Barclays Trims Ingersoll Rand (NYSE:IR) Target Price to $101.00

Ingersoll Rand (NYSE:IR) had its price target lowered by Barclays from $106.00 to $101.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Barclays‘s target price suggests a potential upside of 15.55% from the company’s current price.

A number of other analysts have also issued reports on the company. Stifel Nicolaus raised their target price on Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Citigroup raised their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. StockNews.com downgraded Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Wells Fargo & Company lifted their price objective on Ingersoll Rand from $98.00 to $102.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group started coverage on Ingersoll Rand in a research note on Friday, June 21st. They issued a “buy” rating and a $110.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus target price of $97.75.

Ingersoll Rand Price Performance

IR stock traded down $3.82 during trading hours on Friday, hitting $87.41. 1,140,727 shares of the stock traded hands, compared to its average volume of 2,639,623. The stock has a 50-day simple moving average of $93.79 and a 200 day simple moving average of $90.79. Ingersoll Rand has a one year low of $59.20 and a one year high of $101.30. The company has a market cap of $35.26 billion, a P/E ratio of 43.49, a P/E/G ratio of 2.95 and a beta of 1.45. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27.

Ingersoll Rand (NYSE:IR) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.67 by $0.09. Ingersoll Rand had a return on equity of 13.08% and a net margin of 11.73%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.70 billion. Equities analysts forecast that Ingersoll Rand will post 3.17 earnings per share for the current year.

Ingersoll Rand announced that its Board of Directors has approved a share repurchase program on Thursday, April 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

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

Hedge Funds Weigh In On Ingersoll Rand

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

Ingersoll Rand Company 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.