New York Life Investment Management LLC Lowers Holdings in Ingersoll Rand Inc. $IR

New York Life Investment Management LLC lowered its holdings in Ingersoll Rand Inc. (NYSE:IR) by 11.9% in the third quarter, HoldingsChannel reports. The firm owned 53,174 shares of the industrial products company’s stock after selling 7,155 shares during the quarter. New York Life Investment Management LLC’s holdings in Ingersoll Rand were worth $4,393,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in IR. AQR Capital Management LLC increased its position in shares of Ingersoll Rand by 12.7% during the first quarter. AQR Capital Management LLC now owns 37,078 shares of the industrial products company’s stock worth $2,904,000 after acquiring an additional 4,167 shares during the period. NewEdge Advisors LLC grew its stake in Ingersoll Rand by 4.8% during the 1st quarter. NewEdge Advisors LLC now owns 6,168 shares of the industrial products company’s stock worth $494,000 after purchasing an additional 282 shares in the last quarter. Empowered Funds LLC grew its stake in Ingersoll Rand by 6.2% during the 1st quarter. Empowered Funds LLC now owns 7,731 shares of the industrial products company’s stock worth $619,000 after purchasing an additional 454 shares in the last quarter. Woodline Partners LP purchased a new stake in Ingersoll Rand during the 1st quarter worth about $643,000. Finally, Callan Family Office LLC acquired a new stake in Ingersoll Rand in the 2nd quarter valued at about $493,000. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Ingersoll Rand Stock Down 1.1%

Shares of NYSE:IR opened at $96.75 on Thursday. The company has a current ratio of 2.16, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. The firm has a 50 day simple moving average of $85.13 and a 200-day simple moving average of $81.29. The company has a market capitalization of $38.22 billion, a PE ratio of 71.66, a P/E/G ratio of 6.07 and a beta of 1.32. Ingersoll Rand Inc. has a twelve month low of $65.61 and a twelve month high of $100.00.

Ingersoll Rand Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Wednesday, March 4th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date is Wednesday, March 4th. Ingersoll Rand’s dividend payout ratio is currently 5.93%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on IR shares. Citigroup boosted their price objective on Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Wells Fargo & Company boosted their price target on shares of Ingersoll Rand from $87.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Zacks Research raised shares of Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Stifel Nicolaus lifted their price objective on shares of Ingersoll Rand from $81.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ingersoll Rand in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Ingersoll Rand presently has an average rating of “Hold” and a consensus price target of $92.13.

Insider Activity

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

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.