Gabelli Funds LLC Sells 2,300 Shares of Ingersoll Rand Inc. (NYSE:IR)

Gabelli Funds LLC trimmed its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 4.1% during the 1st quarter, Holdings Channel reports. The fund owned 54,300 shares of the industrial products company’s stock after selling 2,300 shares during the period. Gabelli Funds LLC’s holdings in Ingersoll Rand were worth $5,156,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IR. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Ingersoll Rand by 24.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 494,450 shares of the industrial products company’s stock valued at $46,948,000 after buying an additional 96,982 shares during the last quarter. Nomura Holdings Inc. lifted its position in shares of Ingersoll Rand by 3,010.2% during the fourth quarter. Nomura Holdings Inc. now owns 211,274 shares of the industrial products company’s stock valued at $16,340,000 after buying an additional 204,481 shares during the last quarter. Varenne Capital Partners purchased a new stake in shares of Ingersoll Rand during the fourth quarter valued at about $1,693,000. Illinois Municipal Retirement Fund lifted its position in shares of Ingersoll Rand by 297.5% during the fourth quarter. Illinois Municipal Retirement Fund now owns 75,353 shares of the industrial products company’s stock valued at $5,828,000 after buying an additional 56,394 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV purchased a new position in shares of Ingersoll Rand in the 1st quarter valued at approximately $1,221,000. 95.27% of the stock is currently owned by institutional investors.

Insider Activity at Ingersoll Rand

In related news, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value of $17,488,601.46. Following the sale, the insider now owns 100,367 shares of the company’s stock, valued at approximately $8,843,336.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction on Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the sale, the insider now owns 30,846 shares of the company’s stock, valued at approximately $2,843,075.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares in the company, valued at approximately $8,843,336.37. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.

Ingersoll Rand Stock Performance

Shares of NYSE IR traded up $1.76 during midday trading on Friday, reaching $98.70. 1,803,638 shares of the stock were exchanged, compared to its average volume of 1,944,285. The firm has a market cap of $39.82 billion, a price-to-earnings ratio of 49.10, a PEG ratio of 2.84 and a beta of 1.45. Ingersoll Rand Inc. has a twelve month low of $59.20 and a twelve month high of $101.30. The firm has a 50-day simple moving average of $93.62 and a two-hundred day simple moving average of $90.32. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.70 billion. As a group, analysts anticipate that Ingersoll Rand Inc. will post 3.17 EPS for the current fiscal year.

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

Ingersoll Rand Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Analyst Upgrades and Downgrades

IR has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Ingersoll Rand in a research report on Friday, June 21st. They issued a “buy” rating and a $110.00 price objective for the company. StockNews.com lowered shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Stifel Nicolaus increased their price objective on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Barclays increased their price objective on shares of Ingersoll Rand from $104.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, Robert W. Baird increased 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, May 6th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.17.

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.