Ingersoll Rand (NYSE:IR) Given New $115.00 Price Target at Robert W. Baird

Ingersoll Rand (NYSE:IR) had its price objective hoisted by Robert W. Baird from $109.00 to $115.00 in a report issued on Friday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on IR. StockNews.com cut Ingersoll Rand from a buy rating to a hold rating in a report on Saturday, May 4th. Barclays reduced their target price on Ingersoll Rand from $106.00 to $101.00 and set an overweight rating on the stock in a report on Friday. Wells Fargo & Company lifted their target price on Ingersoll Rand from $98.00 to $102.00 and gave the stock an overweight rating in a report on Wednesday, July 10th. Stifel Nicolaus lifted their price target on Ingersoll Rand from $100.00 to $110.00 and gave the stock a buy rating in a research report on Thursday, July 18th. Finally, Citigroup lifted their price target on Ingersoll Rand from $105.00 to $112.00 and gave the stock a buy rating in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $98.08.

Ingersoll Rand Price Performance

NYSE:IR traded down $3.81 on Friday, reaching $87.42. 6,031,716 shares of the company’s stock traded hands, compared to its average volume of 2,514,255. The company has a quick ratio of 1.71, a current ratio of 2.18 and a debt-to-equity ratio of 0.47. The stock has a 50-day simple moving average of $93.62 and a 200-day simple moving average of $90.86. The firm has a market cap of $35.27 billion, a PE ratio of 43.49, a P/E/G ratio of 2.68 and a beta of 1.45. Ingersoll Rand has a 12 month low of $59.20 and a 12 month high of $101.30.

Ingersoll Rand (NYSE:IR) last posted 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. Ingersoll Rand had a return on equity of 13.00% and a net margin of 11.73%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Equities research analysts forecast that Ingersoll Rand will post 3.17 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date of this dividend is Thursday, August 15th. Ingersoll Rand’s payout ratio is presently 3.98%.

Ingersoll Rand declared that its Board of Directors has initiated a share repurchase 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 repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Ingersoll Rand

In other news, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the sale, the insider now directly owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The sale was disclosed in a filing 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 company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares of the company’s stock, valued at $8,843,336.37. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew R. Schiesl sold 22,369 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the completion of the sale, the insider now directly owns 30,846 shares in the company, valued at $2,843,075.82. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Ingersoll Rand

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Ingersoll Rand by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 45,384,257 shares of the industrial products company’s stock worth $3,510,018,000 after acquiring an additional 176,734 shares in the last quarter. Capital International Investors raised its position in shares of 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 worth $2,484,486,000 after purchasing an additional 13,919,775 shares during the last quarter. JPMorgan Chase & Co. raised 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 worth $1,517,040,000 after purchasing an additional 3,535,543 shares during the last quarter. Capital Research Global Investors raised its holdings in Ingersoll Rand by 15.3% in the 1st quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company’s stock valued at $1,074,477,000 after acquiring an additional 1,504,414 shares during the last quarter. Finally, Putnam Investments LLC raised its holdings in Ingersoll Rand by 8.0% in the 4th quarter. Putnam Investments LLC now owns 9,443,792 shares of the industrial products company’s stock valued at $730,383,000 after acquiring an additional 696,610 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

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.