Zacks Research Research Analysts Lower Earnings Estimates for Ingersoll Rand Inc. (NYSE:IR)

Posted by Defense World Staff on Jun 26th, 2023

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Ingersoll Rand Inc. (NYSE:IR – Get Rating) – Zacks Research reduced their Q2 2023 earnings estimates for shares of Ingersoll Rand in a research report issued to clients and investors on Wednesday, June 21st. Zacks Research analyst E. Haque now forecasts that the industrial products company will earn $0.55 per share for the quarter, down from their prior estimate of $0.57. 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 FY2023 earnings at $2.53 EPS.

IR has been the subject of several other research reports. Robert W. Baird lifted their price objective on Ingersoll Rand from $62.00 to $66.00 in a report on Friday, May 5th. Stifel Nicolaus lifted their price objective on Ingersoll Rand from $60.00 to $61.00 and gave the stock a “hold” rating in a report on Monday, April 17th. Deutsche Bank Aktiengesellschaft lifted their price objective on Ingersoll Rand from $55.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, April 12th. Wells Fargo & Company reduced their target price on Ingersoll Rand from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 13th. Finally, Citigroup lifted their target price on Ingersoll Rand from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, April 10th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.40.

Ingersoll Rand Price Performance

Shares of NYSE:IR opened at $63.37 on Monday. The company has a current ratio of 2.16, a quick ratio of 1.50 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $59.33 and its two-hundred day simple moving average is $56.92. Ingersoll Rand has a 1-year low of $39.28 and a 1-year high of $65.24. The stock has a market cap of $25.63 billion, a PE ratio of 39.12 and a beta of 1.42.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quintet Private Bank Europe S.A. purchased a new position in Ingersoll Rand during the 1st quarter worth $26,000. Compass Wealth Management LLC acquired a new stake in Ingersoll Rand during the 4th quarter worth about $32,000. Field & Main Bank lifted its position in Ingersoll Rand by 42.3% during the 1st quarter. Field & Main Bank now owns 673 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 200 shares during the period. Farmers & Merchants Investments Inc. lifted its position in Ingersoll Rand by 127.1% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 679 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 380 shares during the period. Finally, CoreCap Advisors LLC acquired a new stake in Ingersoll Rand during the 4th quarter worth about $41,000. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Ingersoll Rand news, insider Gary E. Gillespie sold 27,487 shares of the firm’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $60.73, for a total transaction of $1,669,285.51. Following the transaction, the insider now directly owns 42,234 shares in the company, valued at approximately $2,564,870.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Gary E. Gillespie sold 27,487 shares of Ingersoll Rand stock in a transaction on Monday, June 5th. The stock was sold at an average price of $60.73, for a total value of $1,669,285.51. Following the transaction, the insider now directly owns 42,234 shares in the company, valued at approximately $2,564,870.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Vicente Reynal sold 27,169 shares of Ingersoll Rand 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 owns 73,877 shares in the company, valued at $4,802,005. The disclosure for this sale can be found here. In the last three months, insiders sold 58,659 shares of company stock valued at $3,685,458. Insiders own 0.83% of the company’s stock.

Ingersoll Rand Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 22nd. Stockholders of record on Wednesday, May 24th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. The ex-dividend date of this dividend was Tuesday, May 23rd. Ingersoll Rand’s payout ratio is 4.94%.

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.