Ingersoll Rand (NYSE:IR) Price Target Cut to $104.00 by Analysts at Barclays

Ingersoll Rand (NYSE:IR) had its target price dropped by equities research analysts at Barclays from $105.00 to $104.00 in a report released on Monday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Barclays‘s price objective points to a potential upside of 16.96% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Cfra boosted their target price on shares of Ingersoll Rand from $68.00 to $85.00 and gave the company a “hold” rating in a report on Friday, February 16th. The Goldman Sachs Group lifted their price target on shares of Ingersoll Rand from $87.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Evercore ISI lowered Ingersoll Rand from an “outperform” rating to an “in-line” rating and upped their price objective for the stock from $81.00 to $89.00 in a research report on Tuesday, February 20th. Robert W. Baird increased their price objective on Ingersoll Rand from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, BNP Paribas started coverage on Ingersoll Rand in a report on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 price target for the company. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.82.

Ingersoll Rand Price Performance

Shares of Ingersoll Rand stock traded up $2.20 during midday trading on Monday, reaching $88.92. The company had a trading volume of 1,074,363 shares, compared to its average volume of 2,537,462. The stock has a fifty day simple moving average of $91.96 and a 200 day simple moving average of $80.81. 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 has a 1-year low of $56.49 and a 1-year high of $96.17. The company has a market capitalization of $35.88 billion, a price-to-earnings ratio of 44.32, a price-to-earnings-growth ratio of 3.02 and a beta of 1.40.

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

Ingersoll Rand declared that its Board of Directors has approved a stock buyback program on Thursday, April 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 2.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Ingersoll Rand

In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of Ingersoll Rand stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the sale, the chief accounting officer now owns 9,715 shares of the company’s stock, valued at $854,920. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 10,421 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 48,904 shares in the company, valued at $4,398,914.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michael J. Scheske sold 7,590 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total value of $667,920.00. Following the sale, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at $854,920. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293,011 shares of company stock worth $26,374,789. Corporate insiders own 0.83% of the company’s stock.

Institutional Trading of Ingersoll Rand

Several institutional investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its stake in shares of 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 buying an additional 56,394 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Ingersoll Rand by 3.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 163,162 shares of the industrial products company’s stock valued at $12,691,000 after purchasing an additional 6,042 shares during the period. Consilium Wealth Advisory LLC increased its position in Ingersoll Rand by 17.5% in the fourth quarter. Consilium Wealth Advisory LLC now owns 14,864 shares of the industrial products company’s stock worth $1,150,000 after purchasing an additional 2,210 shares during the last quarter. Natixis Advisors L.P. boosted its stake in Ingersoll Rand by 8.6% during the third quarter. Natixis Advisors L.P. now owns 136,629 shares of the industrial products company’s stock worth $8,706,000 after buying an additional 10,840 shares during the period. Finally, Hsbc Holdings PLC increased its position in shares of Ingersoll Rand by 2.3% during the third quarter. Hsbc Holdings PLC now owns 568,633 shares of the industrial products company’s stock worth $36,222,000 after acquiring an additional 13,036 shares during the period. Institutional investors own 95.27% 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.