Ingersoll Rand (NYSE:IR) Updates FY 2024 Earnings Guidance

Ingersoll Rand (NYSE:IR) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 3.200-3.300 for the period, compared to the consensus EPS estimate of 3.210. The company issued revenue guidance of $7.2 billion-$7.3 billion, compared to the consensus revenue estimate of $7.3 billion.

Analysts Set New Price Targets

IR has been the topic of several research reports. Wells Fargo & Company cut their target price on Ingersoll Rand from $105.00 to $98.00 and set an overweight rating on the stock in a research report on Monday. Barclays dropped their target price on Ingersoll Rand from $105.00 to $104.00 and set an overweight rating on the stock in a research report on Monday. Cfra upped their price objective on shares of Ingersoll Rand from $68.00 to $85.00 and gave the company a hold rating in a report on Friday, February 16th. Evercore ISI cut shares of Ingersoll Rand from an outperform rating to an in-line rating and raised their target price for the stock from $81.00 to $89.00 in a report on Tuesday, February 20th. Finally, StockNews.com lowered Ingersoll Rand from a buy rating to a hold rating in a research note on Saturday. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $95.82.

Ingersoll Rand Price Performance

IR stock traded up $1.73 during mid-day trading on Monday, reaching $88.45. 4,549,407 shares of the company’s stock were exchanged, compared to its average volume of 2,578,305. The company has a market cap of $35.69 billion, a price-to-earnings ratio of 44.01, a price-to-earnings-growth ratio of 3.02 and a beta of 1.40. Ingersoll Rand has a 12-month low of $56.49 and a 12-month high of $96.17. The stock’s 50 day moving average is $91.91 and its 200 day moving average is $81.01. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.32 and a quick ratio of 1.71.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 11.85% and a return on equity of 12.57%. On average, research analysts expect that Ingersoll Rand will post 3.1 EPS for the current year.

Ingersoll Rand Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Ingersoll Rand’s dividend payout ratio (DPR) is 3.98%.

Ingersoll Rand announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

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 transaction of $667,920.00. Following the transaction, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 10,421 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $89.95, for a total value of $937,368.95. Following the transaction, the insider now directly owns 48,904 shares in the company, valued at approximately $4,398,914.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the chief accounting officer now owns 9,715 shares in the company, valued at $854,920. The disclosure for this sale can be found here. Insiders have sold a total of 293,011 shares of company stock worth $26,374,789 over the last 90 days. 0.83% of the stock is currently owned by company insiders.

Ingersoll Rand Company Profile

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.