Ingersoll Rand (NYSE:IR) Issues FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $3.28-3.34 for the period, compared to the consensus EPS estimate of $3.32. The company issued revenue guidance of ~$7.22-7.36 billion, compared to the consensus revenue estimate of $7.34 billion. Ingersoll Rand also updated its FY 2024 guidance to 3.280-3.340 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Ingersoll Rand in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Cfra increased their price objective on shares of Ingersoll Rand from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Stifel Nicolaus raised their price target on shares of Ingersoll Rand from $101.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Evercore ISI dropped their price target on shares of Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, Wells Fargo & Company raised their price target on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Ingersoll Rand has a consensus rating of “Moderate Buy” and an average price target of $102.17.

Ingersoll Rand Stock Down 2.1 %

NYSE:IR traded down $2.03 on Friday, hitting $93.97. The stock had a trading volume of 3,880,988 shares, compared to its average volume of 1,963,271. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 2.18. The stock has a market cap of $37.92 billion, a P/E ratio of 45.84, a price-to-earnings-growth ratio of 2.63 and a beta of 1.42. Ingersoll Rand has a 1 year low of $62.12 and a 1 year high of $102.74. The firm’s fifty day simple moving average is $95.32 and its two-hundred day simple moving average is $93.50.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.74 by $0.06. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. Ingersoll Rand had a net margin of 11.72% and a return on equity of 13.14%. Analysts predict that Ingersoll Rand will post 3.21 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 14th will be paid a $0.02 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio (DPR) is 3.90%.

Insider Buying and Selling at Ingersoll Rand

In other news, insider Vicente Reynal sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $92.51, for a total transaction of $4,625,500.00. Following the completion of the sale, the insider now owns 100,367 shares in the company, valued at $9,284,951.17. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Vicente Reynal sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $92.51, for a total transaction of $4,625,500.00. Following the completion of the sale, the insider now owns 100,367 shares in the company, valued at $9,284,951.17. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew R. Schiesl sold 15,381 shares of the firm’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 transaction of $1,380,290.94. Following the sale, the insider now owns 39,486 shares of the company’s stock, valued at approximately $3,543,473.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 77,510 shares of company stock worth $7,108,005. 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.