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

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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. owned 0.26% of Ingersoll Rand worth $100,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Ingersoll Rand by 17.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,137 shares of the industrial products company’s stock valued at $88,000 after purchasing an additional 173 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in shares of Ingersoll Rand by 4.7% during the fourth quarter. Pinnacle Associates Ltd. now owns 4,333 shares of the industrial products company’s stock valued at $335,000 after purchasing an additional 193 shares in the last quarter. Parsons Capital Management Inc. RI lifted its holdings in shares of Ingersoll Rand by 3.2% during the fourth quarter. Parsons Capital Management Inc. RI now owns 6,399 shares of the industrial products company’s stock valued at $495,000 after purchasing an additional 200 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Ingersoll Rand by 8.6% during the fourth quarter. Parallel Advisors LLC now owns 2,552 shares of the industrial products company’s stock valued at $197,000 after purchasing an additional 203 shares in the last quarter. Finally, Fulton Bank N.A. lifted its holdings in shares of Ingersoll Rand by 6.3% during the fourth quarter. Fulton Bank N.A. now owns 3,944 shares of the industrial products company’s stock valued at $305,000 after purchasing an additional 235 shares in the last quarter. 95.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IR has been the topic of a number of research analyst reports. Barclays lowered their price target on Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. StockNews.com downgraded Ingersoll Rand from a “buy” rating to a “hold” rating in a report on Saturday, May 4th. Wells Fargo & Company lowered their target price on Ingersoll Rand from $105.00 to $98.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. BNP Paribas started coverage on Ingersoll Rand in a report on Tuesday, March 12th. They issued a “neutral” rating and a $92.00 target price on the stock. Finally, Jefferies Financial Group started coverage on Ingersoll Rand in a report on Friday, June 21st. They issued a “buy” rating and a $110.00 target price on the stock. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $97.00.

Ingersoll Rand Stock Up 0.4 %

NYSE IR opened at $91.01 on Thursday. The stock’s 50-day moving average price is $92.02 and its 200-day moving average price is $87.91. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. Ingersoll Rand Inc. has a 52 week low of $59.20 and a 52 week high of $96.67. The company has a market capitalization of $36.72 billion, a P/E ratio of 45.28, a price-to-earnings-growth ratio of 2.64 and a beta of 1.45.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.67 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.70 billion. On average, equities research analysts predict that Ingersoll Rand Inc. will post 3.19 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Thursday, May 16th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date was Wednesday, May 15th. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Ingersoll Rand declared that its board has authorized a stock repurchase plan on Thursday, April 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to buy up to 2.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Vicente Reynal sold 198,486 shares of the stock in a transaction dated 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 completion of the sale, the insider now 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 accessible through the SEC website. In other Ingersoll Rand news, insider Vicente Reynal sold 198,486 shares of the firm’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 transaction of $17,488,601.46. Following the completion of the transaction, the insider now owns 100,367 shares in the company, valued at approximately $8,843,336.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew R. Schiesl sold 22,369 shares of the firm’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 transaction, the insider now owns 30,846 shares of the company’s stock, valued at approximately $2,843,075.82. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company 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.