Ingersoll Rand (NYSE:IR) Issues FY 2024 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 3.200-3.300 for the period, compared to the consensus earnings per share estimate of 3.210. The company issued revenue guidance of $7.2 billion-$7.3 billion, compared to the consensus revenue estimate of $7.3 billion.

Ingersoll Rand Stock Up 2.0 %

IR traded up $1.73 on Monday, reaching $88.45. 4,549,407 shares of the company traded hands, compared to its average volume of 2,578,305. The stock’s 50 day moving average price is $91.91 and its 200-day moving average price is $81.01. The company has a market cap of $35.69 billion, a price-to-earnings ratio of 44.01, a PEG ratio of 3.02 and a beta of 1.40. Ingersoll Rand has a 52-week low of $56.49 and a 52-week high of $96.17. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.71.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. On average, sell-side analysts expect that Ingersoll Rand will post 3.1 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 16th will be issued a $0.02 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio (DPR) is currently 3.98%.

Ingersoll Rand announced that its Board of Directors has authorized a share buyback program on Thursday, April 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Evercore ISI lowered Ingersoll Rand from an outperform rating to an in-line rating and upped their price target for the stock from $81.00 to $89.00 in a report on Tuesday, February 20th. The Goldman Sachs Group raised their price target on shares of Ingersoll Rand from $87.00 to $97.00 and gave the stock a buy rating in a research report on Wednesday, February 21st. Robert W. Baird upped their price objective on shares of Ingersoll Rand from $107.00 to $109.00 and gave the company an outperform rating in a research report on Monday. Cfra lifted their target price on Ingersoll Rand from $68.00 to $85.00 and gave the stock a hold rating in a research report on Friday, February 16th. Finally, BNP Paribas began coverage on Ingersoll Rand in a report on Tuesday, March 12th. They issued a neutral rating and a $92.00 price target for the company. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $95.82.

Insider Activity

In related news, insider Andrew R. Schiesl sold 10,421 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total transaction of $937,368.95. Following the sale, the insider now owns 48,904 shares of the company’s stock, valued at approximately $4,398,914.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Andrew R. Schiesl sold 35,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the sale, the insider now directly owns 16,525 shares in the company, valued at $1,478,326.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew R. Schiesl sold 10,421 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total transaction of $937,368.95. Following the completion of the transaction, the insider now directly owns 48,904 shares of the company’s stock, valued at $4,398,914.80. The disclosure for this sale can be found here. Insiders sold a total of 293,011 shares of company stock valued at $26,374,789 in the last ninety days. 0.83% of the stock is owned by insiders.

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.