Main Street Research LLC Increases Position in Ingersoll Rand Inc. (NYSE:IR)

Main Street Research LLC raised its position in Ingersoll Rand Inc. (NYSE:IR) by 102.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 335,209 shares of the industrial products company’s stock after purchasing an additional 169,565 shares during the period. Ingersoll Rand comprises approximately 2.1% of Main Street Research LLC’s portfolio, making the stock its 22nd biggest holding. Main Street Research LLC owned 0.08% of Ingersoll Rand worth $25,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Ingersoll Rand during the fourth quarter worth $187,291,000. Morgan Stanley boosted its position in shares of Ingersoll Rand by 65.4% in the fourth quarter. Morgan Stanley now owns 4,701,832 shares of the industrial products company’s stock worth $245,671,000 after acquiring an additional 1,858,698 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Ingersoll Rand by 101.0% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,700,061 shares of the industrial products company’s stock valued at $108,328,000 after purchasing an additional 854,314 shares during the period. Vanguard Group Inc. increased its position in Ingersoll Rand by 1.9% during the first quarter. Vanguard Group Inc. now owns 44,054,298 shares of the industrial products company’s stock worth $2,218,134,000 after purchasing an additional 823,749 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in Ingersoll Rand by 97.7% during the first quarter. Prudential Financial Inc. now owns 1,270,695 shares of the industrial products company’s stock worth $63,980,000 after purchasing an additional 628,086 shares during the period. Institutional investors and hedge funds own 95.27% of the company’s stock.

Insider Buying and Selling at Ingersoll Rand

In other news, insider Andrew R. Schiesl sold 10,421 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 48,904 shares of the company’s stock, valued at $4,398,914.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 10,421 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $89.95, for a total value of $937,368.95. Following the completion of the sale, the insider now directly owns 48,904 shares of the company’s stock, valued at approximately $4,398,914.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vicente Reynal sold 240,000 shares of Ingersoll Rand 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 in the company, valued at approximately $8,290,843.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 293,011 shares of company stock worth $26,374,789. 0.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IR. Evercore ISI downgraded shares of Ingersoll Rand from an “outperform” rating to an “in-line” rating and lifted their price target for the stock from $81.00 to $89.00 in a research note on Tuesday, February 20th. UBS Group upped their price objective on shares of Ingersoll Rand from $78.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, January 29th. StockNews.com raised Ingersoll Rand from a “hold” rating to a “buy” rating in a research note on Sunday, April 7th. Barclays increased their price target on shares of Ingersoll Rand from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Finally, BNP Paribas began coverage on Ingersoll Rand in a research note on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 target price on the stock. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.73.

Ingersoll Rand Price Performance

Shares of NYSE IR traded up $0.39 during trading hours on Tuesday, hitting $91.67. 954,594 shares of the stock were exchanged, compared to its average volume of 2,465,130. Ingersoll Rand Inc. has a 1-year low of $53.24 and a 1-year high of $96.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.22. The company has a market cap of $36.98 billion, a PE ratio of 47.92, a price-to-earnings-growth ratio of 3.20 and a beta of 1.44. The company’s fifty day simple moving average is $90.87 and its two-hundred day simple moving average is $78.16.

Ingersoll Rand (NYSE:IR) last released its earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Ingersoll Rand had a return on equity of 12.24% and a net margin of 11.32%. On average, sell-side analysts predict that Ingersoll Rand Inc. will post 3.1 EPS for the current year.

Ingersoll Rand Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 7th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.09%. The ex-dividend date of this dividend was Wednesday, March 6th. Ingersoll Rand’s payout ratio is currently 4.21%.

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.