Ingersoll Rand Inc. $IR Stake Increased by Waycross Partners LLC

Waycross Partners LLC raised its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 10.7% in the third quarter, HoldingsChannel.com reports. The firm owned 476,005 shares of the industrial products company’s stock after purchasing an additional 46,196 shares during the quarter. Ingersoll Rand accounts for approximately 2.8% of Waycross Partners LLC’s portfolio, making the stock its 14th biggest holding. Waycross Partners LLC’s holdings in Ingersoll Rand were worth $35,753,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Alps Advisors Inc. boosted its stake in shares of Ingersoll Rand by 3.2% in the 3rd quarter. Alps Advisors Inc. now owns 4,492 shares of the industrial products company’s stock valued at $337,000 after purchasing an additional 140 shares during the last quarter. Kestra Advisory Services LLC raised its position in shares of Ingersoll Rand by 7.2% in the 3rd quarter. Kestra Advisory Services LLC now owns 39,070 shares of the industrial products company’s stock worth $2,935,000 after acquiring an additional 2,627 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Ingersoll Rand by 5.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 29,811 shares of the industrial products company’s stock worth $2,239,000 after acquiring an additional 1,610 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in shares of Ingersoll Rand by 97.1% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 5,882 shares of the industrial products company’s stock worth $432,000 after acquiring an additional 2,898 shares in the last quarter. Finally, Rakuten Investment Management Inc. lifted its stake in shares of Ingersoll Rand by 7.8% in the 3rd quarter. Rakuten Investment Management Inc. now owns 64,973 shares of the industrial products company’s stock valued at $4,969,000 after purchasing an additional 4,684 shares during the period. Institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Stock Performance

Shares of Ingersoll Rand stock traded up $1.11 during mid-day trading on Friday, hitting $82.96. 3,087,310 shares of the stock were exchanged, compared to its average volume of 4,593,942. Ingersoll Rand Inc. has a 12 month low of $68.07 and a 12 month high of $100.96. The company has a 50-day simple moving average of $76.68 and a 200 day simple moving average of $81.16. The company has a market capitalization of $31.86 billion, a P/E ratio of 23.37, a P/E/G ratio of 3.43 and a beta of 1.15. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.24 and a current ratio of 1.69.

Ingersoll Rand (NYSE:IR) last released its earnings results on Thursday, October 29th. The industrial products company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.17. The company had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.05 billion. Ingersoll Rand had a return on equity of 13.47% and a net margin of 17.20%. Ingersoll Rand’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 earnings per share. Sell-side analysts anticipate that Ingersoll Rand Inc. will post 3.47 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Thursday, November 12th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Thursday, November 12th. Ingersoll Rand’s payout ratio is presently 2.25%.

Analyst Ratings Changes

IR has been the topic of several research analyst reports. Robert W. Baird cut their target price on Ingersoll Rand from $109.00 to $107.00 and set an “outperform” rating on the stock in a research report on Monday, November 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ingersoll Rand in a report on Monday, October 19th. Wall Street Zen lowered Ingersoll Rand from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up from $93.00) on shares of Ingersoll Rand in a research note on Monday, November 2nd. Finally, Morgan Stanley set a $87.00 price target on Ingersoll Rand in a report on Monday, August 10th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.00.

Ingersoll Rand Company Profile

Ingersoll Rand Inc (NYSE: IR) is a global industrial company that designs and manufactures equipment and technologies used to move, manage and control air, gases, fluids and other materials. Its products include air and gas compressors, vacuum and blower systems, pumps, and related components and services.

The company also supplies precision and science technologies for applications such as fluid handling, material processing and life sciences. Its equipment and services support customers across a range of industries, including manufacturing, energy, healthcare and food and beverage.

The modern Ingersoll Rand was formed in 2020 through the combination of Gardner Denver and the industrial business of the former Ingersoll-Rand plc; the Ingersoll Rand name has roots dating to the 19th century.