Ingersoll Rand (NYSE:IR) Issues Quarterly Earnings Results

Ingersoll Rand (NYSE:IR) released its earnings results on Thursday. The industrial products company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.05, FiscalAI reports. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.04 billion. Ingersoll Rand had a net margin of 7.31% and a return on equity of 12.14%.

Ingersoll Rand Stock Performance

NYSE:IR traded down $2.19 during mid-day trading on Thursday, hitting $94.56. The stock had a trading volume of 8,674,095 shares, compared to its average volume of 4,393,522. The company has a current ratio of 2.16, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. The company has a 50 day simple moving average of $85.13 and a 200-day simple moving average of $81.29. The stock has a market capitalization of $37.36 billion, a price-to-earnings ratio of 70.04, a P/E/G ratio of 6.07 and a beta of 1.32. Ingersoll Rand has a 52 week low of $65.61 and a 52 week high of $100.00.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Wednesday, March 4th will be given a $0.02 dividend. The ex-dividend date is Wednesday, March 4th. This represents a $0.08 annualized dividend and a yield of 0.1%. Ingersoll Rand’s dividend payout ratio (DPR) is currently 5.93%.

Insider Activity at Ingersoll Rand

In other news, insider Vicente Reynal sold 90,281 shares of Ingersoll Rand stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $97.92, for a total transaction of $8,840,315.52. Following the sale, the insider owned 193,186 shares of the company’s stock, valued at approximately $18,916,773.12. The trade was a 31.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michael J. Scheske sold 1,477 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $80.63, for a total value of $119,090.51. Following the completion of the transaction, the chief accounting officer directly owned 12,153 shares of the company’s stock, valued at $979,896.39. This trade represents a 10.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 292,477 shares of company stock worth $26,703,912 in the last 90 days. 0.59% of the stock is owned by company insiders.

Institutional Trading of Ingersoll Rand

Several institutional investors have recently modified their holdings of the company. Cresset Asset Management LLC lifted its holdings in shares of Ingersoll Rand by 15.5% during the third quarter. Cresset Asset Management LLC now owns 3,122 shares of the industrial products company’s stock valued at $258,000 after purchasing an additional 420 shares during the last quarter. Intesa Sanpaolo Wealth Management acquired a new stake in Ingersoll Rand during the 4th quarter worth about $247,000. Victory Financial Group LLC acquired a new stake in Ingersoll Rand during the 3rd quarter worth about $233,000. Brown Brothers Harriman & Co. lifted its stake in Ingersoll Rand by 53.9% during the third quarter. Brown Brothers Harriman & Co. now owns 2,730 shares of the industrial products company’s stock valued at $226,000 after buying an additional 956 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC acquired a new position in shares of Ingersoll Rand in the third quarter worth about $209,000. Institutional investors and hedge funds own 95.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on IR. Stifel Nicolaus boosted their price objective on Ingersoll Rand from $81.00 to $87.00 and gave the company a “hold” rating in a report on Friday, January 23rd. Wells Fargo & Company boosted their price target on Ingersoll Rand from $87.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Citigroup raised their price objective on Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Zacks Research upgraded shares of Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ingersoll Rand in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $92.13.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.