Canandaigua National Bank & Trust Co. Reduces Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Canandaigua National Bank & Trust Co. trimmed its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 4.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,614 shares of the industrial products company’s stock after selling 156 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Ingersoll Rand were worth $343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. ANTIPODES PARTNERS Ltd acquired a new stake in Ingersoll Rand during the 4th quarter worth $27,000. Kapitalo Investimentos Ltda acquired a new stake in Ingersoll Rand during the 4th quarter worth $28,000. Scarborough Advisors LLC purchased a new position in Ingersoll Rand during the 4th quarter worth $32,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Ingersoll Rand in the fourth quarter valued at about $42,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Ingersoll Rand during the fourth quarter worth about $62,000. 95.27% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Andrew R. Schiesl sold 22,369 shares of the firm’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 in the company, valued at $2,843,075.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Ingersoll Rand news, 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 directly owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vicente Reynal sold 198,486 shares of the business’s 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 transaction, the insider now owns 100,367 shares in the company, valued at approximately $8,843,336.37. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Ingersoll Rand Price Performance

IR stock traded up $0.95 during trading on Tuesday, hitting $94.25. The stock had a trading volume of 1,155,995 shares, compared to its average volume of 2,691,348. Ingersoll Rand Inc. has a 1-year low of $59.20 and a 1-year high of $96.67. The stock has a market cap of $38.02 billion, a price-to-earnings ratio of 46.41, a price-to-earnings-growth ratio of 2.96 and a beta of 1.43. The company’s 50 day moving average price is $91.82 and its two-hundred day moving average price is $86.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.71 and a current ratio of 2.32.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.70 billion. On average, sell-side analysts forecast that Ingersoll Rand Inc. will post 3.18 EPS for the current fiscal year.

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

Ingersoll Rand Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%. The ex-dividend date was Wednesday, May 15th. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.98%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Ingersoll Rand from $87.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Stifel Nicolaus restated a “buy” rating and issued a $102.00 price target on shares of Ingersoll Rand in a report on Tuesday, March 26th. BNP Paribas started coverage on Ingersoll Rand in a report on Tuesday, March 12th. They set a “neutral” rating and a $92.00 price objective for the company. StockNews.com lowered Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Finally, Barclays dropped their price target on Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Ingersoll Rand currently has an average rating of “Moderate Buy” and a consensus target price of $95.82.

About Ingersoll Rand

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.