Palisade Asset Management LLC Acquires Shares of 3,000 Ingersoll Rand Inc. (NYSE:IR)

Palisade Asset Management LLC purchased a new position in shares of Ingersoll Rand Inc. (NYSE:IR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,000 shares of the industrial products company’s stock, valued at approximately $232,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in Ingersoll Rand during the third quarter worth about $25,000. ANTIPODES PARTNERS Ltd acquired a new position in Ingersoll Rand during the fourth quarter valued at approximately $27,000. Quintet Private Bank Europe S.A. acquired a new stake in shares of Ingersoll Rand in the 3rd quarter valued at $28,000. Clearstead Advisors LLC raised its holdings in shares of Ingersoll Rand by 348.2% during the 3rd quarter. Clearstead Advisors LLC now owns 493 shares of the industrial products company’s stock worth $31,000 after buying an additional 383 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Ingersoll Rand in the third quarter valued at about $32,000. 95.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IR shares. The Goldman Sachs Group upped their price objective on shares of Ingersoll Rand from $87.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Citigroup upped their target price on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, April 8th. UBS Group boosted their price target on Ingersoll Rand from $78.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Barclays reduced their target price on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Robert W. Baird boosted their price objective on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an “outperform” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus price target of $95.82.

Ingersoll Rand Stock Up 1.5 %

NYSE:IR traded up $1.37 on Tuesday, hitting $89.85. The stock had a trading volume of 2,973,255 shares, compared to its average volume of 2,582,906. Ingersoll Rand Inc. has a 52 week low of $56.49 and a 52 week high of $96.17. The business’s fifty day moving average is $91.90 and its 200 day moving average is $81.21. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The company has a market cap of $36.26 billion, a PE ratio of 44.70, a P/E/G ratio of 3.02 and a beta of 1.40.

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. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.76 billion. On average, equities research analysts expect that Ingersoll Rand Inc. will post 3.1 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

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

Ingersoll Rand declared that its board has approved a share buyback program on Thursday, April 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Vicente Reynal sold 240,000 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total transaction of $21,638,400.00. Following the completion of the sale, the insider now directly owns 91,957 shares of the company’s stock, valued at approximately $8,290,843.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Ingersoll Rand news, insider Vicente Reynal sold 240,000 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total value of $21,638,400.00. Following the completion of the sale, the insider now directly owns 91,957 shares of the company’s stock, valued at $8,290,843.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michael J. Scheske sold 7,590 shares of Ingersoll Rand stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total value of $667,920.00. Following the completion of the sale, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at approximately $854,920. The disclosure for this sale can be found here. Insiders have sold a total of 293,011 shares of company stock valued at $26,374,789 in the last 90 days. 0.83% of the stock is currently owned by corporate insiders.

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.