Mirae Asset Global Investments Co. Ltd. Acquires New Stake in Ingersoll Rand Inc. $IR

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Ingersoll Rand Inc. (NYSE:IR) during the third quarter, HoldingsChannel reports. The fund bought 119,986 shares of the industrial products company’s stock, valued at approximately $9,012,000.

A number of other institutional investors have also modified their holdings of IR. Fifth Third Bancorp raised its position in Ingersoll Rand by 388.7% in the 1st quarter. Fifth Third Bancorp now owns 81,961 shares of the industrial products company’s stock valued at $6,567,000 after purchasing an additional 65,189 shares during the last quarter. Man Group plc purchased a new position in Ingersoll Rand during the 2nd quarter worth $1,675,000. Hsbc Holdings PLC grew its position in Ingersoll Rand by 4.4% during the 1st quarter. Hsbc Holdings PLC now owns 705,454 shares of the industrial products company’s stock worth $56,415,000 after purchasing an additional 29,914 shares during the last quarter. Tidal Investments LLC increased its stake in Ingersoll Rand by 20.0% in the second quarter. Tidal Investments LLC now owns 199,302 shares of the industrial products company’s stock valued at $16,341,000 after purchasing an additional 33,175 shares during the period. Finally, Nykredit A S acquired a new position in Ingersoll Rand in the second quarter valued at $10,077,000. 95.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IR. Citigroup reiterated a “buy” rating on shares of Ingersoll Rand in a research note on Monday, October 12th. Robert W. Baird dropped their price target on Ingersoll Rand from $109.00 to $107.00 and set an “outperform” rating on the stock in a research report on Monday. Morgan Stanley set a $87.00 price objective on Ingersoll Rand in a research note on Monday, August 10th. Wall Street Zen cut Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 target price (up from $93.00) on shares of Ingersoll Rand in a research note on Monday. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Ingersoll Rand Stock Down 0.3%

Shares of Ingersoll Rand stock opened at $84.34 on Thursday. The company has a market cap of $32.39 billion, a P/E ratio of 23.76, a PEG ratio of 3.59 and a beta of 1.15. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.24 and a current ratio of 1.69. Ingersoll Rand Inc. has a one year low of $68.07 and a one year high of $100.96. The firm has a fifty day moving average of $76.56 and a two-hundred day moving average of $81.21.

Ingersoll Rand (NYSE:IR) last issued its earnings results on Thursday, October 29th. The industrial products company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.17. Ingersoll Rand had a net margin of 17.20% and a return on equity of 13.47%. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, analysts forecast that Ingersoll Rand Inc. will post 3.41 earnings per share for the current year.

Ingersoll Rand Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Thursday, November 12th will be given a $0.02 dividend. The ex-dividend date is Thursday, November 12th. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 2.25%.

Ingersoll Rand Company Profile

Ingersoll Rand Inc (NYSE:IR) is a global provider of mission-critical industrial technologies and solutions. The company designs and manufactures equipment used to manage air, gas, fluids, and other industrial processes, serving customers in manufacturing, energy, food and beverage, life sciences, transportation, and other markets.

Its portfolio includes air compressors, vacuum and blower systems, fluid-handling equipment, pumps, dosing and dispensing systems, and related aftermarket parts and services.