Ingersoll Rand (IR) to Release Quarterly Earnings on Thursday

Ingersoll Rand (NYSE:IR) is set to release its earnings data after the market closes on Thursday, May 2nd. Analysts expect Ingersoll Rand to post earnings of $0.67 per share for the quarter. Ingersoll Rand has set its FY24 guidance at $3.14-3.24 EPS.Persons interested in registering for the company’s earnings conference call can do so using this link.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. Ingersoll Rand had a return on equity of 12.24% and a net margin of 11.32%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.76 billion. On average, analysts expect Ingersoll Rand to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Ingersoll Rand Price Performance

Shares of NYSE:IR opened at $93.31 on Wednesday. Ingersoll Rand has a 1-year low of $55.86 and a 1-year high of $96.17. The stock has a market cap of $37.64 billion, a PE ratio of 49.11, a price-to-earnings-growth ratio of 3.26 and a beta of 1.44. The stock’s fifty day simple moving average is $91.91 and its two-hundred day simple moving average is $80.25. The company has a current ratio of 2.22, a quick ratio of 1.67 and a debt-to-equity ratio of 0.27.

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.

Ingersoll Rand Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date of this dividend is Wednesday, May 15th. Ingersoll Rand’s dividend payout ratio is presently 4.21%.

Analysts Set New Price Targets

Several brokerages recently weighed in on IR. Citigroup lifted their price objective on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Evercore ISI downgraded Ingersoll Rand from an “outperform” rating to an “in-line” rating and raised their target price for the stock from $81.00 to $89.00 in a research note on Tuesday, February 20th. StockNews.com downgraded Ingersoll Rand from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Cfra raised their target price on Ingersoll Rand from $68.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, February 16th. Finally, UBS Group raised their target price on Ingersoll Rand from $78.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Insiders Place Their Bets

In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of Ingersoll Rand stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total value of $667,920.00. Following the transaction, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at approximately $854,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Vicente Reynal sold 240,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total transaction of $21,638,400.00. Following the transaction, the insider now directly owns 91,957 shares of the company’s stock, valued at $8,290,843.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michael J. Scheske sold 7,590 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total value of $667,920.00. Following the transaction, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The disclosure for this sale can be found here. Insiders have sold 293,011 shares of company stock valued at $26,374,789 in the last ninety days. Company insiders own 0.83% of the company’s stock.

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.