3,987 Shares in Ingersoll Rand Inc. (NYSE:IR) Acquired by Pinnacle Associates Ltd.

Posted by Defense World Staff on Apr 21st, 2023

Ingersoll Rand logo Pinnacle Associates Ltd. bought a new position in shares of Ingersoll Rand Inc. (NYSE:IR – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,987 shares of the industrial products company’s stock, valued at approximately $208,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of IR. American Century Companies Inc. increased its holdings in shares of Ingersoll Rand by 12.0% in the 1st quarter. American Century Companies Inc. now owns 15,601 shares of the industrial products company’s stock worth $786,000 after buying an additional 1,675 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Ingersoll Rand by 47.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,880 shares of the industrial products company’s stock worth $497,000 after buying an additional 3,185 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of Ingersoll Rand in the 1st quarter worth $327,000. Panagora Asset Management Inc. increased its holdings in shares of Ingersoll Rand by 62.2% in the 1st quarter. Panagora Asset Management Inc. now owns 28,937 shares of the industrial products company’s stock worth $1,457,000 after buying an additional 11,096 shares during the last quarter. Finally, Yousif Capital Management LLC increased its holdings in shares of Ingersoll Rand by 1.7% in the 1st quarter. Yousif Capital Management LLC now owns 57,771 shares of the industrial products company’s stock worth $2,909,000 after buying an additional 988 shares during the last quarter. Institutional investors own 99.73% of the company’s stock.

Ingersoll Rand Trading Down 0.4 %

Shares of IR opened at $55.36 on Friday. The stock has a market capitalization of $22.42 billion, a P/E ratio of 37.41 and a beta of 1.42. The company has a quick ratio of 1.76, a current ratio of 2.37 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $56.49 and a two-hundred day simple moving average of $53.92. Ingersoll Rand Inc. has a twelve month low of $39.28 and a twelve month high of $60.39.

Ingersoll Rand (NYSE:IR – Get Rating) last issued its quarterly earnings data on Tuesday, February 21st. The industrial products company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.59 by $0.13. Ingersoll Rand had a net margin of 10.22% and a return on equity of 9.99%. The business 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 earned $0.64 EPS. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. On average, research analysts anticipate that Ingersoll Rand Inc. will post 2.38 EPS for the current year.

Ingersoll Rand Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Shareholders of record on Wednesday, March 1st were issued a $0.02 dividend. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $0.08 annualized dividend and a yield of 0.14%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 5.41%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays upped their price objective on shares of Ingersoll Rand from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Citigroup upped their price objective on shares of Ingersoll Rand from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, April 10th. Wells Fargo & Company cut their price objective on shares of Ingersoll Rand from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Thursday, April 13th. Morgan Stanley upped their price objective on shares of Ingersoll Rand from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Ingersoll Rand from $55.00 to $56.00 and gave the company a “hold” rating in a research note on Wednesday, April 12th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.80.

Insiders Place Their Bets

In other Ingersoll Rand news, insider Vicente Reynal sold 25,000 shares of the company’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $60.00, for a total value of $1,500,000.00. Following the completion of the transaction, the insider now directly owns 102,856 shares in the company, valued at approximately $6,171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.75% of the company’s stock.

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.