Morgan Stanley Has Lowered Expectations for Ingersoll Rand (NYSE:IR) Stock Price

Ingersoll Rand (NYSE:IR) had its price target decreased by Morgan Stanley from $88.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Morgan Stanley’s target price indicates a potential upside of 5.92% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. Robert W. Baird upped their price target on shares of Ingersoll Rand from $97.00 to $103.00 and gave the company an “outperform” rating in a report on Monday, August 4th. Stifel Nicolaus set a $78.00 target price on shares of Ingersoll Rand and gave the company a “hold” rating in a research note on Monday, August 4th. Citigroup reiterated a “buy” rating and issued a $104.00 price target (up from $91.00) on shares of Ingersoll Rand in a research note on Monday, July 14th. Melius lowered Ingersoll Rand from a “buy” rating to a “hold” rating and set a $93.00 price objective for the company. in a report on Monday, July 14th. Finally, Barclays reduced their target price on Ingersoll Rand from $92.00 to $91.00 and set an “overweight” rating on the stock in a report on Monday, August 4th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Ingersoll Rand presently has a consensus rating of “Hold” and an average target price of $97.75.

Ingersoll Rand Stock Down 0.6%

Shares of NYSE:IR opened at $80.25 on Wednesday. The company has a market capitalization of $31.90 billion, a price-to-earnings ratio of 62.70, a price-to-earnings-growth ratio of 4.59 and a beta of 1.41. The company has a 50 day moving average of $83.50 and a two-hundred day moving average of $81.97. Ingersoll Rand has a 52-week low of $65.61 and a 52-week high of $106.03. The company has a quick ratio of 1.63, a current ratio of 2.29 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR) last announced its earnings results on Thursday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Ingersoll Rand had a net margin of 7.10% and a return on equity of 12.12%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the firm earned $0.83 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. As a group, analysts forecast that Ingersoll Rand will post 3.32 earnings per share for the current fiscal year.

Ingersoll Rand announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 1st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Ingersoll Rand

In related news, insider Vicente Reynal sold 38,657 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the completion of the transaction, the insider directly owned 193,186 shares in the company, valued at $16,040,233.58. This represents a 16.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ingersoll Rand

Several hedge funds and other institutional investors have recently modified their holdings of the company. Compass Wealth Management LLC grew its holdings in Ingersoll Rand by 62.8% in the 1st quarter. Compass Wealth Management LLC now owns 355 shares of the industrial products company’s stock worth $28,000 after buying an additional 137 shares in the last quarter. NewSquare Capital LLC grew its stake in shares of Ingersoll Rand by 150.7% in the second quarter. NewSquare Capital LLC now owns 341 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 205 shares in the last quarter. Global Wealth Strategies & Associates increased its holdings in shares of Ingersoll Rand by 325.0% during the first quarter. Global Wealth Strategies & Associates now owns 374 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 286 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of Ingersoll Rand by 190.9% during the first quarter. Golden State Wealth Management LLC now owns 477 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 313 shares during the period. Finally, Farmers & Merchants Investments Inc. raised its stake in shares of Ingersoll Rand by 54.4% during the first quarter. Farmers & Merchants Investments Inc. now owns 488 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 172 shares in the last quarter. Institutional investors and hedge funds own 95.27% 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.