Gradient Investments LLC Increases Holdings in Ingersoll Rand Inc. (NYSE:IR)

Gradient Investments LLC grew its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 7,671.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,409 shares of the industrial products company’s stock after buying an additional 2,378 shares during the quarter. Gradient Investments LLC’s holdings in Ingersoll Rand were worth $219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IR. Vanguard Group Inc. lifted its stake in Ingersoll Rand by 0.4% in the fourth 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 during the period. Capital International Investors lifted its stake in Ingersoll Rand by 113.7% in the first quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock worth $2,484,486,000 after acquiring an additional 13,919,775 shares during the period. JPMorgan Chase & Co. lifted its stake in Ingersoll Rand by 28.4% in the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock worth $1,517,040,000 after acquiring an additional 3,535,543 shares during the period. Capital Research Global Investors raised its holdings in Ingersoll Rand by 15.3% in the first quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company’s stock worth $1,074,477,000 after purchasing an additional 1,504,414 shares in the last quarter. Finally, Putnam Investments LLC raised its holdings in Ingersoll Rand by 8.0% in the fourth quarter. Putnam Investments LLC now owns 9,443,792 shares of the industrial products company’s stock worth $730,383,000 after purchasing an additional 696,610 shares in the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Ingersoll Rand Stock Performance

Ingersoll Rand stock traded down $1.21 during mid-day trading on Friday, hitting $91.01. The company had a trading volume of 2,260,381 shares, compared to its average volume of 2,663,954. The company has a current ratio of 2.18, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47. Ingersoll Rand Inc. has a 12-month low of $59.20 and a 12-month high of $101.30. The company’s fifty day moving average is $93.31 and its 200-day moving average is $91.60. The company has a market capitalization of $36.72 billion, a price-to-earnings ratio of 45.28, a P/E/G ratio of 2.68 and a beta of 1.45.

Ingersoll Rand Dividend Announcement

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

Ingersoll Rand declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IR shares. Wells Fargo & Company reduced their target price on shares of Ingersoll Rand from $102.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Barclays reduced their target price on shares of Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. StockNews.com downgraded shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Cfra restated a “hold” rating and set a $85.00 price objective on shares of Ingersoll Rand in a report on Friday, August 2nd. Finally, Robert W. Baird upped their price objective on shares of Ingersoll Rand from $109.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.36.

Insider Activity

In other 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 owns 100,367 shares in the company, valued at approximately $8,843,336.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 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 owns 100,367 shares in the company, valued at approximately $8,843,336.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew R. Schiesl sold 15,381 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total value of $1,380,290.94. Following the transaction, the insider now owns 39,486 shares in the company, valued at approximately $3,543,473.64. The disclosure for this sale can be found here. Insiders have sold 263,867 shares of company stock worth $23,494,392 in the last quarter. Corporate insiders own 0.68% of the company’s stock.

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.