Ingersoll Rand (NYSE:IR) Issues Quarterly Earnings Results

Ingersoll Rand (NYSE:IR) posted its quarterly earnings data on Thursday. The industrial products company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.05, FiscalAI reports. Ingersoll Rand had a net margin of 7.31% and a return on equity of 12.14%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.04 billion.

Ingersoll Rand Stock Down 2.3%

IR stock traded down $2.19 during trading hours on Thursday, hitting $94.56. The company’s stock had a trading volume of 8,674,095 shares, compared to its average volume of 4,393,522. The company has a market capitalization of $37.36 billion, a PE ratio of 70.04, a price-to-earnings-growth ratio of 6.07 and a beta of 1.32. The stock has a 50 day moving average price of $85.13 and a two-hundred day moving average price of $81.29. The company has a quick ratio of 1.51, a current ratio of 2.16 and a debt-to-equity ratio of 0.47. Ingersoll Rand has a 12 month low of $65.61 and a 12 month high of $100.00.

Ingersoll Rand Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Wednesday, March 4th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Wednesday, March 4th. Ingersoll Rand’s payout ratio is currently 5.93%.

Insiders Place Their Bets

In other Ingersoll Rand news, CAO Michael J. Scheske sold 1,477 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $80.63, for a total value of $119,090.51. Following the completion of the sale, the chief accounting officer owned 12,153 shares of the company’s stock, valued at $979,896.39. The trade was a 10.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vicente Reynal sold 90,281 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $97.92, for a total value of $8,840,315.52. Following the sale, the insider owned 193,186 shares of the company’s stock, valued at approximately $18,916,773.12. This trade represents a 31.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 292,477 shares of company stock valued at $26,703,912 over the last quarter. 0.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ingersoll Rand

Several institutional investors and hedge funds have recently added to or reduced their stakes in IR. AQR Capital Management LLC grew its holdings in Ingersoll Rand by 12.7% during the first quarter. AQR Capital Management LLC now owns 37,078 shares of the industrial products company’s stock valued at $2,904,000 after purchasing an additional 4,167 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Ingersoll Rand by 4.8% in the first quarter. NewEdge Advisors LLC now owns 6,168 shares of the industrial products company’s stock worth $494,000 after buying an additional 282 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Ingersoll Rand by 6.2% during the 1st quarter. Empowered Funds LLC now owns 7,731 shares of the industrial products company’s stock worth $619,000 after buying an additional 454 shares during the period. Woodline Partners LP acquired a new position in Ingersoll Rand in the 1st quarter valued at $643,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Ingersoll Rand by 663.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 74,615 shares of the industrial products company’s stock valued at $6,206,000 after buying an additional 64,838 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

IR has been the subject of several recent analyst reports. Citigroup raised their target price on Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Stifel Nicolaus raised their price objective on Ingersoll Rand from $81.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, January 23rd. Zacks Research raised Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Wells Fargo & Company increased their price target on shares of Ingersoll Rand from $87.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Finally, Robert W. Baird lowered their price objective on shares of Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $92.13.

About Ingersoll Rand

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.