Canada Pension Plan Investment Board acquired a new stake in Ingersoll Rand Inc. (NYSE:IR – Free Report) in the second quarter, HoldingsChannel reports. The firm acquired 175,256 shares of the industrial products company’s stock, valued at approximately $14,369,000.
Several other institutional investors and hedge funds have also modified their holdings of the company. Bell Investment Advisors Inc purchased a new stake in Ingersoll Rand in the 2nd quarter worth approximately $26,000. Deseret Mutual Benefit Administrators increased its stake in 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 purchasing an additional 112 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new position in Ingersoll Rand during the fourth quarter worth about $29,000. Reflection Asset Management purchased a new position in Ingersoll Rand during the fourth quarter worth about $31,000. Finally, Torren Management LLC acquired a new stake in Ingersoll Rand in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.
Ingersoll Rand Stock Performance
Ingersoll Rand stock opened at $78.52 on Friday. The company has a market cap of $30.47 billion, a price-to-earnings ratio of 32.31, a price-to-earnings-growth ratio of 4.97 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 debt-to-equity ratio of 0.40, a current ratio of 1.62 and a quick ratio of 1.15. The stock’s 50-day moving average is $82.02 and its 200-day moving average is $81.90.
Ingersoll Rand Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 13th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date is Thursday, August 13th. Ingersoll Rand’s payout ratio is currently 3.29%.
Insider Transactions at Ingersoll Rand
In other Ingersoll Rand news, Director Aurobind Satpathy acquired 11,538 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was bought at an average price of $86.68 per share, with a total value of $1,000,113.84. Following the completion of the transaction, the director directly owned 11,538 shares of the company’s stock, valued at approximately $1,000,113.84. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.49% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
IR has been the subject of several recent analyst reports. Weiss Ratings upgraded Ingersoll Rand from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 21st. Evercore set a $84.00 target price on shares of Ingersoll Rand in a research report on Monday, May 11th. Robert W. Baird boosted their target price on shares of Ingersoll Rand from $103.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Morgan Stanley set a $87.00 price target on shares of Ingersoll Rand in a research note on Monday, August 10th. Finally, Wall Street Zen lowered shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.14.
Check Out Our Latest Analysis on IR
About Ingersoll Rand
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.
Featured Stories
- Five stocks we like better than Ingersoll Rand
- 3 Financial Stocks Positioned for the Fed’s Next Move After Jackson Hole
- IREN’s AI Pivot Looks Real, But the Market Wanted a Faster Payoff After Earnings
- Boeing’s $131B F-15 Win: Mach 1 Momentum or Just Altitude?
- Okta Stock Surges 29%—Is $200 the Next Stop?
Want to see what other hedge funds are holding IR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingersoll Rand Inc. (NYSE:IR – Free Report).
Receive News & Ratings for Ingersoll Rand Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingersoll Rand and related companies with MarketBeat.com's FREE daily email newsletter.
