Principal Financial Group Inc. Cuts Stake in Ingersoll Rand Inc. $IR

Principal Financial Group Inc. cut its holdings in Ingersoll Rand Inc. (NYSE:IR) by 12.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 394,402 shares of the industrial products company’s stock after selling 55,217 shares during the period. Principal Financial Group Inc. owned approximately 0.10% of Ingersoll Rand worth $32,585,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of IR. Norges Bank purchased a new position in Ingersoll Rand in the 2nd quarter worth approximately $397,501,000. Allspring Global Investments Holdings LLC increased its stake in shares of Ingersoll Rand by 8,153.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,614,212 shares of the industrial products company’s stock worth $137,692,000 after buying an additional 1,594,653 shares during the period. Swedbank AB boosted its position in Ingersoll Rand by 141.1% during the 3rd quarter. Swedbank AB now owns 2,249,353 shares of the industrial products company’s stock valued at $185,842,000 after buying an additional 1,316,375 shares during the period. Liontrust Investment Partners LLP purchased a new position in shares of Ingersoll Rand in the second quarter valued at about $81,628,000. Finally, Vanguard Group Inc. raised its stake in shares of Ingersoll Rand by 1.9% during the second quarter. Vanguard Group Inc. now owns 47,128,533 shares of the industrial products company’s stock valued at $3,920,151,000 after acquiring an additional 859,062 shares during the last quarter. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on IR shares. Citigroup boosted their price target on Ingersoll Rand from $94.00 to $98.00 and gave the company a “buy” rating in a report on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of Ingersoll Rand in a report on Monday, December 29th. Stifel Nicolaus boosted their price objective on shares of Ingersoll Rand from $81.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, January 23rd. Zacks Research raised shares of Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Finally, Robert W. Baird cut their price objective on Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.13.

Ingersoll Rand Price Performance

Shares of NYSE:IR opened at $95.98 on Friday. 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 business has a 50-day simple moving average of $83.68 and a two-hundred day simple moving average of $81.01. Ingersoll Rand Inc. has a fifty-two week low of $65.61 and a fifty-two week high of $99.44. The firm has a market cap of $37.92 billion, a price-to-earnings ratio of 71.10, a price-to-earnings-growth ratio of 6.14 and a beta of 1.32.

Insider Transactions at Ingersoll Rand

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

Ingersoll Rand 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.