Ingersoll Rand (NYSE:IR) Releases FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $3.20-3.30 for the period, compared to the consensus EPS estimate of $3.22. The company issued revenue guidance of $7.15-7.29 billion, compared to the consensus revenue estimate of $7.29 billion.

Ingersoll Rand Price Performance

Shares of NYSE IR traded down $0.15 during trading hours on Thursday, hitting $92.85. 4,128,647 shares of the stock were exchanged, compared to its average volume of 2,504,857. The company’s fifty day simple moving average is $91.99 and its two-hundred day simple moving average is $80.34. The company has a market cap of $37.47 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 3.25 and a beta of 1.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.22. Ingersoll Rand has a 1-year low of $56.34 and a 1-year high of $96.17.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.76 billion. Ingersoll Rand had a return on equity of 12.24% and a net margin of 11.32%. On average, sell-side analysts predict that Ingersoll Rand will post 3.1 EPS for the current year.

Ingersoll Rand Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date of this dividend is Wednesday, May 15th. Ingersoll Rand’s payout ratio is 4.21%.

Ingersoll Rand declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to buy up to 2.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Evercore ISI downgraded Ingersoll Rand from an outperform rating to an in-line rating and lifted their target price for the stock from $81.00 to $89.00 in a report on Tuesday, February 20th. The Goldman Sachs Group lifted their price objective on Ingersoll Rand from $87.00 to $97.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Wells Fargo & Company raised their price target on shares of Ingersoll Rand from $83.00 to $100.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. BNP Paribas assumed coverage on Ingersoll Rand in a research note on Tuesday, March 12th. They issued a neutral rating and a $92.00 price objective on the stock. Finally, Barclays raised their target price on Ingersoll Rand from $101.00 to $105.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $92.73.

Insider Activity

In other Ingersoll Rand news, insider Vicente Reynal sold 240,000 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total transaction of $21,638,400.00. Following the sale, the insider now owns 91,957 shares in the company, valued at $8,290,843.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Vicente Reynal sold 240,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $90.16, for a total value of $21,638,400.00. Following the completion of the transaction, the insider now directly owns 91,957 shares in the company, valued at $8,290,843.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew R. Schiesl sold 10,421 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total transaction of $937,368.95. Following the sale, the insider now directly owns 48,904 shares in the company, valued at approximately $4,398,914.80. The disclosure for this sale can be found here. Insiders have sold a total of 293,011 shares of company stock valued at $26,374,789 over the last quarter. Company insiders own 0.83% of the company’s stock.

About Ingersoll Rand

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.