Q2 2024 EPS Estimates for Ingersoll Rand Inc. (NYSE:IR) Lowered by Analyst

Ingersoll Rand Inc. (NYSE:IR) – Zacks Research lowered their Q2 2024 earnings per share estimates for Ingersoll Rand in a research report issued on Tuesday, July 23rd. Zacks Research analyst S. Roy now forecasts that the industrial products company will post earnings of $0.70 per share for the quarter, down from their previous estimate of $0.72. The consensus estimate for Ingersoll Rand’s current full-year earnings is $3.19 per share. Zacks Research also issued estimates for Ingersoll Rand’s Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $0.71 EPS, Q2 2025 earnings at $0.74 EPS, Q1 2026 earnings at $0.76 EPS and Q2 2026 earnings at $0.84 EPS.

A number of other research firms have also weighed in on IR. Wells Fargo & Company upped their price objective on Ingersoll Rand from $98.00 to $102.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Citigroup boosted their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. StockNews.com downgraded Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Stifel Nicolaus boosted their target price on Ingersoll Rand from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Jefferies Financial Group initiated coverage on Ingersoll Rand in a research report on Friday, June 21st. They issued a “buy” rating and a $110.00 target price on the stock. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and an average price target of $98.17.

Ingersoll Rand Stock Performance

NYSE IR opened at $96.95 on Wednesday. The firm has a market cap of $39.11 billion, a price-to-earnings ratio of 48.23, a price-to-earnings-growth ratio of 2.92 and a beta of 1.45. 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 business has a 50-day moving average price of $93.50 and a 200-day moving average price of $90.06. Ingersoll Rand has a twelve month low of $59.20 and a twelve month high of $101.30.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.70 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%.

Institutional Investors Weigh In On Ingersoll Rand

Several hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC grew its stake in Ingersoll Rand by 211.2% in the fourth quarter. SG Americas Securities LLC now owns 26,544 shares of the industrial products company’s stock worth $2,053,000 after purchasing an additional 18,014 shares in the last quarter. HB Wealth Management LLC grew its stake in Ingersoll Rand by 10.5% in the fourth quarter. HB Wealth Management LLC now owns 3,801 shares of the industrial products company’s stock worth $294,000 after purchasing an additional 360 shares in the last quarter. Raymond James & Associates grew its stake in Ingersoll Rand by 55.3% in the fourth quarter. Raymond James & Associates now owns 184,394 shares of the industrial products company’s stock worth $14,261,000 after purchasing an additional 65,632 shares in the last quarter. CVA Family Office LLC bought a new position in Ingersoll Rand in the fourth quarter worth approximately $71,000. Finally, Pacer Advisors Inc. grew its stake in Ingersoll Rand by 30.9% in the fourth quarter. Pacer Advisors Inc. now owns 40,809 shares of the industrial products company’s stock worth $3,156,000 after purchasing an additional 9,631 shares in the last quarter. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

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 that occurred on Friday, May 17th. The stock was sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the sale, the insider now directly owns 30,846 shares in the company, valued at $2,843,075.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Andrew R. Schiesl sold 22,369 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $92.17, for a total value of $2,061,750.73. Following the sale, the insider now directly owns 30,846 shares in the company, valued at $2,843,075.82. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Vicente Reynal sold 198,486 shares of the 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 completion of the sale, the insider now owns 100,367 shares in the company, valued at $8,843,336.37. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Ingersoll Rand announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 25th that authorizes the company 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 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.