Bank of New York Mellon Corp Sells 94,032 Shares of Ingersoll Rand Inc. $IR

Bank of New York Mellon Corp decreased its position in Ingersoll Rand Inc. (NYSE:IR) by 2.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,019,041 shares of the industrial products company’s stock after selling 94,032 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ingersoll Rand were worth $332,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. NewSquare Capital LLC raised its stake in Ingersoll Rand by 150.7% during the second quarter. NewSquare Capital LLC now owns 341 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 205 shares in the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Ingersoll Rand during the 3rd quarter valued at about $36,000. Heartwood Wealth Advisors LLC purchased a new position in Ingersoll Rand in the third quarter worth about $36,000. Gladwyn Financial Advisors Inc. bought a new stake in Ingersoll Rand during the second quarter worth approximately $42,000. Finally, Legacy Investment Solutions LLC purchased a new stake in Ingersoll Rand during the second quarter valued at approximately $45,000. 95.27% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 191,000 shares of the firm’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $88.12, for a total transaction of $16,830,920.00. Following the transaction, the insider owned 193,186 shares of the company’s stock, valued at approximately $17,023,550.32. This trade represents a 49.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michael J. Scheske sold 1,477 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $80.63, for a total transaction of $119,090.51. Following the transaction, the chief accounting officer owned 12,153 shares in the company, valued at approximately $979,896.39. This represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on IR shares. Wells Fargo & Company boosted their target price on Ingersoll Rand from $87.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. Citigroup increased their target price on shares of Ingersoll Rand from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Stifel Nicolaus upped their price target on shares of Ingersoll Rand from $81.00 to $87.00 and gave the company a “hold” rating in a report on Friday, January 23rd. Zacks Research upgraded Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Finally, Robert W. Baird cut their target price on Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $92.13.

Ingersoll Rand Stock Performance

Ingersoll Rand stock opened at $88.78 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.16. The company has a market capitalization of $35.08 billion, a PE ratio of 65.76, a P/E/G ratio of 5.37 and a beta of 1.33. The company has a 50 day moving average price of $82.35 and a 200-day moving average price of $80.81. Ingersoll Rand Inc. has a fifty-two week low of $65.61 and a fifty-two week high of $95.85.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings data on Thursday, October 30th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.01). The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.95 billion. Ingersoll Rand had a return on equity of 12.14% and a net margin of 7.31%.The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.84 EPS. As a group, equities analysts forecast that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.