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

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of Ingersoll Rand Inc. (NYSE:IR) by 9.6% during the 2nd quarter, Holdings Channel reports. The fund owned 960,709 shares of the industrial products company’s stock after selling 102,404 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ingersoll Rand were worth $87,271,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Ingersoll Rand by 24.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 494,450 shares of the industrial products company’s stock worth $46,948,000 after purchasing an additional 96,982 shares during the last quarter. Nomura Holdings Inc. raised its position in shares of Ingersoll Rand by 3,010.2% during the 4th quarter. Nomura Holdings Inc. now owns 211,274 shares of the industrial products company’s stock valued at $16,340,000 after buying an additional 204,481 shares during the period. Varenne Capital Partners acquired a new position in Ingersoll Rand in the fourth quarter valued at approximately $1,693,000. Illinois Municipal Retirement Fund grew its position in Ingersoll Rand by 297.5% in the fourth quarter. Illinois Municipal Retirement Fund now owns 75,353 shares of the industrial products company’s stock worth $5,828,000 after acquiring an additional 56,394 shares during the period. Finally, Azzad Asset Management Inc. ADV acquired a new stake in Ingersoll Rand during the first quarter worth $1,221,000. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Stock Down 1.3 %

Ingersoll Rand stock opened at $91.01 on Monday. The stock has a market cap of $36.72 billion, a PE ratio of 45.28, a P/E/G ratio of 2.68 and a beta of 1.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.18 and a quick ratio of 1.71. The stock’s fifty day moving average is $93.31 and its two-hundred day moving average is $91.76. Ingersoll Rand Inc. has a 1-year low of $59.20 and a 1-year high of $101.30.

Ingersoll Rand Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date of this dividend is Thursday, August 15th. Ingersoll Rand’s dividend payout ratio (DPR) is 3.98%.

Ingersoll Rand declared that its board has approved a share repurchase plan on Thursday, April 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Robert W. Baird upped their price target on Ingersoll Rand from $109.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Ingersoll Rand in a research note on Friday, June 21st. They set a “buy” rating and a $110.00 target price for the company. Barclays reduced their price target on shares of Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Cfra reaffirmed a “hold” rating and set a $85.00 price objective on shares of Ingersoll Rand in a research report on Friday, August 2nd. Finally, Wells Fargo & Company cut their target price on Ingersoll Rand from $102.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Ingersoll Rand currently has an average rating of “Moderate Buy” and a consensus target price of $100.36.

Insider Buying and Selling

In related news, insider Andrew R. Schiesl sold 15,381 shares of Ingersoll Rand stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the sale, the insider now directly owns 39,486 shares in the company, valued at approximately $3,543,473.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Andrew R. Schiesl sold 15,381 shares of Ingersoll Rand stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the sale, the insider now directly owns 39,486 shares in the company, valued at approximately $3,543,473.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now owns 100,367 shares in the company, valued at $8,843,336.37. The disclosure for this sale can be found here. Insiders have sold 263,867 shares of company stock worth $23,494,392 in the last ninety days. 0.68% of the stock is owned by corporate 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.