Sumitomo Mitsui Trust Holdings Inc. Reduces Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Sumitomo Mitsui Trust Holdings Inc. lessened its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 0.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,063,113 shares of the industrial products company’s stock after selling 6,339 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ingersoll Rand were worth $100,943,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd acquired a new position in shares of Ingersoll Rand in the 4th quarter valued at about $27,000. Kapitalo Investimentos Ltda acquired a new position in shares of Ingersoll Rand in the 4th quarter valued at about $28,000. Riverview Trust Co acquired a new position in shares of Ingersoll Rand in the 1st quarter valued at about $29,000. Scarborough Advisors LLC acquired a new position in shares of Ingersoll Rand in the 4th quarter valued at about $32,000. Finally, Wetzel Investment Advisors Inc. acquired a new position in shares of Ingersoll Rand in the 4th quarter valued at about $42,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Analysts Set New Price Targets

IR has been the subject of several analyst reports. Citigroup boosted their price objective on Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a report on Monday, April 8th. BNP Paribas assumed coverage on Ingersoll Rand in a report on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 price target for the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $102.00 price target on shares of Ingersoll Rand in a report on Tuesday, March 26th. Jefferies Financial Group assumed coverage on Ingersoll Rand in a report on Friday, June 21st. They issued a “buy” rating and a $110.00 price target for the company. Finally, StockNews.com cut Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.00.

Insider Activity

In other news, insider Vicente Reynal sold 198,486 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total value of $17,488,601.46. Following the completion of the sale, the insider now directly owns 100,367 shares in the company, valued at $8,843,336.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Vicente Reynal sold 198,486 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total value of $17,488,601.46. Following the completion of the sale, the insider now directly owns 100,367 shares in the company, valued at $8,843,336.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew R. Schiesl sold 22,369 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $92.17, for a total value of $2,061,750.73. Following the completion of the sale, the insider now owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Ingersoll Rand Price Performance

Shares of Ingersoll Rand stock opened at $91.01 on Thursday. The business has a 50 day simple moving average of $92.02 and a two-hundred day simple moving average of $87.91. Ingersoll Rand Inc. has a 12 month low of $59.20 and a 12 month high of $96.67. The stock has a market capitalization of $36.72 billion, a P/E ratio of 45.28, a PEG ratio of 2.64 and a beta of 1.45. 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 announced its earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.70 billion. As a group, analysts predict that Ingersoll Rand Inc. will post 3.19 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

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

Ingersoll Rand declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Ingersoll Rand 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.