Kentucky Retirement Systems Cuts Position in Ingersoll Rand Inc. (NYSE:IR)

Kentucky Retirement Systems lessened its position in Ingersoll Rand Inc. (NYSE:IR) by 0.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,553 shares of the industrial products company’s stock after selling 174 shares during the quarter. Kentucky Retirement Systems’ holdings in Ingersoll Rand were worth $2,205,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sanctuary Advisors LLC increased its stake in Ingersoll Rand by 2.6% during the 4th quarter. Sanctuary Advisors LLC now owns 22,798 shares of the industrial products company’s stock worth $2,143,000 after buying an additional 575 shares during the period. D.A. Davidson & CO. increased its position in shares of Ingersoll Rand by 8.4% during the fourth quarter. D.A. Davidson & CO. now owns 4,144 shares of the industrial products company’s stock worth $375,000 after acquiring an additional 321 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Ingersoll Rand during the fourth quarter worth $99,000. Atria Wealth Solutions Inc. increased its position in shares of Ingersoll Rand by 62.1% during the fourth quarter. Atria Wealth Solutions Inc. now owns 10,959 shares of the industrial products company’s stock worth $991,000 after acquiring an additional 4,197 shares during the period. Finally, Global Retirement Partners LLC increased its position in shares of Ingersoll Rand by 23.0% during the fourth quarter. Global Retirement Partners LLC now owns 3,428 shares of the industrial products company’s stock worth $310,000 after acquiring an additional 641 shares during the period. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Trading Up 2.0%

IR opened at $82.03 on Tuesday. The company has a market cap of $33.10 billion, a P/E ratio of 40.61, a PEG ratio of 3.20 and a beta of 1.44. Ingersoll Rand Inc. has a one year low of $65.61 and a one year high of $106.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.76 and a current ratio of 2.38. The business’s 50-day simple moving average is $79.38 and its 200-day simple moving average is $84.25.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. As a group, equities research analysts expect that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand declared that its board has initiated a share buyback program on Thursday, May 1st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Ingersoll Rand Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 15th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend was Thursday, May 15th. Ingersoll Rand’s dividend payout ratio (DPR) is 3.96%.

Insiders Place Their Bets

In other news, insider Vicente Reynal sold 38,657 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $83.03, for a total transaction of $3,209,690.71. Following the transaction, the insider now directly owns 193,186 shares in the company, valued at approximately $16,040,233.58. This trade represents a 16.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the transaction, the insider now directly owns 10,986 shares in the company, valued at $920,407.08. The trade was a 24.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Citigroup upped their price target on Ingersoll Rand from $88.00 to $91.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Stifel Nicolaus cut their target price on shares of Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating on the stock in a research note on Monday, April 14th. Barclays cut their target price on shares of Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Wells Fargo & Company upped their target price on shares of Ingersoll Rand from $80.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.80.

Ingersoll Rand 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.