Wellington Management Group LLP Lowers Stock Holdings in Ingersoll Rand Inc. (NYSE:IR)

Wellington Management Group LLP reduced its stake in Ingersoll Rand Inc. (NYSE:IR) by 2.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,518,417 shares of the industrial products company’s stock after selling 133,275 shares during the period. Wellington Management Group LLP owned 1.12% of Ingersoll Rand worth $349,454,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new stake in Ingersoll Rand in the fourth quarter worth about $301,890,000. Capital International Investors lifted its position in shares of Ingersoll Rand by 35.4% in the 4th quarter. Capital International Investors now owns 12,246,481 shares of the industrial products company’s stock worth $947,143,000 after purchasing an additional 3,202,973 shares during the period. Capital Research Global Investors increased its holdings in Ingersoll Rand by 46.6% during the fourth quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock valued at $758,847,000 after buying an additional 3,119,793 shares during the period. UBS Group AG lifted its holdings in Ingersoll Rand by 105.3% during the fourth quarter. UBS Group AG now owns 2,077,028 shares of the industrial products company’s stock worth $160,637,000 after buying an additional 1,065,413 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its position in Ingersoll Rand by 101.0% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,700,061 shares of the industrial products company’s stock valued at $108,328,000 after acquiring an additional 854,314 shares in the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IR has been the subject of a number of analyst reports. Citigroup upped their price objective on Ingersoll Rand from $105.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. BNP Paribas started coverage on shares of Ingersoll Rand in a research report on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 price objective on the stock. Barclays decreased their target price on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Evercore ISI downgraded shares of Ingersoll Rand from an “outperform” rating to an “in-line” rating and raised their target price for the company from $81.00 to $89.00 in a research note on Tuesday, February 20th. Finally, Wells Fargo & Company reduced their price target on Ingersoll Rand from $105.00 to $98.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.82.

Ingersoll Rand Stock Up 2.0 %

Shares of IR stock opened at $93.28 on Tuesday. Ingersoll Rand Inc. has a fifty-two week low of $59.20 and a fifty-two week high of $96.67. The firm has a market capitalization of $37.63 billion, a PE ratio of 46.41, a P/E/G ratio of 2.96 and a beta of 1.43. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.71 and a current ratio of 2.32. The stock’s 50-day simple moving average is $91.82 and its 200-day simple moving average is $86.47.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.09. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.70 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. Equities analysts expect that Ingersoll Rand Inc. will post 3.18 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th were issued a $0.02 dividend. The ex-dividend date of this dividend was 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 presently 3.98%.

Ingersoll Rand announced that its Board of Directors has approved a stock repurchase 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 buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Ingersoll Rand

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 22,369 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $92.17, for a total value of $2,061,750.73. Following the sale, the insider now owns 30,846 shares in the company, valued at approximately $2,843,075.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 22,369 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 30,846 shares in the company, valued at $2,843,075.82. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total value 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. Company insiders own 0.68% of the company’s stock.

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.