JPMorgan Chase & Co. Raises Stock Holdings in Ingersoll Rand Inc. (NYSE:IR)

JPMorgan Chase & Co. raised its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 28.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,977,246 shares of the industrial products company’s stock after purchasing an additional 3,535,543 shares during the quarter. JPMorgan Chase & Co. owned 3.96% of Ingersoll Rand worth $1,517,040,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new position in Ingersoll Rand during the third quarter valued at $201,000. Dynamic Advisor Solutions LLC boosted its stake in shares of Ingersoll Rand by 14.8% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,899 shares of the industrial products company’s stock worth $292,000 after buying an additional 504 shares during the last quarter. Raymond James Trust N.A. grew its holdings in Ingersoll Rand by 6.5% during the fourth quarter. Raymond James Trust N.A. now owns 15,312 shares of the industrial products company’s stock worth $1,184,000 after acquiring an additional 941 shares during the period. Cyndeo Wealth Partners LLC purchased a new position in Ingersoll Rand during the fourth quarter valued at approximately $216,000. Finally, RDA Financial Network acquired a new position in Ingersoll Rand in the fourth quarter valued at approximately $396,000. 95.27% of the stock is owned by institutional investors and hedge funds.

Ingersoll Rand Price Performance

Shares of Ingersoll Rand stock traded down $1.05 during trading hours on Friday, reaching $96.86. 1,548,985 shares of the company’s stock were exchanged, compared to its average volume of 2,094,360. The business has a fifty day moving average of $92.97 and a two-hundred day moving average of $89.52. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $39.08 billion, a P/E ratio of 48.19, a price-to-earnings-growth ratio of 2.82 and a beta of 1.45. Ingersoll Rand Inc. has a 1 year low of $59.20 and a 1 year high of $100.65.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.09. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.70 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. As a group, research analysts predict that Ingersoll Rand Inc. will post 3.19 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.08%. The ex-dividend date was Wednesday, May 15th. Ingersoll Rand’s payout ratio is currently 3.98%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IR. Stifel Nicolaus raised their price objective on shares of Ingersoll Rand from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group assumed 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. Barclays lifted their price target on Ingersoll Rand from $104.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Citigroup increased their price target on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Finally, Wells Fargo & Company boosted their price objective on Ingersoll Rand from $98.00 to $102.00 and gave the company an “overweight” rating in a research report 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $98.17.

Insiders Place Their Bets

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 22,369 shares of the firm’s stock in a transaction 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 sale, the insider now directly 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction on 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 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 can be accessed through this hyperlink. Also, insider Andrew R. Schiesl sold 22,369 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

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.