Ingersoll Rand (NYSE:IR) Board of Directors Declares Share Repurchase Program

Ingersoll Rand (NYSE:IR) declared that its board has authorized a stock repurchase program on Thursday, May 1st, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Ingersoll Rand Trading Up 0.7 %

Shares of IR stock opened at $76.72 on Friday. The business has a 50-day moving average price of $77.57 and a two-hundred day moving average price of $89.36. Ingersoll Rand has a 12-month low of $65.61 and a 12-month high of $106.03. The company has a quick ratio of 1.71, a current ratio of 2.29 and a debt-to-equity ratio of 0.46. The firm has a market cap of $30.92 billion, a P/E ratio of 37.24, a price-to-earnings-growth ratio of 3.50 and a beta of 1.40.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). Ingersoll Rand had a return on equity of 12.78% and a net margin of 11.59%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the business posted $0.78 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. Equities analysts anticipate that Ingersoll Rand will post 3.32 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 15th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Thursday, May 15th. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.88%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on IR shares. Wells Fargo & Company dropped their price target on shares of Ingersoll Rand from $115.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Barclays cut their price target on Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Evercore ISI decreased their price objective on Ingersoll Rand from $100.00 to $91.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Stifel Nicolaus cut their target price on Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a research note on Monday, April 14th. Finally, Citigroup decreased their price target on Ingersoll Rand from $109.00 to $88.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $100.36.

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.