Fifth Third Bancorp increased its stake in Ingersoll Rand Inc. (NYSE:IR – Free Report) by 388.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 81,961 shares of the industrial products company’s stock after acquiring an additional 65,189 shares during the quarter. Fifth Third Bancorp’s holdings in Ingersoll Rand were worth $6,567,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of IR. Nordea Investment Management AB raised its holdings in shares of Ingersoll Rand by 9.9% in the 4th quarter. Nordea Investment Management AB now owns 2,219,327 shares of the industrial products company’s stock valued at $177,324,000 after purchasing an additional 200,689 shares in the last quarter. Hudson Bay Capital Management LP purchased a new position in Ingersoll Rand in the third quarter valued at about $1,533,000. Swiss Life Asset Management Ltd raised its holdings in Ingersoll Rand by 29.5% in the third quarter. Swiss Life Asset Management Ltd now owns 89,431 shares of the industrial products company’s stock worth $7,389,000 after purchasing an additional 20,381 shares in the last quarter. National Pension Service raised its holdings in Ingersoll Rand by 3.0% in the fourth quarter. National Pension Service now owns 636,270 shares of the industrial products company’s stock worth $50,405,000 after purchasing an additional 18,289 shares in the last quarter. Finally, Strs Ohio lifted its position in shares of Ingersoll Rand by 11.2% during the fourth quarter. Strs Ohio now owns 237,624 shares of the industrial products company’s stock valued at $18,825,000 after buying an additional 23,974 shares during the last quarter. 95.27% of the stock is owned by institutional investors.
Ingersoll Rand Trading Up 7.2%
Shares of Ingersoll Rand stock opened at $84.81 on Friday. The firm’s 50 day simple moving average is $75.38 and its two-hundred day simple moving average is $82.55. The firm has a market capitalization of $33.19 billion, a price-to-earnings ratio of 57.30, a PEG ratio of 5.00 and a beta of 1.17. Ingersoll Rand Inc. has a 12-month low of $68.07 and a 12-month high of $100.96. The company has a current ratio of 2.23, a quick ratio of 1.59 and a debt-to-equity ratio of 0.47.
Ingersoll Rand Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 14th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. Ingersoll Rand’s payout ratio is 5.41%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on IR. Stifel Nicolaus cut their price objective on shares of Ingersoll Rand from $101.00 to $90.00 and set a “hold” rating on the stock in a research report on Tuesday, April 14th. Barclays decreased their target price on shares of Ingersoll Rand from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Wall Street Zen lowered shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Wells Fargo & Company reduced their price target on Ingersoll Rand from $90.00 to $88.00 and set an “overweight” rating on the stock in a research report on Thursday, April 30th. Finally, Citigroup lowered their price objective on Ingersoll Rand from $113.00 to $109.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $92.71.
Get Our Latest Stock Analysis on Ingersoll Rand
Ingersoll Rand Company 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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