State of Alaska Department of Revenue Has $3.78 Million Holdings in Ingersoll Rand Inc. (NYSE:IR)

State of Alaska Department of Revenue lifted its position in Ingersoll Rand Inc. (NYSE:IR) by 2.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 47,224 shares of the industrial products company’s stock after acquiring an additional 1,275 shares during the period. State of Alaska Department of Revenue’s holdings in Ingersoll Rand were worth $3,779,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lake Street Advisors Group LLC boosted its position in Ingersoll Rand by 6.6% during the fourth quarter. Lake Street Advisors Group LLC now owns 2,273 shares of the industrial products company’s stock worth $206,000 after purchasing an additional 141 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Ingersoll Rand by 8.6% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,825 shares of the industrial products company’s stock worth $165,000 after buying an additional 145 shares in the last quarter. Howard Capital Management Inc. raised its stake in Ingersoll Rand by 6.6% in the fourth quarter. Howard Capital Management Inc. now owns 2,378 shares of the industrial products company’s stock valued at $215,000 after purchasing an additional 148 shares in the last quarter. Arrow Financial Corp raised its stake in Ingersoll Rand by 0.5% in the fourth quarter. Arrow Financial Corp now owns 32,343 shares of the industrial products company’s stock valued at $2,926,000 after purchasing an additional 149 shares in the last quarter. Finally, GeoWealth Management LLC raised its stake in Ingersoll Rand by 10.2% in the fourth quarter. GeoWealth Management LLC now owns 1,726 shares of the industrial products company’s stock valued at $156,000 after purchasing an additional 160 shares in the last quarter. 95.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on IR shares. Barclays dropped their price target on Ingersoll Rand from $93.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Citigroup boosted their target price on Ingersoll Rand from $88.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, May 5th. Stifel Nicolaus lowered their target price on Ingersoll Rand from $94.00 to $77.00 and set a “hold” rating for the company in a research note on Monday, April 14th. Finally, Wells Fargo & Company boosted their target price on Ingersoll Rand from $80.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $98.91.

Insider Activity at Ingersoll Rand

In other Ingersoll Rand news, insider Elizabeth Meloy Hepding sold 3,500 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $83.78, for a total transaction of $293,230.00. Following the transaction, the insider now directly owns 10,986 shares in the company, valued at approximately $920,407.08. This represents a 24.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vicente Reynal sold 38,657 shares of the 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 transaction, the insider now 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 disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

Ingersoll Rand Stock Performance

NYSE:IR opened at $80.40 on Friday. The stock has a market cap of $32.44 billion, a P/E ratio of 39.80, a price-to-earnings-growth ratio of 3.21 and a beta of 1.44. The company has a current ratio of 2.38, a quick ratio of 1.76 and a debt-to-equity ratio of 0.45. The stock’s 50-day moving average is $79.21 and its 200-day moving average is $84.65. Ingersoll Rand Inc. has a 1-year low of $65.61 and a 1-year high of $106.03.

Ingersoll Rand (NYSE:IR) last announced its earnings results on Thursday, May 1st. The industrial products company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.02). Ingersoll Rand had a net margin of 11.30% and a return on equity of 12.33%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company earned $0.78 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis. Equities research analysts anticipate that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 15th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.10%. The ex-dividend date of this dividend was Thursday, May 15th. Ingersoll Rand’s payout ratio is presently 3.96%.

Ingersoll Rand declared that its board has initiated a share repurchase program on Thursday, May 1st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.