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 %

Shares of NYSE IR traded up $1.73 during trading hours on Monday, hitting $88.45. The stock had a trading volume of 4,549,407 shares, compared to its average volume of 2,578,305. The company has a market capitalization of $35.69 billion, a P/E ratio of 44.01, a P/E/G ratio of 3.02 and a beta of 1.40. The firm’s 50-day moving average price is $91.91 and its two-hundred day moving average price is $81.01. 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 quick ratio of 1.71 and a current ratio of 2.32.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.76 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. Analysts anticipate that Ingersoll Rand will post 3.1 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

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

Ingersoll Rand announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Robert W. Baird boosted their price target on Ingersoll Rand from $107.00 to $109.00 and gave the company an outperform rating in a research note on Monday. Stifel Nicolaus reaffirmed a buy rating and issued a $102.00 target price on shares of Ingersoll Rand in a research report on Tuesday, March 26th. BNP Paribas initiated coverage on shares of Ingersoll Rand in a report on Tuesday, March 12th. They issued a neutral rating and a $92.00 price target on the stock. Cfra increased their price objective on shares of Ingersoll Rand from $68.00 to $85.00 and gave the company a hold rating in a research note on Friday, February 16th. Finally, Barclays decreased their target price on shares of Ingersoll Rand from $105.00 to $104.00 and set an overweight rating on the stock in a research report on Monday. 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, Ingersoll Rand has a consensus rating of Moderate Buy and a consensus price target of $95.82.

Insiders Place Their Bets

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 35,000 shares of Ingersoll Rand stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the transaction, the insider now directly owns 16,525 shares in the company, valued at $1,478,326.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Michael J. Scheske sold 7,590 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the sale, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew R. Schiesl sold 35,000 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the completion of the transaction, the insider now directly owns 16,525 shares of the company’s stock, valued at $1,478,326.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293,011 shares of company stock worth $26,374,789. Company insiders own 0.83% of the company’s stock.

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.