Ingersoll Rand Inc. (NYSE:IR) Sees Large Increase in Short Interest

Ingersoll Rand Inc. (NYSE:IR) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 10,380,000 shares, an increase of 8.0% from the May 31st total of 9,610,000 shares. Currently, 2.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,840,000 shares, the days-to-cover ratio is currently 3.7 days.

Ingersoll Rand Stock Up 0.6 %

Shares of Ingersoll Rand stock traded up $0.53 during trading hours on Wednesday, hitting $91.19. 52,609 shares of the company’s stock traded hands, compared to its average volume of 2,666,391. The stock has a 50 day simple moving average of $92.01 and a 200-day simple moving average of $87.80. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The company has a market cap of $36.79 billion, a PE ratio of 45.10, a PEG ratio of 2.65 and a beta of 1.45. Ingersoll Rand has a twelve month low of $59.20 and a twelve month high of $96.67.

Ingersoll Rand (NYSE:IR) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.09. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.70 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. Equities research analysts anticipate that Ingersoll Rand will post 3.19 earnings per share for the current fiscal year.

Ingersoll Rand Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 16th were paid a $0.02 dividend. The ex-dividend date was Wednesday, May 15th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio (DPR) is 3.98%.

Ingersoll Rand declared that its board has approved a share buyback program on Thursday, April 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on IR shares. Citigroup upped their price objective on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Robert W. Baird upped their price objective on Ingersoll Rand from $107.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. BNP Paribas started coverage on Ingersoll Rand in a report on Tuesday, March 12th. They set a “neutral” rating and a $92.00 price objective for the company. Barclays dropped their price objective on Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Finally, Jefferies Financial Group initiated coverage on shares of Ingersoll Rand in a research report on Friday, June 21st. They set a “buy” rating and a $110.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.00.

Insider Activity at Ingersoll Rand

In related news, insider Vicente Reynal sold 198,486 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total value of $17,488,601.46. Following the sale, the insider now owns 100,367 shares of the company’s stock, valued at approximately $8,843,336.37. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total value of $17,488,601.46. Following the completion of the transaction, the insider now directly owns 100,367 shares in the company, valued at approximately $8,843,336.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew R. Schiesl sold 22,369 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $92.17, for a total value of $2,061,750.73. Following the completion of the transaction, the insider now owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ingersoll Rand

A number of hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV grew its stake in Ingersoll Rand by 16.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,395 shares of the industrial products company’s stock worth $127,000 after purchasing an additional 200 shares in the last quarter. GAMMA Investing LLC grew its stake in Ingersoll Rand by 73.8% in the second quarter. GAMMA Investing LLC now owns 7,303 shares of the industrial products company’s stock worth $663,000 after purchasing an additional 3,101 shares in the last quarter. HM Payson & Co. grew its stake in Ingersoll Rand by 8.2% in the first quarter. HM Payson & Co. now owns 8,515 shares of the industrial products company’s stock worth $808,000 after purchasing an additional 647 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Ingersoll Rand by 38.5% in the first quarter. EverSource Wealth Advisors LLC now owns 453 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 126 shares in the last quarter. Finally, Railway Pension Investments Ltd lifted its holdings in Ingersoll Rand by 225.2% in the first quarter. Railway Pension Investments Ltd now owns 33,500 shares of the industrial products company’s stock worth $3,181,000 after acquiring an additional 23,200 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.

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.