Ingersoll Rand (NYSE:IR) Releases FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.27-3.37 for the period, compared to the consensus estimate of $3.30. The company issued revenue guidance of +6.8% yr/yr to $7.289-7.426 billion, compared to the consensus revenue estimate of $7.39 billion.

Ingersoll Rand Price Performance

Shares of NYSE IR traded up $1.53 during midday trading on Wednesday, hitting $100.40. The stock had a trading volume of 3,308,301 shares, compared to its average volume of 2,616,964. The company has a market capitalization of $40.50 billion, a PE ratio of 49.91, a P/E/G ratio of 2.90 and a beta of 1.45. The stock has a 50 day simple moving average of $93.78 and a 200-day simple moving average of $90.72. Ingersoll Rand has a 1 year low of $59.20 and a 1 year high of $101.30. 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 released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.67 by $0.09. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.70 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 3.17 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.08%. The ex-dividend date of this dividend is Thursday, August 15th. Ingersoll Rand’s dividend payout ratio (DPR) is 3.98%.

Ingersoll Rand announced that its board has approved a share repurchase program on Thursday, April 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

IR has been the topic of a number of recent research reports. Robert W. Baird raised their target price on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an outperform rating in a report on Monday, May 6th. Citigroup lifted their target price on shares of Ingersoll Rand from $105.00 to $112.00 and gave the company a buy rating in a research report on Monday, April 8th. Barclays boosted their price target on shares of Ingersoll Rand from $104.00 to $106.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Stifel Nicolaus upped their price target on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company a buy rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company raised their target price on shares of Ingersoll Rand from $98.00 to $102.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $98.17.

Insiders Place Their Bets

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