DNB Asset Management AS Boosts Stake in Ingersoll Rand Inc. (NYSE:IR)

DNB Asset Management AS grew its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 3.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 99,449 shares of the industrial products company’s stock after purchasing an additional 2,906 shares during the quarter. DNB Asset Management AS’s holdings in Ingersoll Rand were worth $9,034,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IR. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Ingersoll Rand by 24.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 494,450 shares of the industrial products company’s stock worth $46,948,000 after acquiring an additional 96,982 shares during the last quarter. Nomura Holdings Inc. raised its stake in Ingersoll Rand by 3,010.2% in the 4th quarter. Nomura Holdings Inc. now owns 211,274 shares of the industrial products company’s stock worth $16,340,000 after acquiring an additional 204,481 shares during the last quarter. Varenne Capital Partners acquired a new stake in Ingersoll Rand during the 4th quarter worth about $1,693,000. Illinois Municipal Retirement Fund grew its position in Ingersoll Rand by 297.5% during the 4th quarter. Illinois Municipal Retirement Fund now owns 75,353 shares of the industrial products company’s stock worth $5,828,000 after purchasing an additional 56,394 shares during the period. Finally, Azzad Asset Management Inc. ADV acquired a new stake in Ingersoll Rand during the 1st quarter worth about $1,221,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on IR shares. Barclays cut their price target on Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday. Citigroup lifted their price objective on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Robert W. Baird lifted their price objective on Ingersoll Rand from $109.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday. Stifel Nicolaus lifted their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company lowered their price objective on Ingersoll Rand from $102.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and an average target price of $100.36.

Ingersoll Rand Price Performance

IR traded up $1.11 during trading on Tuesday, reaching $88.15. The company’s stock had a trading volume of 2,966,429 shares, compared to its average volume of 2,687,198. The company has a market cap of $35.56 billion, a price-to-earnings ratio of 44.29, a PEG ratio of 2.68 and a beta of 1.45. The company has a quick ratio of 1.71, a current ratio of 2.18 and a debt-to-equity ratio of 0.47. The firm has a fifty day simple moving average of $93.46 and a two-hundred day simple moving average of $91.11. Ingersoll Rand Inc. has a 1 year low of $59.20 and a 1 year high of $101.30.

Ingersoll Rand Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Thursday, August 15th. Ingersoll Rand’s payout ratio is presently 3.98%.

Ingersoll Rand declared that its board has approved a stock buyback program on Thursday, April 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now owns 100,367 shares of the company’s stock, valued at approximately $8,843,336.37. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value of $17,488,601.46. Following the completion of the sale, the insider now owns 100,367 shares in the company, valued at approximately $8,843,336.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the completion of the sale, the insider now owns 30,846 shares of the company’s stock, valued at approximately $2,843,075.82. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Ingersoll Rand Profile

Ingersoll Rand Inc provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies. The Industrial Technologies and Services segment designs, manufactures, markets, and services air and gas compression, vacuum, and blower products; fluid transfer equipment and loading systems; and power tools and lifting equipment, including associated aftermarket parts, consumables, air treatment equipment, controls, other accessories, and services under the under the Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle brands, etc.