Q2 2024 EPS Estimates for Ingersoll Rand Inc. (NYSE:IR) Lowered by Analyst

Ingersoll Rand Inc. (NYSE:IR) – Equities research analysts at Zacks Research cut their Q2 2024 EPS estimates for Ingersoll Rand in a research report issued to clients and investors on Tuesday, July 23rd. Zacks Research analyst S. Roy now forecasts that the industrial products company will post earnings of $0.70 per share for the quarter, down from their prior estimate of $0.72. The consensus estimate for Ingersoll Rand’s current full-year earnings is $3.19 per share. Zacks Research also issued estimates for Ingersoll Rand’s Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $0.71 EPS, Q2 2025 earnings at $0.74 EPS, Q1 2026 earnings at $0.76 EPS and Q2 2026 earnings at $0.84 EPS.

IR has been the subject of several other research reports. StockNews.com downgraded Ingersoll Rand from a “buy” rating to a “hold” rating in a research note on Saturday, May 4th. Jefferies Financial Group began coverage on Ingersoll Rand in a research note on Friday, June 21st. They issued a “buy” rating and a $110.00 price objective for the company. Citigroup upped their price objective on Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Stifel Nicolaus upped their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company increased their target price on shares of Ingersoll Rand from $98.00 to $102.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Ingersoll Rand presently has an average rating of “Moderate Buy” and a consensus price target of $98.17.

Ingersoll Rand Stock Up 1.3 %

Shares of NYSE IR opened at $96.95 on Wednesday. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27. The company has a market cap of $39.11 billion, a price-to-earnings ratio of 48.23, a PEG ratio of 2.92 and a beta of 1.45. Ingersoll Rand has a 12 month low of $59.20 and a 12 month high of $101.30. The stock has a 50-day moving average price of $93.50 and a two-hundred day moving average price of $90.06.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.09. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Ingersoll Rand

Large investors have recently modified their holdings of the company. Capital International Investors lifted its stake in Ingersoll Rand by 113.7% during the 1st quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock valued at $2,484,486,000 after acquiring an additional 13,919,775 shares in the last quarter. Capital World Investors bought a new position in Ingersoll Rand during the 1st quarter valued at $440,401,000. Norges Bank purchased a new stake in shares of Ingersoll Rand during the 4th quarter valued at $301,890,000. JPMorgan Chase & Co. increased its position in shares of Ingersoll Rand by 28.4% during the 1st quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock valued at $1,517,040,000 after purchasing an additional 3,535,543 shares during the last quarter. Finally, Capital Research Global Investors increased its position in shares of Ingersoll Rand by 46.6% during the 4th quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock valued at $758,847,000 after purchasing an additional 3,119,793 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors.

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.