Cullinan Associates Inc. Takes $230,000 Position in Ingersoll Rand Inc. (NYSE:IR)

Posted by Defense World Staff on Mar 21st, 2023

Ingersoll Rand logo Cullinan Associates Inc. acquired a new stake in shares of Ingersoll Rand Inc. (NYSE:IR – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,401 shares of the industrial products company’s stock, valued at approximately $230,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Moody National Bank Trust Division purchased a new position in Ingersoll Rand during the fourth quarter valued at approximately $224,000. Coldstream Capital Management Inc. purchased a new position in Ingersoll Rand in the 4th quarter worth approximately $379,000. Yousif Capital Management LLC grew its stake in Ingersoll Rand by 4.9% in the 4th quarter. Yousif Capital Management LLC now owns 59,714 shares of the industrial products company’s stock worth $3,120,000 after buying an additional 2,789 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Ingersoll Rand by 6.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,990,056 shares of the industrial products company’s stock worth $388,910,000 after buying an additional 525,557 shares in the last quarter. Finally, Toroso Investments LLC grew its stake in Ingersoll Rand by 4.9% in the 3rd quarter. Toroso Investments LLC now owns 16,031 shares of the industrial products company’s stock worth $694,000 after buying an additional 754 shares in the last quarter. Institutional investors own 99.73% of the company’s stock.

Ingersoll Rand Price Performance

Shares of Ingersoll Rand stock opened at $53.91 on Tuesday. Ingersoll Rand Inc. has a 52-week low of $39.28 and a 52-week high of $60.39. The stock has a market capitalization of $21.83 billion, a price-to-earnings ratio of 36.43 and a beta of 1.43. The company has a fifty day moving average of $56.69 and a 200-day moving average of $52.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.76 and a current ratio of 2.37.

Ingersoll Rand (NYSE:IR – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The industrial products company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.13. Ingersoll Rand had a net margin of 10.22% and a return on equity of 9.99%. The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’s revenue was up 14.4% compared to the same quarter last year. Equities research analysts expect that Ingersoll Rand Inc. will post 2.31 EPS for the current year.

Ingersoll Rand Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Wednesday, March 1st will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $0.08 dividend on an annualized basis and a yield of 0.15%. Ingersoll Rand’s dividend payout ratio is currently 5.41%.

Insider Activity at Ingersoll Rand

In related news, insider Vicente Reynal sold 25,000 shares of the company’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $57.50, for a total transaction of $1,437,500.00. Following the completion of the sale, the insider now directly owns 189,345 shares in the company, valued at approximately $10,887,337.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Ingersoll Rand news, CAO Michael J. Scheske sold 1,742 shares of the company’s stock in a transaction on Wednesday, January 11th. The shares were sold at an average price of $57.00, for a total value of $99,294.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,112 shares in the company, valued at approximately $405,384. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Vicente Reynal sold 25,000 shares of the company’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $57.50, for a total transaction of $1,437,500.00. Following the completion of the transaction, the insider now owns 189,345 shares of the company’s stock, valued at $10,887,337.50. The disclosure for this sale can be found here. Insiders sold 51,742 shares of company stock worth $3,036,794 in the last three months. 0.75% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on IR. Robert W. Baird boosted their price target on shares of Ingersoll Rand from $52.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Ingersoll Rand from $53.00 to $55.00 in a research note on Wednesday, February 22nd. Morgan Stanley boosted their price target on shares of Ingersoll Rand from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. Stifel Nicolaus boosted their price target on shares of Ingersoll Rand from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Friday, January 20th. Finally, Wells Fargo & Company upped their price objective on shares of Ingersoll Rand from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, January 19th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Ingersoll Rand Company Profile

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Ingersoll Rand, Inc provides a broad range of mission critical air, fluid, energy, specialty vehicle and medical technologies, providing services and solutions to increase industrial productivity and efficiency. It operates through the following segments: Industrial Technologies and Services, Precision and Science Technologies, High Pressure Solutions, and Specialty Vehicle Technologies.