Ingersoll Rand (NYSE:IR) Releases FY 2024 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.280-3.340 for the period, compared to the consensus earnings per share estimate of 3.320. The company issued revenue guidance of $7.2 billion-$7.4 billion, compared to the consensus revenue estimate of $7.3 billion. Ingersoll Rand also updated its FY24 guidance to $3.28-3.34 EPS.

Ingersoll Rand Price Performance

Ingersoll Rand stock traded down $1.28 during midday trading on Thursday, reaching $96.00. The company’s stock had a trading volume of 3,325,253 shares, compared to its average volume of 2,535,963. The business has a 50-day moving average price of $95.16 and a 200-day moving average price of $93.42. Ingersoll Rand has a 52 week low of $60.18 and a 52 week high of $102.74. The stock has a market cap of $38.73 billion, a PE ratio of 48.40, a price-to-earnings-growth ratio of 2.69 and a beta of 1.42. The company has a current ratio of 2.18, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR) last released its earnings results on Wednesday, July 31st. The industrial products company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.06. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Ingersoll Rand had a return on equity of 13.00% and a net margin of 11.73%. On average, sell-side analysts predict that Ingersoll Rand will post 3.21 EPS for the current year.

Ingersoll Rand Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 14th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%. The ex-dividend date of this dividend is Thursday, November 14th. Ingersoll Rand’s dividend payout ratio is presently 3.98%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IR. Morgan Stanley initiated coverage on shares of Ingersoll Rand in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Wolfe Research raised shares of Ingersoll Rand to a “hold” rating in a report on Friday, September 20th. Cfra increased their price objective on Ingersoll Rand from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Stifel Nicolaus raised their price objective on Ingersoll Rand from $101.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Barclays boosted their target price on Ingersoll Rand from $101.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus target price of $102.17.

Insider Transactions at Ingersoll Rand

In related news, insider Andrew R. Schiesl sold 15,381 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $89.74, for a total value of $1,380,290.94. Following the completion of the sale, the insider now owns 39,486 shares in the company, valued at approximately $3,543,473.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Andrew R. Schiesl sold 15,381 shares of Ingersoll Rand stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total value of $1,380,290.94. Following the completion of the sale, the insider now owns 39,486 shares in the company, valued at approximately $3,543,473.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Elizabeth Meloy Hepding sold 7,500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $91.42, for a total transaction of $685,650.00. Following the completion of the sale, the insider now directly owns 6,559 shares of the company’s stock, valued at $599,623.78. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,510 shares of company stock valued at $7,108,005. Corporate insiders own 0.68% of the company’s stock.

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.