Ingersoll Rand Inc. (NYSE:IR) Shares Sold by Comerica Bank

Comerica Bank trimmed its stake in shares of Ingersoll Rand Inc. (NYSE:IR) by 0.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,648 shares of the industrial products company’s stock after selling 241 shares during the period. Comerica Bank’s holdings in Ingersoll Rand were worth $7,658,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Capital International Investors boosted its stake in Ingersoll Rand by 113.7% in the 1st quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock worth $2,484,486,000 after purchasing an additional 13,919,775 shares during the period. Capital World Investors bought a new stake in shares of Ingersoll Rand during the first quarter worth approximately $440,401,000. Norges Bank acquired a new position in Ingersoll Rand during the fourth quarter valued at approximately $301,890,000. JPMorgan Chase & Co. boosted its holdings in shares of Ingersoll Rand by 28.4% in the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock valued at $1,517,040,000 after buying an additional 3,535,543 shares during the period. Finally, Capital Research Global Investors boosted its holdings in Ingersoll Rand by 46.6% during the fourth quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock worth $758,847,000 after purchasing an additional 3,119,793 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on IR shares. Robert W. Baird increased their price objective on shares of Ingersoll Rand from $109.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday. Stifel Nicolaus boosted their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Wells Fargo & Company upped their target price on Ingersoll Rand from $98.00 to $102.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Barclays lowered their price objective on Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Jefferies Financial Group assumed coverage on Ingersoll Rand in a research note on Friday, June 21st. They set a “buy” rating and a $110.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $98.25.

Insider Buying and Selling

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

Ingersoll Rand Stock Performance

IR stock traded down $3.24 on Friday, reaching $87.99. The company’s stock had a trading volume of 2,342,780 shares, compared to its average volume of 2,646,439. The company has a market capitalization of $35.50 billion, a P/E ratio of 43.41, a price-to-earnings-growth ratio of 2.95 and a beta of 1.45. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.71. The firm has a fifty day moving average of $93.79 and a two-hundred day moving average of $90.79. Ingersoll Rand Inc. has a 52 week low of $59.20 and a 52 week high of $101.30.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.09. Ingersoll Rand had a return on equity of 13.08% and a net margin of 11.73%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.70 billion. As a group, analysts predict that Ingersoll Rand Inc. will post 3.17 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders 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 dividend yield of 0.09%. The ex-dividend date of this dividend is Thursday, August 15th. Ingersoll Rand’s dividend payout ratio (DPR) is currently 3.98%.

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

Ingersoll Rand Company 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.