Ingersoll Rand (NYSE:IR) to Repurchase $1.00 billion in Shares

Ingersoll Rand (NYSE:IR) declared that its board has initiated a share buyback program on Thursday, April 25th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Ingersoll Rand Stock Performance

NYSE IR traded up $1.47 during trading on Friday, hitting $93.50. 1,964,416 shares of the company’s stock traded hands, compared to its average volume of 2,457,554. Ingersoll Rand has a 12-month low of $54.54 and a 12-month high of $96.17. The stock has a market capitalization of $37.72 billion, a price-to-earnings ratio of 49.21, a PEG ratio of 3.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.22. The business has a 50 day moving average of $91.70 and a 200-day moving average of $79.66.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Ingersoll Rand had a return on equity of 12.24% and a net margin of 11.32%. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.76 billion. As a group, equities research analysts anticipate that Ingersoll Rand will post 3.1 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Ingersoll Rand’s payout ratio is 4.21%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Ingersoll Rand from $83.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. Barclays boosted their target price on Ingersoll Rand from $101.00 to $105.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. StockNews.com lowered Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Thursday. The Goldman Sachs Group boosted their price objective on Ingersoll Rand from $87.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Evercore ISI lowered Ingersoll Rand from an “outperform” rating to an “in-line” rating and raised their target price for the company from $81.00 to $89.00 in a research report on Tuesday, February 20th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and an average target price of $92.73.

Insider Transactions at Ingersoll Rand

In other news, insider Andrew R. Schiesl sold 10,421 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $89.95, for a total transaction of $937,368.95. Following the completion of the transaction, the insider now directly owns 48,904 shares in the company, valued at approximately $4,398,914.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Andrew R. Schiesl sold 10,421 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $89.95, for a total value of $937,368.95. Following the sale, the insider now directly owns 48,904 shares of the company’s stock, valued at $4,398,914.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vicente Reynal sold 240,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total transaction of $21,638,400.00. Following the completion of the transaction, the insider now directly owns 91,957 shares of the company’s stock, valued at approximately $8,290,843.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 293,011 shares of company stock valued at $26,374,789. 0.83% of the stock is currently owned by corporate insiders.

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.