Wells Fargo & Company Trims Ingersoll Rand (NYSE:IR) Target Price to $98.00

Ingersoll Rand (NYSE:IR) had its price objective cut by Wells Fargo & Company from $105.00 to $98.00 in a report issued on Monday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the company. Stifel Nicolaus reaffirmed a buy rating and issued a $102.00 price objective on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Citigroup boosted their target price on Ingersoll Rand from $105.00 to $112.00 and gave the company a buy rating in a research report on Monday, April 8th. Robert W. Baird boosted their target price on Ingersoll Rand from $107.00 to $109.00 and gave the company an outperform rating in a research report on Monday. Barclays upped their price objective on Ingersoll Rand from $101.00 to $105.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. Finally, StockNews.com downgraded Ingersoll Rand from a buy rating to a hold rating in a research report on Saturday, May 4th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ingersoll Rand presently has an average rating of Moderate Buy and an average price target of $95.82.

Ingersoll Rand Trading Up 1.0 %

Shares of IR stock opened at $90.75 on Monday. 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 stock has a market capitalization of $36.61 billion, a price-to-earnings ratio of 45.15, a price-to-earnings-growth ratio of 3.02 and a beta of 1.40. Ingersoll Rand has a 12-month low of $56.49 and a 12-month high of $96.17. The stock’s 50-day moving average price is $91.90 and its 200-day moving average price is $81.21.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.76 billion. Equities research analysts predict that Ingersoll Rand will post 3.1 EPS for the current fiscal year.

Ingersoll Rand announced that its Board of Directors has authorized 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 purchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Ingersoll Rand Dividend Announcement

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

Insiders Place Their Bets

In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 9,715 shares in the company, valued at approximately $854,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the sale, the chief accounting officer now directly owns 9,715 shares in the company, valued at approximately $854,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew R. Schiesl sold 10,421 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total value of $937,368.95. Following the sale, the insider now owns 48,904 shares of the company’s stock, valued at $4,398,914.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293,011 shares of company stock worth $26,374,789. 0.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ingersoll Rand

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of 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 valued at $3,510,018,000 after purchasing an additional 176,734 shares during the period. FMR LLC lifted its holdings in shares of Ingersoll Rand by 3.4% in the 3rd quarter. FMR LLC now owns 19,190,038 shares of the industrial products company’s stock worth $1,222,789,000 after acquiring an additional 627,146 shares during the last quarter. Capital International Investors lifted its holdings in shares of Ingersoll Rand by 35.4% in the 4th quarter. Capital International Investors now owns 12,246,481 shares of the industrial products company’s stock worth $947,143,000 after acquiring an additional 3,202,973 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Ingersoll Rand by 1.9% in the third quarter. JPMorgan Chase & Co. now owns 11,547,716 shares of the industrial products company’s stock worth $735,821,000 after acquiring an additional 213,441 shares in the last quarter. Finally, Capital Research Global Investors grew its position in shares of 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 worth $758,847,000 after buying an additional 3,119,793 shares in the last quarter. 95.27% of the stock is currently 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.