Ingersoll Rand (IR) Shares Gap Up Following Better-Than-Expected Earnings

Ingersoll Rand Inc. (NYSE:IR)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $86.06, but opened at $85.16. Ingersoll Rand shares last traded at $84.22, with a volume of 1903747 shares changing hands.

The industrial products company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.62 by $0.08. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.19 billion. Ingersoll Rand had a net margin of 9.17% and a return on equity of 16.91%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $1.80 annualized dividend and a yield of 2.12%. Ingersoll Rand’s dividend payout ratio is currently 39.91%.

Several equities research analysts have issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Ingersoll Rand from $94.00 to $104.00 and gave the company a “buy” rating in a research note on Thursday. Zacks Investment Research lowered shares of Ingersoll Rand from a “hold” rating to a “sell” rating in a research note on Tuesday, April 3rd. Barclays assumed coverage on shares of Ingersoll Rand in a research note on Thursday, February 15th. They issued an “overweight” rating and a $111.00 price target on the stock. BMO Capital Markets lifted their price target on shares of Ingersoll Rand to $115.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Finally, Argus lifted their price target on shares of Ingersoll Rand to $105.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Ingersoll Rand currently has a consensus rating of “Hold” and an average target price of $104.00.

In other news, insider Marcia J. Avedon sold 7,560 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $90.29, for a total transaction of $682,592.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jared L. Cohon sold 2,350 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $92.40, for a total transaction of $217,140.00. Following the transaction, the director now owns 25,766 shares in the company, valued at $2,380,778.40. The disclosure for this sale can be found here. Insiders sold a total of 69,872 shares of company stock worth $6,305,659 over the last quarter. Company insiders own 0.63% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Colonial Trust Advisors increased its stake in shares of Ingersoll Rand by 33.8% during the 4th quarter. Colonial Trust Advisors now owns 58,130 shares of the industrial products company’s stock worth $5,185,000 after purchasing an additional 14,691 shares during the last quarter. Xact Kapitalforvaltning AB increased its stake in shares of Ingersoll Rand by 4.4% during the 4th quarter. Xact Kapitalforvaltning AB now owns 65,566 shares of the industrial products company’s stock worth $5,848,000 after purchasing an additional 2,759 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Ingersoll Rand by 28.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 250,539 shares of the industrial products company’s stock worth $22,346,000 after purchasing an additional 55,827 shares during the last quarter. Dixon Hubard Feinour & Brown Inc. VA increased its stake in shares of Ingersoll Rand by 9.7% during the 4th quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 7,942 shares of the industrial products company’s stock worth $708,000 after purchasing an additional 700 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Ingersoll Rand by 19.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 445,262 shares of the industrial products company’s stock worth $39,713,000 after purchasing an additional 72,459 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

The company has a market capitalization of $20,088.60, a price-to-earnings ratio of 18.85, a PEG ratio of 1.47 and a beta of 1.34. The company has a current ratio of 1.27, a quick ratio of 0.95 and a debt-to-equity ratio of 0.41.

Ingersoll Rand Company Profile

Ingersoll-Rand plc designs, manufactures, sells, and services industrial and commercial products. It operates through Climate and Industrial segments. The Climate segment offers building management, bus, rail, and multi-pipe HVAC, control, container and cryogenic, diesel-powered, ductless, geothermal, package heating and cooling, rail and self-powered truck refrigeration, temporary heating and cooling, trailer refrigeration, unitary, and vehicle-powered truck refrigeration systems.

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