Ingersoll Rand (NYSE:IR) Issues FY 2024 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 3.200-3.300 for the period, compared to the consensus earnings per share estimate of 3.210. The company issued revenue guidance of $7.2 billion-$7.3 billion, compared to the consensus revenue estimate of $7.3 billion.

Ingersoll Rand Stock Performance

IR stock traded up $1.73 during mid-day trading on Monday, hitting $88.45. 4,549,407 shares of the company were exchanged, compared to its average volume of 2,578,305. The business has a 50 day simple moving average of $91.91 and a 200-day simple moving average of $81.01. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $35.69 billion, a PE ratio of 44.01, a price-to-earnings-growth ratio of 3.02 and a beta of 1.40. Ingersoll Rand has a 1-year low of $56.49 and a 1-year high of $96.17.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.76 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. On average, equities analysts forecast that Ingersoll Rand will post 3.1 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, May 15th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Ingersoll Rand’s payout ratio is presently 3.98%.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on IR shares. Stifel Nicolaus reissued a buy rating and issued a $102.00 price objective on shares of Ingersoll Rand in a research note on Tuesday, March 26th. BNP Paribas started coverage on shares of Ingersoll Rand in a research note on Tuesday, March 12th. They issued a neutral rating and a $92.00 price objective on the stock. StockNews.com cut shares of Ingersoll Rand from a buy rating to a hold rating in a research note on Saturday. Robert W. Baird boosted their price objective on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an outperform rating in a research note on Monday. Finally, Citigroup boosted their price objective on shares of Ingersoll Rand from $105.00 to $112.00 and gave the stock a buy rating in a research note on Monday, April 8th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $95.82.

Insider Activity at Ingersoll Rand

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 10,421 shares of the firm’s stock in a transaction dated 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 owns 48,904 shares in the company, valued at $4,398,914.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Andrew R. Schiesl sold 10,421 shares of Ingersoll Rand stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total value of $937,368.95. Following the transaction, the insider now owns 48,904 shares in the company, valued at $4,398,914.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Andrew R. Schiesl sold 35,000 shares of Ingersoll Rand stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $89.46, for a total value of $3,131,100.00. Following the completion of the transaction, the insider now owns 16,525 shares in the company, valued at approximately $1,478,326.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 293,011 shares of company stock valued at $26,374,789. 0.83% of the stock is owned by insiders.

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.