Gabelli Funds LLC Cuts Holdings in Ingersoll Rand Inc. (NYSE:IR)

Gabelli Funds LLC cut its position in shares of Ingersoll Rand Inc. (NYSE:IR) by 4.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,300 shares of the industrial products company’s stock after selling 2,300 shares during the quarter. Gabelli Funds LLC’s holdings in Ingersoll Rand were worth $5,156,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board boosted its stake in Ingersoll Rand by 44.5% in the first quarter. Canada Pension Plan Investment Board now owns 242,735 shares of the industrial products company’s stock valued at $23,048,000 after acquiring an additional 74,788 shares during the last quarter. Capital World Investors purchased a new position in Ingersoll Rand in the first quarter valued at about $440,401,000. Capital Research Global Investors boosted its stake in Ingersoll Rand by 15.3% in the first quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company’s stock valued at $1,074,477,000 after acquiring an additional 1,504,414 shares during the last quarter. Capital International Sarl boosted its stake in Ingersoll Rand by 75.8% in the first quarter. Capital International Sarl now owns 169,556 shares of the industrial products company’s stock valued at $16,099,000 after acquiring an additional 73,121 shares during the last quarter. Finally, Capital International Ltd. CA boosted its stake in Ingersoll Rand by 90.4% in the first quarter. Capital International Ltd. CA now owns 119,602 shares of the industrial products company’s stock valued at $11,356,000 after acquiring an additional 56,801 shares during the last quarter. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the sale, the insider now owns 30,846 shares of the company’s stock, valued at approximately $2,843,075.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Andrew R. Schiesl sold 22,369 shares of Ingersoll Rand stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the sale, the insider now owns 30,846 shares of the company’s stock, valued at approximately $2,843,075.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vicente Reynal sold 198,486 shares of Ingersoll Rand stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the sale, the insider now directly owns 100,367 shares in the company, valued at approximately $8,843,336.37. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on IR. Stifel Nicolaus boosted their price target on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Wells Fargo & Company boosted their price target on shares of Ingersoll Rand from $98.00 to $102.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Barclays boosted their price target on shares of Ingersoll Rand from $104.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. StockNews.com lowered shares of Ingersoll Rand from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Finally, Robert W. Baird boosted their price target on shares of Ingersoll Rand from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

Ingersoll Rand Trading Up 1.8 %

Shares of Ingersoll Rand stock traded up $1.76 during trading on Friday, reaching $98.70. The company’s stock had a trading volume of 1,803,638 shares, compared to its average volume of 1,944,285. Ingersoll Rand Inc. has a 52-week low of $59.20 and a 52-week high of $101.30. The company has a market cap of $39.82 billion, a price-to-earnings ratio of 49.10, a PEG ratio of 2.84 and a beta of 1.45. The firm’s 50-day moving average is $93.62 and its two-hundred day moving average is $90.32. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.09. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.70 billion. On average, sell-side analysts anticipate that Ingersoll Rand Inc. will post 3.17 earnings per share for the current year.

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

Ingersoll Rand Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.98%.

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.