Ingersoll Rand (NYSE:IR) Shares Gap Down to $92.85

Ingersoll Rand Inc. (NYSE:IR)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $92.85, but opened at $88.00. Ingersoll Rand shares last traded at $86.17, with a volume of 1,673,530 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on IR shares. Citigroup lifted their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $102.00 price objective on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Evercore ISI downgraded shares of Ingersoll Rand from an “outperform” rating to an “in-line” rating and lifted their target price for the stock from $81.00 to $89.00 in a research report on Tuesday, February 20th. StockNews.com downgraded shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, BNP Paribas started coverage on shares of Ingersoll Rand in a research report on Tuesday, March 12th. They set a “neutral” rating and a $92.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Ingersoll Rand Trading Down 6.6 %

The company has a quick ratio of 1.67, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average of $91.96 and a 200-day moving average of $80.58. The stock has a market cap of $34.99 billion, a price-to-earnings ratio of 43.14, a PEG ratio of 3.23 and a beta of 1.40.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, beating 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 12.66% and a net margin of 11.85%. As a group, research analysts forecast that Ingersoll Rand Inc. will post 3.1 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 16th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date is Wednesday, May 15th. Ingersoll Rand’s dividend payout ratio is presently 3.98%.

Ingersoll Rand announced that its board has authorized a stock buyback program on Thursday, April 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Andrew R. Schiesl sold 35,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the completion of the transaction, the insider now directly owns 16,525 shares in the company, valued at approximately $1,478,326.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Ingersoll Rand news, insider Vicente Reynal sold 240,000 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $90.16, for a total value of $21,638,400.00. Following the sale, the insider now owns 91,957 shares of the company’s stock, valued at approximately $8,290,843.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew R. Schiesl sold 35,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the transaction, the insider now directly owns 16,525 shares of the company’s stock, valued at $1,478,326.50. The disclosure for this sale can be found here. Insiders have sold a total of 293,011 shares of company stock valued at $26,374,789 over the last 90 days. 0.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Ingersoll Rand in the 4th quarter valued at about $301,890,000. Capital International Investors boosted its stake in Ingersoll Rand by 35.4% in the fourth quarter. Capital International Investors now owns 12,246,481 shares of the industrial products company’s stock valued at $947,143,000 after acquiring an additional 3,202,973 shares during the last quarter. Capital Research Global Investors grew its holdings in Ingersoll Rand by 46.6% during the 4th quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock worth $758,847,000 after acquiring an additional 3,119,793 shares during the period. UBS Group AG raised its position in shares of Ingersoll Rand by 105.3% during the 4th quarter. UBS Group AG now owns 2,077,028 shares of the industrial products company’s stock valued at $160,637,000 after acquiring an additional 1,065,413 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Ingersoll Rand by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 6,165,135 shares of the industrial products company’s stock valued at $585,380,000 after purchasing an additional 886,697 shares during the period. Institutional investors 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.