Turtle Creek Asset Management Inc. Sells 35,742 Shares of Ingersoll Rand Inc. (NYSE:IR)

Turtle Creek Asset Management Inc. reduced its holdings in Ingersoll Rand Inc. (NYSE:IR) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,728,416 shares of the industrial products company’s stock after selling 35,742 shares during the period. Ingersoll Rand accounts for about 4.1% of Turtle Creek Asset Management Inc.’s portfolio, making the stock its 9th largest holding. Turtle Creek Asset Management Inc.’s holdings in Ingersoll Rand were worth $156,353,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Ingersoll Rand by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 45,684,016 shares of the industrial products company’s stock valued at $4,132,576,000 after acquiring an additional 446,591 shares during the period. Capital International Investors grew its position in shares of Ingersoll Rand by 4.6% in the 4th quarter. Capital International Investors now owns 36,673,865 shares of the industrial products company’s stock valued at $3,317,537,000 after acquiring an additional 1,606,363 shares during the period. Capital World Investors grew its position in shares of Ingersoll Rand by 1.0% in the 4th quarter. Capital World Investors now owns 20,088,857 shares of the industrial products company’s stock valued at $1,817,238,000 after acquiring an additional 197,711 shares during the period. JPMorgan Chase & Co. grew its position in shares of Ingersoll Rand by 3.6% in the 4th quarter. JPMorgan Chase & Co. now owns 18,878,280 shares of the industrial products company’s stock valued at $1,707,729,000 after acquiring an additional 649,102 shares during the period. Finally, FMR LLC grew its position in shares of Ingersoll Rand by 8.2% in the 4th quarter. FMR LLC now owns 17,472,317 shares of the industrial products company’s stock valued at $1,580,546,000 after acquiring an additional 1,320,223 shares during the period. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on IR shares. Evercore ISI dropped their price objective on shares of Ingersoll Rand from $100.00 to $91.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. Stifel Nicolaus dropped their price objective on shares of Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a research note on Monday, April 14th. Citigroup boosted their target price on shares of Ingersoll Rand from $88.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Robert W. Baird boosted their target price on shares of Ingersoll Rand from $105.00 to $111.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Finally, Barclays dropped their target price on shares of Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and an average price target of $98.91.

Insider Activity

In other news, insider Elizabeth Meloy Hepding sold 3,500 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $83.78, for a total value of $293,230.00. Following the sale, the insider now directly owns 10,986 shares of the company’s stock, valued at approximately $920,407.08. This represents a 24.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.59% of the company’s stock.

Ingersoll Rand Trading Up 1.2%

IR opened at $84.03 on Friday. Ingersoll Rand Inc. has a fifty-two week low of $65.61 and a fifty-two week high of $106.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.29 and a quick ratio of 1.71. The firm has a market capitalization of $33.90 billion, a price-to-earnings ratio of 40.79, a PEG ratio of 3.50 and a beta of 1.42. The company’s 50 day moving average price is $77.02 and its two-hundred day moving average price is $88.09.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Thursday, May 1st. The industrial products company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.02). Ingersoll Rand had a return on equity of 12.78% and a net margin of 11.59%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm earned $0.78 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. As a group, research analysts predict that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 15th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Thursday, May 15th. Ingersoll Rand’s dividend payout ratio is currently 3.96%.

Ingersoll Rand declared that its Board of Directors has initiated a stock buyback program on Thursday, May 1st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 3.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.