Ingersoll Rand Inc. (NYSE:IR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in Ingersoll Rand Inc. (NYSE:IR) by 0.6% during the first quarter, Holdings Channel.com reports. The fund owned 456,973 shares of the industrial products company’s stock after selling 2,826 shares during the quarter. Principal Financial Group Inc.’s holdings in Ingersoll Rand were worth $36,572,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mutual Advisors LLC raised its position in Ingersoll Rand by 61.3% in the first quarter. Mutual Advisors LLC now owns 6,447 shares of the industrial products company’s stock valued at $483,000 after purchasing an additional 2,451 shares during the period. Resonant Capital Advisors LLC grew its stake in Ingersoll Rand by 12.4% in the first quarter. Resonant Capital Advisors LLC now owns 2,842 shares of the industrial products company’s stock worth $227,000 after purchasing an additional 313 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Ingersoll Rand by 1,460.0% in the first quarter. Teacher Retirement System of Texas now owns 58,923 shares of the industrial products company’s stock worth $4,716,000 after purchasing an additional 55,146 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Ingersoll Rand by 0.6% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 70,954 shares of the industrial products company’s stock valued at $5,678,000 after acquiring an additional 448 shares during the period. Finally, Vontobel Holding Ltd. grew its holdings in shares of Ingersoll Rand by 75.1% during the first quarter. Vontobel Holding Ltd. now owns 29,577 shares of the industrial products company’s stock valued at $2,367,000 after purchasing an additional 12,690 shares during the last quarter. Institutional investors and hedge funds own 95.27% of the company’s stock.

Ingersoll Rand Price Performance

Shares of NYSE:IR opened at $86.68 on Tuesday. Ingersoll Rand Inc. has a 12 month low of $65.61 and a 12 month high of $106.03. The stock has a market cap of $34.97 billion, a price-to-earnings ratio of 42.91, a PEG ratio of 3.67 and a beta of 1.43. The stock’s 50 day moving average price is $81.84 and its 200 day moving average price is $83.34. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.38 and a quick ratio of 1.76.

Ingersoll Rand (NYSE:IR) last announced its 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 12.33% and a net margin of 11.30%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm earned $0.78 EPS. Ingersoll Rand’s revenue for the quarter was up 2.8% on a year-over-year basis. Equities research analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand declared that its board has approved a stock repurchase plan on Thursday, May 1st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Ingersoll Rand Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 15th were issued a $0.02 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Ingersoll Rand’s dividend payout ratio is currently 3.96%.

Insider Activity at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 38,657 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the transaction, the insider directly owned 193,186 shares in the company, valued at approximately $16,040,233.58. The trade was a 16.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of Ingersoll Rand stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the transaction, the insider owned 10,986 shares in the company, valued at approximately $920,407.08. The trade was a 24.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IR shares. Stifel Nicolaus lowered their target price on Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a report on Monday, April 14th. Wells Fargo & Company boosted their price objective on Ingersoll Rand from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Barclays reduced their price objective on Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Finally, Citigroup boosted their price objective on Ingersoll Rand from $88.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.70.

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.