Ingersoll Rand (NYSE:IR) Price Target Cut to $104.00 by Analysts at Barclays

Ingersoll Rand (NYSE:IR) had its price target lowered by equities researchers at Barclays from $105.00 to $104.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Barclays‘s target price indicates a potential upside of 16.96% from the company’s previous close.

IR has been the subject of a number of other research reports. Cfra lifted their target price on shares of Ingersoll Rand from $68.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, February 16th. Robert W. Baird boosted their price objective on shares of Ingersoll Rand from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday. The Goldman Sachs Group upped their target price on shares of Ingersoll Rand from $87.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Citigroup lifted 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. Finally, Wells Fargo & Company lowered their price target on Ingersoll Rand from $105.00 to $98.00 and set an “overweight” rating for the company in a report on Monday. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $95.82.

Ingersoll Rand Stock Performance

IR traded up $2.20 during trading on Monday, hitting $88.92. 1,074,363 shares of the stock were exchanged, compared to its average volume of 2,537,462. The firm has a market capitalization of $35.88 billion, a P/E ratio of 44.32, a PEG ratio of 3.02 and a beta of 1.40. Ingersoll Rand has a 1-year low of $56.49 and a 1-year high of $96.17. The stock has a fifty day moving average price of $91.96 and a two-hundred day moving average price of $80.81. 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 (NYSE:IR) last issued its earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.76 billion. As a group, sell-side analysts predict that Ingersoll Rand will post 3.1 earnings per share for the current year.

Ingersoll Rand announced that its Board of Directors has initiated a stock buyback program on Thursday, April 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 10,421 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $89.95, for a total transaction of $937,368.95. Following the completion of the transaction, the insider now owns 48,904 shares in the company, valued at approximately $4,398,914.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the transaction, the chief accounting officer now owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew R. Schiesl sold 10,421 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $89.95, for a total transaction of $937,368.95. Following the transaction, the insider now directly owns 48,904 shares in the company, valued at approximately $4,398,914.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 293,011 shares of company stock valued at $26,374,789. Insiders own 0.83% of the company’s stock.

Institutional Investors Weigh In On Ingersoll Rand

Institutional investors have recently made changes to their positions in the stock. OFI Invest Asset Management bought a new position in Ingersoll Rand during the third quarter valued at 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 position in Ingersoll Rand in the 3rd quarter valued at $28,000. Kapitalo Investimentos Ltda bought a new stake in Ingersoll Rand during the 4th quarter worth $28,000. Finally, Riverview Trust Co bought a new stake in shares of Ingersoll Rand during the 1st quarter valued at about $29,000. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

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.