Weitz Investment Management Inc. bought a new stake in Ingersoll Rand Inc. (NYSE:IR – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 161,670 shares of the industrial products company’s stock, valued at approximately $13,255,000. Ingersoll Rand accounts for approximately 0.9% of Weitz Investment Management Inc.’s portfolio, making the stock its 28th biggest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in IR. Bell Investment Advisors Inc purchased a new stake in shares of Ingersoll Rand during the 2nd quarter worth approximately $26,000. Deseret Mutual Benefit Administrators increased its position in shares of Ingersoll Rand by 46.9% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 351 shares of the industrial products company’s stock valued at $28,000 after buying an additional 112 shares in the last quarter. Hilton Head Capital Partners LLC acquired a new position in shares of Ingersoll Rand during the 4th quarter worth $29,000. Reflection Asset Management purchased a new stake in shares of Ingersoll Rand in the 4th quarter worth about $31,000. Finally, Torren Management LLC acquired a new stake in Ingersoll Rand in the 4th quarter valued at about $32,000. 95.27% of the stock is owned by institutional investors and hedge funds.
Ingersoll Rand Price Performance
IR stock opened at $80.52 on Friday. The stock has a market capitalization of $31.24 billion, a price-to-earnings ratio of 33.14, a price-to-earnings-growth ratio of 5.06 and a beta of 1.17. The company has a quick ratio of 1.15, a current ratio of 1.62 and a debt-to-equity ratio of 0.40. Ingersoll Rand Inc. has a 52-week low of $68.07 and a 52-week high of $100.96. The stock’s fifty day simple moving average is $81.86 and its 200-day simple moving average is $82.45.
Ingersoll Rand Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.08 annualized dividend and a yield of 0.1%. Ingersoll Rand’s dividend payout ratio is 3.29%.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on IR. Robert W. Baird upped their target price on Ingersoll Rand from $103.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Weiss Ratings upgraded Ingersoll Rand from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 21st. Morgan Stanley set a $87.00 price objective on Ingersoll Rand in a research report on Monday, August 10th. Wells Fargo & Company cut their target price on shares of Ingersoll Rand from $90.00 to $88.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Finally, Barclays reduced their target price on shares of Ingersoll Rand from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.14.
View Our Latest Stock Analysis on IR
Insiders Place Their Bets
In related news, Director Aurobind Satpathy purchased 11,538 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were bought at an average price of $86.68 per share, with a total value of $1,000,113.84. Following the completion of the purchase, the director directly owned 11,538 shares in the company, valued at approximately $1,000,113.84. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 0.49% of the stock is currently owned by corporate insiders.
Ingersoll Rand Profile
Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.
Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.
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