Ingersoll Rand (NYSE:IR) Hits New 52-Week High – Here’s What Happened

Ingersoll Rand Inc. (NYSE:IR) reached a new 52-week high during trading on Tuesday . The stock traded as high as $105.63 and last traded at $105.44, with a volume of 89955 shares. The stock had previously closed at $104.80.

Analysts Set New Price Targets

Several research analysts have recently commented on IR shares. Morgan Stanley started coverage on Ingersoll Rand in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Evercore ISI cut their price objective on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Wells Fargo & Company boosted their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Robert W. Baird lowered their price objective on Ingersoll Rand from $114.00 to $109.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Finally, Wolfe Research raised Ingersoll Rand to a “hold” rating in a research report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $101.67.

Ingersoll Rand Stock Performance

The company has a market cap of $42.08 billion, a price-to-earnings ratio of 51.30, a price-to-earnings-growth ratio of 3.90 and a beta of 1.42. The stock’s fifty day simple moving average is $96.56 and its two-hundred day simple moving average is $93.96. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.36.

Ingersoll Rand Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 14th will be issued a $0.02 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.08%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.90%.

Insider Activity

In other news, insider Kathleen M. Keene sold 4,629 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total value of $416,563.71. Following the transaction, the insider now owns 3,829 shares of the company’s stock, valued at approximately $344,571.71. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Kathleen M. Keene sold 4,629 shares of Ingersoll Rand stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total transaction of $416,563.71. Following the sale, the insider now owns 3,829 shares of the company’s stock, valued at $344,571.71. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michael J. Scheske sold 2,531 shares of Ingersoll Rand stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $97.44, for a total transaction of $246,620.64. Following the completion of the transaction, the chief accounting officer now directly owns 11,910 shares of the company’s stock, valued at $1,160,510.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,660 shares of company stock valued at $5,974,334. Company insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors raised its holdings in shares of Ingersoll Rand by 113.7% in the 1st quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock worth $2,484,486,000 after purchasing an additional 13,919,775 shares in the last quarter. Capital World Investors acquired a new stake in shares of Ingersoll Rand during the first quarter valued at approximately $440,401,000. JPMorgan Chase & Co. raised its holdings in shares of Ingersoll Rand by 28.4% during the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock valued at $1,517,040,000 after acquiring an additional 3,535,543 shares during the period. Capital Research Global Investors grew its position in Ingersoll Rand by 15.3% during the first quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company’s stock valued at $1,074,477,000 after purchasing an additional 1,504,414 shares in the last quarter. Finally, Swedbank AB bought a new stake in Ingersoll Rand in the first quarter worth approximately $55,310,000. 95.27% of the stock is owned by institutional investors and hedge funds.

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.