Ingersoll Rand (NYSE:IR) Releases FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.28-3.34 for the period, compared to the consensus estimate of $3.32. The company issued revenue guidance of ~$7.22-7.36 billion, compared to the consensus revenue estimate of $7.34 billion. Ingersoll Rand also updated its FY 2024 guidance to 3.280-3.340 EPS.

Wall Street Analyst Weigh In

IR has been the subject of several research reports. Cfra lifted their target price on Ingersoll Rand from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Evercore ISI lowered their price objective on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Wells Fargo & Company upped their target price on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Barclays raised their target price on shares of Ingersoll Rand from $101.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Finally, Wolfe Research raised shares of Ingersoll Rand to a “hold” rating in a research note on Friday, September 20th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.17.

Ingersoll Rand Trading Down 2.1 %

NYSE:IR traded down $2.03 during trading hours on Friday, hitting $93.97. The stock had a trading volume of 3,880,988 shares, compared to its average volume of 1,963,271. The business’s 50 day moving average is $95.32 and its 200-day moving average is $93.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 2.18. The company has a market cap of $37.92 billion, a price-to-earnings ratio of 45.84, a P/E/G ratio of 2.63 and a beta of 1.42. Ingersoll Rand has a one year low of $62.12 and a one year high of $102.74.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.06. Ingersoll Rand had a return on equity of 13.14% and a net margin of 11.72%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. Sell-side analysts anticipate that Ingersoll Rand will post 3.21 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Thursday, November 14th. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.90%.

Insider Buying and Selling

In other Ingersoll Rand news, insider Kathleen M. Keene sold 4,629 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total value of $416,563.71. Following the transaction, the insider now owns 3,829 shares of the company’s stock, valued at approximately $344,571.71. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Elizabeth Meloy Hepding sold 7,500 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $91.42, for a total transaction of $685,650.00. Following the completion of the transaction, the insider now directly owns 6,559 shares in the company, valued at approximately $599,623.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathleen M. Keene sold 4,629 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total value of $416,563.71. Following the completion of the sale, the insider now directly owns 3,829 shares in the company, valued at approximately $344,571.71. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 77,510 shares of company stock valued at $7,108,005. 0.68% of the stock is owned by corporate insiders.

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.