Ingersoll Rand (NYSE:IR) Price Target Cut to $100.00 by Analysts at Wells Fargo & Company

Ingersoll Rand (NYSE:IR) had its target price cut by Wells Fargo & Company from $102.00 to $100.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus lifted 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. Robert W. Baird upped their price target on shares of Ingersoll Rand from $109.00 to $115.00 and gave the stock an outperform rating in a research note on Friday. Barclays reduced their price objective on shares of Ingersoll Rand from $106.00 to $101.00 and set an overweight rating for the company in a research note on Friday. Jefferies Financial Group started coverage on shares of Ingersoll Rand in a research note on Friday, June 21st. They issued a buy rating and a $110.00 target price on the stock. Finally, Citigroup raised their price target 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. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Ingersoll Rand presently has an average rating of Moderate Buy and an average target price of $100.36.

Ingersoll Rand Trading Up 3.2 %

Shares of IR stock traded up $2.82 during trading hours on Friday, reaching $89.86. The company’s stock had a trading volume of 1,508,172 shares, compared to its average volume of 2,677,476. The firm’s fifty day simple moving average is $93.46 and its 200 day simple moving average is $91.11. Ingersoll Rand has a one year low of $59.20 and a one year high of $101.30. The stock has a market capitalization of $36.25 billion, a P/E ratio of 44.29, a P/E/G ratio of 2.68 and a beta of 1.45. The company has a current ratio of 2.18, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47.

Ingersoll Rand Dividend Announcement

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 given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Ingersoll Rand announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits 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 management believes its stock is undervalued.

Insider Transactions at Ingersoll Rand

In related news, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction that occurred 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 completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Vicente Reynal sold 198,486 shares of the firm’s 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 transaction, the insider now directly owns 100,367 shares of the company’s stock, valued at $8,843,336.37. The sale was disclosed in a filing with the SEC, 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 stock was sold at an average price of $92.17, for a total value of $2,061,750.73. Following the completion of the transaction, the insider now directly owns 30,846 shares in the company, valued at approximately $2,843,075.82. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Institutional Trading of Ingersoll Rand

Several large investors have recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new position in shares of Ingersoll Rand during the 2nd quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd purchased a new position in Ingersoll Rand in the fourth quarter valued at $27,000. Kapitalo Investimentos Ltda purchased a new position in shares of Ingersoll Rand in the 4th quarter valued at about $28,000. Headlands Technologies LLC acquired a new position in Ingersoll Rand in the 1st quarter worth about $28,000. Finally, Riverview Trust Co purchased a new position in Ingersoll Rand during the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 95.27% 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.