Ingersoll Rand Inc. (NYSE:IR) Sees Large Increase in Short Interest

Ingersoll Rand Inc. (NYSE:IR) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 10,380,000 shares, a growth of 8.0% from the May 31st total of 9,610,000 shares. Based on an average daily volume of 2,840,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 2.6% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares of the company’s stock, valued at approximately $8,843,336.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares of the company’s stock, valued at approximately $8,843,336.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 30,846 shares in the company, valued at approximately $2,843,075.82. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Trading of Ingersoll Rand

Several institutional investors have recently made changes to their positions in IR. Capital International Investors grew its position in Ingersoll Rand by 113.7% during the first quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock valued at $2,484,486,000 after buying an additional 13,919,775 shares during the period. Capital World Investors bought a new position in Ingersoll Rand during the first quarter valued at about $440,401,000. Norges Bank bought a new position in Ingersoll Rand during the fourth quarter valued at about $301,890,000. JPMorgan Chase & Co. grew its position in Ingersoll Rand by 28.4% during the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock valued at $1,517,040,000 after buying an additional 3,535,543 shares during the period. Finally, Capital Research Global Investors grew its position in Ingersoll Rand by 46.6% during the fourth quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock valued at $758,847,000 after buying an additional 3,119,793 shares during the period. Institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Stock Up 0.6 %

IR stock traded up $0.53 during midday trading on Wednesday, reaching $91.19. 52,609 shares of the company’s stock traded hands, compared to its average volume of 2,666,391. The company has a market cap of $36.79 billion, a price-to-earnings ratio of 45.10, a P/E/G ratio of 2.65 and a beta of 1.45. The firm’s fifty day moving average price is $92.01 and its 200-day moving average price is $87.80. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. Ingersoll Rand has a 52 week low of $59.20 and a 52 week high of $96.67.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results 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. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.70 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. As a group, sell-side analysts forecast that Ingersoll Rand will post 3.19 earnings per share for the current fiscal year.

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

Ingersoll Rand Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th were paid a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Ingersoll Rand’s payout ratio is 3.98%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on IR shares. Stifel Nicolaus restated a “buy” rating and issued a $102.00 price target on shares of Ingersoll Rand in a research report on Tuesday, March 26th. Barclays dropped their price target on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Robert W. Baird boosted their price target on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. StockNews.com downgraded shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Finally, Citigroup boosted their target price on shares of Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and an average price target of $97.00.

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.