Ingersoll Rand (NYSE:IR) Sets New 52-Week High – Here’s Why

Shares of Ingersoll Rand Inc. (NYSE:IR) reached a new 52-week high on Wednesday . The stock traded as high as $96.66 and last traded at $97.00, with a volume of 349456 shares trading hands. The stock had previously closed at $93.72.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IR. Weiss Ratings reiterated a “hold (c)” rating on shares of Ingersoll Rand in a research report on Monday, December 29th. Robert W. Baird dropped their price objective on shares of Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Stifel Nicolaus boosted their target price on shares of Ingersoll Rand from $81.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, January 23rd. Citigroup upped their target price on shares of Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Finally, Wells Fargo & Company lifted their price target on Ingersoll Rand from $87.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $92.13.

Ingersoll Rand Trading Up 2.6%

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.16. The company has a market capitalization of $38.93 billion, a price-to-earnings ratio of 72.98, a price-to-earnings-growth ratio of 6.05 and a beta of 1.32. The business’s 50 day moving average price is $84.04 and its two-hundred day moving average price is $81.11.

Insider Activity

In related news, insider Vicente Reynal sold 191,000 shares of Ingersoll Rand stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $88.12, for a total transaction of $16,830,920.00. Following the transaction, the insider directly owned 193,186 shares of the company’s stock, valued at $17,023,550.32. The trade was a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michael J. Scheske sold 1,477 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $80.63, for a total transaction of $119,090.51. Following the completion of the sale, the chief accounting officer owned 12,153 shares in the company, valued at approximately $979,896.39. This trade represents a 10.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 292,477 shares of company stock valued at $26,703,912 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Axxcess Wealth Management LLC lifted its position in shares of Ingersoll Rand by 9.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 5,480 shares of the industrial products company’s stock valued at $434,000 after acquiring an additional 472 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Ingersoll Rand by 16.4% in the fourth quarter. Global Retirement Partners LLC now owns 3,996 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 563 shares in the last quarter. ABN Amro Investment Solutions grew its holdings in shares of Ingersoll Rand by 19.0% during the fourth quarter. ABN Amro Investment Solutions now owns 129,610 shares of the industrial products company’s stock valued at $10,268,000 after buying an additional 20,650 shares in the last quarter. Harvest Portfolios Group Inc. raised its position in Ingersoll Rand by 19.5% during the fourth quarter. Harvest Portfolios Group Inc. now owns 31,962 shares of the industrial products company’s stock valued at $2,532,000 after buying an additional 5,216 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Ingersoll Rand during the 4th quarter worth about $1,478,000. 95.27% of the stock is owned by hedge funds and other institutional investors.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.