Wells Fargo & Company Lowers Ingersoll Rand (NYSE:IR) Price Target to $98.00

Ingersoll Rand (NYSE:IR) had its target price decreased by stock analysts at Wells Fargo & Company from $105.00 to $98.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 10.00% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Citigroup lifted their price target on Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a report on Monday, April 8th. StockNews.com downgraded shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday. Stifel Nicolaus reissued a “buy” rating and issued a $102.00 price objective on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Robert W. Baird lifted their price target on shares of Ingersoll Rand from $107.00 to $109.00 and gave the company an “outperform” rating in a report on Monday. Finally, Evercore ISI downgraded Ingersoll Rand from an “outperform” rating to an “in-line” rating and lifted their price objective for the stock from $81.00 to $89.00 in a report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.91.

Ingersoll Rand Stock Performance

Shares of Ingersoll Rand stock traded up $2.37 during trading on Monday, reaching $89.09. The company’s stock had a trading volume of 1,033,206 shares, compared to its average volume of 2,537,462. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The firm has a market cap of $35.95 billion, a PE ratio of 44.39, a P/E/G ratio of 3.02 and a beta of 1.40. The business’s 50-day moving average price is $91.96 and its 200-day moving average price is $80.81. Ingersoll Rand has a 52 week low of $56.49 and a 52 week high of $96.17.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.76 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. Equities analysts forecast that Ingersoll Rand will post 3.1 earnings per share for the current year.

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

Insider Activity at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 7,590 shares of Ingersoll Rand 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 sale, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at approximately $854,920. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of the firm’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 directly owns 9,715 shares of the company’s stock, valued at approximately $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 Ingersoll Rand stock in a transaction that occurred on 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 directly owns 48,904 shares in the company, valued at $4,398,914.80. The disclosure for this sale can be found here. Insiders sold 293,011 shares of company stock valued at $26,374,789 in the last three months. 0.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its holdings in Ingersoll Rand by 28.4% in the first quarter. Geneos Wealth Management Inc. now owns 637 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 141 shares during the last quarter. Essex LLC purchased a new stake in Ingersoll Rand during the first quarter worth $202,000. Signaturefd LLC raised its stake in Ingersoll Rand by 4.0% during the first quarter. Signaturefd LLC now owns 10,897 shares of the industrial products company’s stock worth $1,035,000 after purchasing an additional 424 shares during the period. Daiwa Securities Group Inc. increased its stake in Ingersoll Rand by 12.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 53,152 shares of the industrial products company’s stock worth $5,046,000 after buying an additional 6,093 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Ingersoll Rand in the 1st quarter valued at $166,000. Institutional investors own 95.27% of the company’s stock.

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.