Q4 2023 EPS Estimates for Ingersoll Rand Inc. (NYSE:IR) Increased by Zacks Research

Posted by Defense World Staff on Jun 24th, 2023

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Ingersoll Rand Inc. (NYSE:IR – Get Rating) – Research analysts at Zacks Research increased their Q4 2023 earnings per share estimates for Ingersoll Rand in a research report issued on Wednesday, June 21st. Zacks Research analyst E. Haque now expects that the industrial products company will post earnings of $0.71 per share for the quarter, up from their previous estimate of $0.70. The consensus estimate for Ingersoll Rand’s current full-year earnings is $2.57 per share. Zacks Research also issued estimates for Ingersoll Rand’s Q1 2024 earnings at $0.62 EPS, FY2024 earnings at $2.63 EPS and FY2025 earnings at $2.78 EPS.

Ingersoll Rand (NYSE:IR – Get Rating) last announced its earnings results on Wednesday, May 3rd. The industrial products company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.15. Ingersoll Rand had a return on equity of 10.69% and a net margin of 10.66%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.48 billion.

Several other research firms also recently commented on IR. Stifel Nicolaus raised their price target on shares of Ingersoll Rand from $60.00 to $61.00 and gave the stock a “hold” rating in a research note on Monday, April 17th. StockNews.com raised shares of Ingersoll Rand from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Robert W. Baird increased their price objective on Ingersoll Rand from $62.00 to $66.00 in a research note on Friday, May 5th. Evercore ISI upgraded Ingersoll Rand from an “in-line” rating to an “outperform” rating and set a $71.00 price objective on the stock in a report on Tuesday, May 9th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Ingersoll Rand from $55.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, April 12th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.40.

Ingersoll Rand Price Performance

IR stock opened at $63.35 on Friday. The stock has a market cap of $25.63 billion, a PE ratio of 39.10 and a beta of 1.42. Ingersoll Rand has a 12 month low of $39.28 and a 12 month high of $65.24. The company has a 50-day moving average price of $59.33 and a 200 day moving average price of $56.86. The company has a current ratio of 2.16, a quick ratio of 1.50 and a debt-to-equity ratio of 0.29.

Hedge Funds Weigh In On Ingersoll Rand

A number of large investors have recently added to or reduced their stakes in the stock. Quintet Private Bank Europe S.A. purchased a new stake in shares of Ingersoll Rand during the first quarter worth approximately $26,000. Compass Wealth Management LLC acquired a new stake in Ingersoll Rand during the 4th quarter worth $32,000. Field & Main Bank grew its holdings in shares of Ingersoll Rand by 42.3% during the first quarter. Field & Main Bank now owns 673 shares of the industrial products company’s stock worth $39,000 after buying an additional 200 shares in the last quarter. Farmers & Merchants Investments Inc. raised its position in shares of Ingersoll Rand by 127.1% in the first quarter. Farmers & Merchants Investments Inc. now owns 679 shares of the industrial products company’s stock valued at $40,000 after buying an additional 380 shares during the last quarter. Finally, CoreCap Advisors LLC purchased a new position in shares of Ingersoll Rand in the fourth quarter worth about $41,000. 94.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ingersoll Rand

In other news, insider Vicente Reynal sold 27,169 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $65.00, for a total value of $1,765,985.00. Following the completion of the transaction, the insider now owns 73,877 shares of the company’s stock, valued at approximately $4,802,005. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Vicente Reynal sold 27,169 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $65.00, for a total value of $1,765,985.00. Following the completion of the transaction, the insider now directly owns 73,877 shares in the company, valued at approximately $4,802,005. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kathleen M. Keene sold 4,003 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $62.50, for a total transaction of $250,187.50. Following the sale, the insider now directly owns 1,879 shares in the company, valued at $117,437.50. The disclosure for this sale can be found here. Insiders sold 58,659 shares of company stock worth $3,685,458 over the last three months. Company insiders own 0.83% of the company’s stock.

Ingersoll Rand Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 22nd. Investors of record on Wednesday, May 24th were issued a dividend of $0.02 per share. The ex-dividend date was Tuesday, May 23rd. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 4.94%.

About Ingersoll Rand

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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.