State of Wisconsin Investment Board trimmed its position in Ingersoll Rand Inc. (NYSE:IR) by 0.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,006,518 shares of the industrial products company’s stock after selling 1,371 shares during the period. State of Wisconsin Investment Board’s holdings in Ingersoll Rand were worth $49,531,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Eudaimonia Partners LLC acquired a new stake in shares of Ingersoll Rand during the fourth quarter worth approximately $27,000. Logan Capital Management Inc. acquired a new stake in shares of Ingersoll Rand during the first quarter worth approximately $31,000. Freedman Financial Associates Inc. acquired a new stake in shares of Ingersoll Rand during the fourth quarter worth approximately $32,000. E Fund Management Co. Ltd. acquired a new stake in shares of Ingersoll Rand during the first quarter worth approximately $32,000. Finally, Capital Asset Advisory Services LLC acquired a new stake in shares of Ingersoll Rand during the fourth quarter worth approximately $34,000. Institutional investors own 92.97% of the company’s stock.
Several research firms recently commented on IR. Wolfe Research upgraded shares of Ingersoll Rand from a “peer perform” rating to an “outperform” rating and raised their price target for the stock from $56.00 to $61.00 in a report on Monday, July 12th. Morgan Stanley lifted their target price on shares of Ingersoll Rand from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, May 19th. Vertical Research upgraded shares of Ingersoll Rand from a “hold” rating to a “buy” rating and lifted their target price for the company from $52.00 to $54.00 in a research note on Thursday, June 17th. Telsey Advisory Group lifted their target price on shares of Ingersoll Rand from $100.00 to $110.00 in a research note on Friday, May 21st. Finally, Credit Suisse Group started coverage on shares of Ingersoll Rand in a research note on Monday, June 14th. They issued a “neutral” rating and a $51.00 target price for the company. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $56.63.
Ingersoll Rand (NYSE:IR) last announced its earnings results on Wednesday, April 28th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.54. Ingersoll Rand had a negative net margin of 1.59% and a positive return on equity of 1.29%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Ingersoll Rand’s revenue was up 94.7% compared to the same quarter last year. As a group, equities analysts anticipate that Ingersoll Rand Inc. will post 0.1 EPS for the current fiscal year.
In other news, major shareholder Renaissance Aggregator L.P Kkr sold 14,924,081 shares of the business’s stock in a transaction on Thursday, May 13th. The shares were sold at an average price of $48.57, for a total value of $724,862,614.17. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.69% of the company’s stock.
Ingersoll Rand Company Profile
Ingersoll Rand Inc provides various mission-critical air, fluid, energy, specialty vehicle and medical technologies in the United States, Europe, the Middle East, Africa, and the Asia Pacific. It operates through four segments: Industrial Technologies and Services; Precision and Science Technologies; Specialty Vehicle Technologies; and High Pressure Solutions segments.
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