Parsons Capital Management Inc. RI Boosts Stock Holdings in Ingersoll Rand Inc. (NYSE:IR)

Parsons Capital Management Inc. RI grew its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 7.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,850 shares of the industrial products company’s stock after purchasing an additional 451 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Ingersoll Rand were worth $650,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Global Retirement Partners LLC increased its holdings in Ingersoll Rand by 11.9% in the 3rd quarter. Global Retirement Partners LLC now owns 1,800 shares of the industrial products company’s stock worth $114,000 after acquiring an additional 191 shares in the last quarter. DAVENPORT & Co LLC increased its holdings in Ingersoll Rand by 4.5% in the 3rd quarter. DAVENPORT & Co LLC now owns 15,214 shares of the industrial products company’s stock worth $969,000 after acquiring an additional 658 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Ingersoll Rand in the 3rd quarter worth $308,000. Caprock Group LLC increased its holdings in Ingersoll Rand by 16.5% in the 3rd quarter. Caprock Group LLC now owns 8,068 shares of the industrial products company’s stock worth $514,000 after acquiring an additional 1,140 shares in the last quarter. Finally, WASHINGTON TRUST Co increased its holdings in Ingersoll Rand by 39.3% in the 3rd quarter. WASHINGTON TRUST Co now owns 921 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 260 shares in the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Ingersoll Rand Trading Up 1.6 %

Shares of IR stock traded up $1.47 on Friday, hitting $93.50. 1,973,863 shares of the stock traded hands, compared to its average volume of 2,041,726. The firm’s 50-day moving average price is $91.70 and its two-hundred day moving average price is $79.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.22. The stock has a market capitalization of $37.72 billion, a PE ratio of 49.21, a PEG ratio of 3.26 and a beta of 1.44. Ingersoll Rand Inc. has a twelve month low of $54.54 and a twelve month high of $96.17.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Ingersoll Rand had a net margin of 11.32% and a return on equity of 12.24%. As a group, analysts anticipate that Ingersoll Rand Inc. will post 3.1 EPS for the current year.

Ingersoll Rand announced that its Board of Directors has initiated a share 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 repurchase up to 2.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Ingersoll Rand Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 16th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio (DPR) is currently 4.21%.

Insider Activity at Ingersoll Rand

In related news, CAO Michael J. Scheske sold 7,590 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were 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 in the company, valued at approximately $854,920. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the sale, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew R. Schiesl sold 10,421 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total transaction of $937,368.95. Following the sale, the insider now owns 48,904 shares in the company, valued at $4,398,914.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 293,011 shares of company stock worth $26,374,789. Company insiders own 0.83% of the company’s stock.

Wall Street Analyst Weigh In

IR has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price target on shares of Ingersoll Rand from $83.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Evercore ISI cut shares of Ingersoll Rand from an “outperform” rating to an “in-line” rating and lifted their target price for the stock from $81.00 to $89.00 in a research note on Tuesday, February 20th. Stifel Nicolaus reaffirmed a “buy” rating and set a $102.00 target price on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Citigroup lifted their target price on shares of Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, BNP Paribas began coverage on shares of Ingersoll Rand in a research note on Tuesday, March 12th. They set a “neutral” rating and a $92.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $92.73.

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.