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

Ingersoll Rand Inc. (NYSE:IR) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 9,260,000 shares, a drop of 5.9% from the November 15th total of 9,840,000 shares. Based on an average daily volume of 2,180,000 shares, the short-interest ratio is presently 4.2 days. Approximately 2.3% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IR. The Goldman Sachs Group raised their target price on Ingersoll Rand from $109.00 to $121.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Cfra boosted their price objective on Ingersoll Rand from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Morgan Stanley started coverage on shares of Ingersoll Rand in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. UBS Group started coverage on shares of Ingersoll Rand in a report on Wednesday, November 13th. They set a “buy” rating and a $124.00 price target on the stock. Finally, Citigroup raised their price objective on shares of Ingersoll Rand from $112.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $107.67.

Insiders Place Their Bets

In related news, CAO Michael J. Scheske sold 2,531 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $97.44, for a total value of $246,620.64. Following the sale, the chief accounting officer now owns 11,910 shares in the company, valued at approximately $1,160,510.40. This trade represents a 17.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Ingersoll Rand

Hedge funds have recently modified their holdings of the business. Ridgewood Investments LLC acquired a new position in Ingersoll Rand during the 2nd quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Ingersoll Rand in the 3rd quarter worth $34,000. UMB Bank n.a. lifted its position in Ingersoll Rand by 196.8% during the 2nd quarter. UMB Bank n.a. now owns 466 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 309 shares during the period. Eastern Bank purchased a new stake in Ingersoll Rand during the 3rd quarter valued at about $42,000. Finally, Rothschild Investment LLC acquired a new position in shares of Ingersoll Rand in the second quarter valued at about $43,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Trading Down 1.9 %

Shares of IR traded down $1.91 during mid-day trading on Tuesday, reaching $97.94. 693,886 shares of the company’s stock traded hands, compared to its average volume of 2,459,549. Ingersoll Rand has a 12 month low of $74.01 and a 12 month high of $106.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.36 and a quick ratio of 1.71. The stock has a market cap of $39.47 billion, a P/E ratio of 48.71, a P/E/G ratio of 3.86 and a beta of 1.42. The stock’s 50-day moving average is $101.10 and its two-hundred day moving average is $95.83.

Ingersoll Rand Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Thursday, November 14th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.08%. The ex-dividend date of this dividend was Thursday, November 14th. Ingersoll Rand’s dividend payout ratio is presently 3.90%.

Ingersoll Rand Company Profile

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.