares of the industrial products company’s stock after acquiring an additional 2,906 shares during the quarter. DNB Asset Management AS’s holdings in Ingersoll Rand were worth $9,034,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of IR. Capital International Investors increased its stake in shares of Ingersoll Rand by 113.7% in the 1st quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock valued at $2,484,486,000 after acquiring an additional 13,919,775 shares during the last quarter. Capital World Investors acquired a new position in shares of Ingersoll Rand in the 1st quarter valued at approximately $440,401,000. Norges Bank acquired a new position in shares of Ingersoll Rand in the 4th quarter valued at approximately $301,890,000. JPMorgan Chase & Co. grew its position in shares of Ingersoll Rand by 28.4% in the 1st quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock valued at $1,517,040,000 after purchasing an additional 3,535,543 shares during the period. Finally, Capital Research Global Investors grew its position in shares of Ingersoll Rand by 46.6% in the 4th quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock valued at $758,847,000 after purchasing an additional 3,119,793 shares during the period. 95.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company reduced their price target on Ingersoll Rand from $102.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday. StockNews.com cut Ingersoll Rand from a “buy” rating to a “hold” rating in a research note on Saturday, May 4th. Barclays dropped their price target on Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating on the stock in a research note on Friday. Cfra restated a “hold” rating and issued a $85.00 price target on shares of Ingersoll Rand in a research note on Friday. Finally, Stifel Nicolaus increased their price target 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 eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.36.

Ingersoll Rand Price Performance

NYSE:IR traded up $1.11 during trading hours on Tuesday, hitting $88.15. The company’s stock had a trading volume of 2,966,429 shares, compared to its average volume of 2,687,198. The stock has a fifty day simple moving average of $93.46 and a 200-day simple moving average of $91.11. The company has a market capitalization of $35.56 billion, a P/E ratio of 44.29, a PEG ratio of 2.68 and a beta of 1.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.18 and a quick ratio of 1.71. Ingersoll Rand Inc. has a twelve month low of $59.20 and a twelve month high of $101.30.

Ingersoll Rand Dividend Announcement

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

Ingersoll Rand announced that its Board of Directors has authorized a share buyback program on Thursday, April 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction dated 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 sale, the insider now directly owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew R. Schiesl sold 22,369 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 30,846 shares of the company’s stock, valued at $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.