Oppenheimer Asset Management Inc. Lowers Stake in Ingersoll Rand Inc. (NYSE:IR)

Posted by Defense World Staff on Aug 27th, 2023

Ingersoll Rand logo Oppenheimer Asset Management Inc. decreased its position in shares of Ingersoll Rand Inc. (NYSE:IR – Free Report) by 43.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 14,814 shares of the industrial products company’s stock after selling 11,167 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Ingersoll Rand were worth $862,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Ingersoll Rand by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 44,054,298 shares of the industrial products company’s stock valued at $2,218,134,000 after buying an additional 823,749 shares during the period. Price T Rowe Associates Inc. MD increased its position in Ingersoll Rand by 5.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,462,884 shares of the industrial products company’s stock worth $1,591,686,000 after purchasing an additional 1,651,634 shares during the last quarter. Geode Capital Management LLC raised its stake in Ingersoll Rand by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 8,195,025 shares of the industrial products company’s stock worth $427,405,000 after purchasing an additional 203,766 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Ingersoll Rand by 6.3% in the 1st quarter. Fisher Asset Management LLC now owns 5,168,748 shares of the industrial products company’s stock valued at $300,718,000 after purchasing an additional 304,499 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Ingersoll Rand by 65.4% during the 4th quarter. Morgan Stanley now owns 4,701,832 shares of the industrial products company’s stock valued at $245,671,000 after buying an additional 1,858,698 shares during the period. Institutional investors and hedge funds own 94.73% of the company’s stock.

Ingersoll Rand Stock Performance

NYSE:IR opened at $68.90 on Friday. The firm has a 50-day moving average of $65.83 and a two-hundred day moving average of $60.51. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.29 and a quick ratio of 1.62. The stock has a market cap of $27.86 billion, a P/E ratio of 40.06, a PEG ratio of 2.09 and a beta of 1.44. Ingersoll Rand Inc. has a 1-year low of $42.20 and a 1-year high of $69.31.

Ingersoll Rand (NYSE:IR – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.11. Ingersoll Rand had a return on equity of 11.20% and a net margin of 10.89%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.58 billion. On average, research analysts expect that Ingersoll Rand Inc. will post 2.63 earnings per share for the current fiscal year.

Ingersoll Rand Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Wednesday, August 23rd will be issued a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.08 annualized dividend and a yield of 0.12%. Ingersoll Rand’s dividend payout ratio is presently 4.65%.

Insider Buying and Selling at Ingersoll Rand

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

Analyst Ratings Changes

A number of research analysts recently weighed in on IR shares. Cfra lifted their target price on Ingersoll Rand from $60.00 to $66.00 and gave the company a “hold” rating in a report on Thursday, August 3rd. Stifel Nicolaus boosted their target price on Ingersoll Rand from $61.00 to $71.00 and gave the stock a “hold” rating in a report on Wednesday, July 19th. StockNews.com lowered shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Friday. Robert W. Baird boosted their price objective on shares of Ingersoll Rand from $66.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Finally, Barclays raised their target price on shares of Ingersoll Rand from $70.00 to $76.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.36.

Check Out Our Latest Report on Ingersoll Rand

About Ingersoll Rand

(Free Report)

Ingersoll Rand Inc provides various mission-critical air, fluid, energy, specialty vehicle, and medical technologies in the United States, Europe, the Middle East, India, Africa, and the Asia Pacific. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies.