Palisade Asset Management LLC Takes $232,000 Position in Ingersoll Rand Inc. (NYSE:IR)

Palisade Asset Management LLC purchased a new stake in shares of Ingersoll Rand Inc. (NYSE:IR) during the 4th quarter, Holdings Channel.com reports. The fund purchased 3,000 shares of the industrial products company’s stock, valued at approximately $232,000.

Other hedge funds also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its position in shares of Ingersoll Rand by 17.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,137 shares of the industrial products company’s stock valued at $88,000 after purchasing an additional 173 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Ingersoll Rand by 4.7% in the 4th quarter. Pinnacle Associates Ltd. now owns 4,333 shares of the industrial products company’s stock worth $335,000 after purchasing an additional 193 shares in the last quarter. Catalyst Financial Partners LLC lifted its position in Ingersoll Rand by 3.3% during the third quarter. Catalyst Financial Partners LLC now owns 6,021 shares of the industrial products company’s stock valued at $384,000 after purchasing an additional 194 shares in the last quarter. Parsons Capital Management Inc. RI increased its position in Ingersoll Rand by 3.2% in the fourth quarter. Parsons Capital Management Inc. RI now owns 6,399 shares of the industrial products company’s stock worth $495,000 after buying an additional 200 shares in the last quarter. Finally, Huntington National Bank lifted its position in shares of Ingersoll Rand by 7.1% during the 3rd quarter. Huntington National Bank now owns 3,269 shares of the industrial products company’s stock valued at $208,000 after buying an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Analyst Ratings Changes

IR has been the topic of several analyst reports. UBS Group lifted their price target on shares of Ingersoll Rand from $78.00 to $93.00 and gave the company a “buy” rating in a report on Monday, January 29th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Ingersoll Rand in a research note on Tuesday, March 26th. Evercore ISI downgraded Ingersoll Rand from an “outperform” rating to an “in-line” rating and upped their price target for the stock from $81.00 to $89.00 in a research note on Tuesday, February 20th. Barclays cut their target price on shares of Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Citigroup increased their price objective on shares of Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.82.

Insider Activity at Ingersoll Rand

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

Ingersoll Rand Trading Up 1.5 %

Shares of IR traded up $1.37 during trading hours on Tuesday, reaching $89.85. 2,973,255 shares of the company traded hands, compared to its average volume of 2,582,906. The firm has a market cap of $36.26 billion, a price-to-earnings ratio of 44.70, a PEG ratio of 3.02 and a beta of 1.40. Ingersoll Rand Inc. has a 12-month low of $56.49 and a 12-month high of $96.17. The stock’s fifty day moving average price is $91.90 and its 200 day moving average price is $81.21. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27.

Ingersoll Rand (NYSE:IR) last announced its quarterly 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. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.76 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. Sell-side analysts forecast that Ingersoll Rand Inc. will post 3.1 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 16th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Ingersoll Rand’s payout ratio is presently 3.98%.

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

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.