Sound Income Strategies LLC Raises Holdings in Ingersoll Rand Inc. (NYSE:IR)

Sound Income Strategies LLC lifted its holdings in shares of Ingersoll Rand Inc. (NYSE:IR) by 26.8% during the first quarter, Holdings Channel.com reports. The fund owned 3,052 shares of the industrial products company’s stock after acquiring an additional 645 shares during the period. Sound Income Strategies LLC’s holdings in Ingersoll Rand were worth $244,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Savant Capital LLC grew its stake in shares of Ingersoll Rand by 2.3% during the fourth quarter. Savant Capital LLC now owns 6,938 shares of the industrial products company’s stock worth $628,000 after acquiring an additional 158 shares during the last quarter. Paradigm Asset Management Co. LLC purchased a new stake in shares of Ingersoll Rand during the fourth quarter worth about $1,520,000. Vanguard Group Inc. grew its stake in shares of Ingersoll Rand by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 45,684,016 shares of the industrial products company’s stock worth $4,132,576,000 after acquiring an additional 446,591 shares during the last quarter. Magnetar Financial LLC acquired a new stake in shares of Ingersoll Rand during the fourth quarter worth about $4,788,000. Finally, Atria Wealth Solutions Inc. lifted its holdings in shares of Ingersoll Rand by 62.1% during the fourth quarter. Atria Wealth Solutions Inc. now owns 10,959 shares of the industrial products company’s stock worth $991,000 after purchasing an additional 4,197 shares during the period. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Stock Down 2.5%

Shares of IR stock opened at $80.44 on Monday. The stock has a 50 day moving average of $78.27 and a 200 day moving average of $85.20. The company has a current ratio of 2.29, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The stock has a market cap of $32.45 billion, a P/E ratio of 39.05, a P/E/G ratio of 3.50 and a beta of 1.44. Ingersoll Rand Inc. has a twelve month low of $65.61 and a twelve month high of $106.03.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.02). The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Ingersoll Rand had a net margin of 11.59% and a return on equity of 12.78%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.78 earnings per share. As a group, sell-side analysts expect that Ingersoll Rand Inc. will post 3.32 EPS for the current year.

Ingersoll Rand announced that its Board of Directors has approved a stock buyback program on Thursday, May 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Ingersoll Rand Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 15th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend was Thursday, May 15th. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.96%.

Insider Activity

In other news, insider Vicente Reynal sold 38,657 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $83.03, for a total value of $3,209,690.71. Following the completion of the sale, the insider now directly owns 193,186 shares in the company, valued at $16,040,233.58. The trade was a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Elizabeth Meloy Hepding sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total value of $293,230.00. Following the sale, the insider now owns 10,986 shares of the company’s stock, valued at $920,407.08. The trade was a 24.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

IR has been the subject of a number of research reports. Citigroup lifted their target price on Ingersoll Rand from $88.00 to $91.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Stifel Nicolaus decreased their target price on Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a report on Monday, April 14th. Wells Fargo & Company lifted their target price on Ingersoll Rand from $80.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. Evercore ISI decreased their target price on Ingersoll Rand from $100.00 to $91.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Finally, Barclays decreased their target price on Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $98.91.

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.