Bank of Nova Scotia Decreases Stock Holdings in Ingersoll Rand Inc. $IR

Bank of Nova Scotia reduced its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 20.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,598 shares of the industrial products company’s stock after selling 40,254 shares during the period. Bank of Nova Scotia’s holdings in Ingersoll Rand were worth $13,109,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Citigroup Inc. lifted its holdings in Ingersoll Rand by 3.5% in the 1st quarter. Citigroup Inc. now owns 419,162 shares of the industrial products company’s stock worth $33,546,000 after buying an additional 14,003 shares during the period. National Bank of Canada FI raised its holdings in shares of Ingersoll Rand by 10.9% during the first quarter. National Bank of Canada FI now owns 218,032 shares of the industrial products company’s stock valued at $17,449,000 after acquiring an additional 21,370 shares in the last quarter. Townsquare Capital LLC lifted its stake in Ingersoll Rand by 26.5% in the first quarter. Townsquare Capital LLC now owns 3,411 shares of the industrial products company’s stock worth $273,000 after acquiring an additional 714 shares during the period. Entropy Technologies LP bought a new stake in Ingersoll Rand in the first quarter valued at $1,317,000. Finally, Nuveen LLC purchased a new position in Ingersoll Rand during the 1st quarter valued at $211,408,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Insider Transactions at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 1,477 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $80.63, for a total value of $119,090.51. Following the transaction, the chief accounting officer owned 12,153 shares in the company, valued at approximately $979,896.39. This represents a 10.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on IR. Citigroup raised their target price on shares of Ingersoll Rand from $91.00 to $94.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company raised their price objective on shares of Ingersoll Rand from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, October 6th. Stifel Nicolaus upped their target price on Ingersoll Rand from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Monday, October 20th. Zacks Research cut Ingersoll Rand from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 13th. Finally, Morgan Stanley reduced their price target on Ingersoll Rand from $88.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ingersoll Rand currently has a consensus rating of “Hold” and an average target price of $94.20.

Ingersoll Rand Stock Down 1.1%

IR stock opened at $78.41 on Wednesday. The business has a 50 day moving average of $78.46 and a 200 day moving average of $80.81. The firm has a market cap of $30.98 billion, a PE ratio of 58.08, a price-to-earnings-growth ratio of 5.12 and a beta of 1.33. Ingersoll Rand Inc. has a twelve month low of $65.61 and a twelve month high of $103.17. The company has a quick ratio of 1.51, a current ratio of 2.16 and a debt-to-equity ratio of 0.47.

Ingersoll Rand (NYSE:IR) last released its earnings results on Thursday, October 30th. The industrial products company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.01). Ingersoll Rand had a return on equity of 12.14% and a net margin of 7.31%.The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same period last year, the firm posted $0.84 earnings per share. The company’s revenue was up 5.1% compared to the same quarter last year. Ingersoll Rand has set its FY 2025 guidance at 3.250-3.310 EPS. On average, research analysts forecast that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Thursday, November 13th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date was Thursday, November 13th. Ingersoll Rand’s dividend payout ratio (DPR) is currently 5.93%.

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.