Stock Repurchase Program Approved by Ingersoll Rand (NYSE:IR) Board

Ingersoll Rand (NYSE:IR) announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 25th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 2.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

IR has been the topic of a number of research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $102.00 target price on shares of Ingersoll Rand in a research note on Tuesday, March 26th. UBS Group lifted their target price on shares of Ingersoll Rand from $78.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Cfra lifted their target price on shares of Ingersoll Rand from $68.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, February 16th. Evercore ISI lowered shares of Ingersoll Rand from an “outperform” rating to an “in-line” rating and lifted their target price for the company from $81.00 to $89.00 in a research note on Tuesday, February 20th. Finally, BNP Paribas initiated coverage on shares of Ingersoll Rand in a research note on Tuesday, March 12th. They set a “neutral” rating and a $92.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Ingersoll Rand currently has an average rating of “Moderate Buy” and a consensus target price of $92.73.

Ingersoll Rand Trading Up 1.6 %

NYSE:IR opened at $93.50 on Friday. Ingersoll Rand has a one year low of $54.54 and a one year high of $96.17. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.22 and a quick ratio of 1.67. The company’s 50-day simple moving average is $91.70 and its 200 day simple moving average is $79.76. The firm has a market capitalization of $37.72 billion, a P/E ratio of 49.21, a PEG ratio of 3.21 and a beta of 1.44.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data 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. Ingersoll Rand had a net margin of 11.32% and a return on equity of 12.24%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.76 billion. As a group, analysts forecast that Ingersoll Rand will post 3.1 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Ingersoll Rand’s dividend payout ratio is presently 4.21%.

Insider Transactions at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total value of $667,920.00. Following the transaction, the chief accounting officer now owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Michael J. Scheske sold 7,590 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at $854,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew R. Schiesl sold 10,421 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $89.95, for a total transaction of $937,368.95. Following the transaction, the insider now directly owns 48,904 shares of the company’s stock, valued at $4,398,914.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293,011 shares of company stock worth $26,374,789. Corporate insiders own 0.83% 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.