Essex LLC Purchases New Stake in Ingersoll Rand Inc. (NYSE:IR)

Essex LLC purchased a new stake in Ingersoll Rand Inc. (NYSE:IR) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,128 shares of the industrial products company’s stock, valued at approximately $202,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Signaturefd LLC raised its holdings in Ingersoll Rand by 4.0% in the first quarter. Signaturefd LLC now owns 10,897 shares of the industrial products company’s stock valued at $1,035,000 after acquiring an additional 424 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Ingersoll Rand by 12.9% during the first quarter. Daiwa Securities Group Inc. now owns 53,152 shares of the industrial products company’s stock valued at $5,046,000 after purchasing an additional 6,093 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Ingersoll Rand during the first quarter valued at $166,000. Tokio Marine Asset Management Co. Ltd. increased its stake in Ingersoll Rand by 6.3% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,842 shares of the industrial products company’s stock valued at $1,124,000 after purchasing an additional 699 shares during the last quarter. Finally, Harbor Advisors LLC bought a new stake in Ingersoll Rand during the first quarter valued at $209,000. 95.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on IR shares. Wells Fargo & Company boosted their target price on shares of Ingersoll Rand from $98.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday. Jefferies Financial Group started coverage on shares of Ingersoll Rand in a research note on Friday, June 21st. They set a “buy” rating and a $110.00 target price for the company. Barclays boosted their target price on shares of Ingersoll Rand from $104.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday. Robert W. Baird upped their price target on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Finally, Stifel Nicolaus restated a “buy” rating and set a $102.00 price target on shares of Ingersoll Rand in a research report on Tuesday, March 26th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.50.

Insider Buying and Selling at Ingersoll Rand

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

Ingersoll Rand Price Performance

IR traded up $1.20 on Thursday, reaching $95.50. The company had a trading volume of 2,005,172 shares, compared to its average volume of 2,629,811. The company has a fifty day moving average of $91.90 and a 200-day moving average of $88.51. The company has a market capitalization of $38.53 billion, a P/E ratio of 46.96, a PEG ratio of 2.69 and a beta of 1.45. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27. Ingersoll Rand Inc. has a one year low of $59.20 and a one year high of $97.00.

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

Ingersoll Rand Dividend Announcement

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

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

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.