Ingersoll Rand (NYSE:IR) Hits New 12-Month High – Here’s What Happened

Ingersoll Rand Inc. (NYSE:IR) hit a new 52-week high during trading on Wednesday . The company traded as high as $102.98 and last traded at $102.83, with a volume of 82809 shares changing hands. The stock had previously closed at $97.70.

Wall Street Analyst Weigh In

IR has been the subject of a number of recent research reports. Wolfe Research raised shares of Ingersoll Rand to a “hold” rating in a research report on Friday, September 20th. Morgan Stanley assumed coverage on shares of Ingersoll Rand in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Evercore ISI cut their price target on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Barclays lifted their price objective on Ingersoll Rand from $101.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company upped their target price on Ingersoll Rand from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.67.

Ingersoll Rand Stock Down 0.9 %

The business has a 50-day moving average price of $95.81 and a 200-day moving average price of $93.67. The stock has a market cap of $41.35 billion, a PE ratio of 50.50, a price-to-earnings-growth ratio of 2.59 and a beta of 1.42. The company has a current ratio of 2.36, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

Ingersoll Rand Announces Dividend

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

Insider Buying and Selling

In other news, CAO Michael J. Scheske sold 2,531 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $97.44, for a total value of $246,620.64. Following the transaction, the chief accounting officer now owns 11,910 shares in the company, valued at $1,160,510.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Ingersoll Rand news, insider Kathleen M. Keene sold 4,629 shares of the stock in a transaction dated 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 owns 3,829 shares in the company, valued at approximately $344,571.71. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael J. Scheske sold 2,531 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $97.44, for a total transaction of $246,620.64. Following the completion of the transaction, the chief accounting officer now directly owns 11,910 shares in the company, valued at $1,160,510.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,660 shares of company stock worth $5,974,334 in the last 90 days. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Ingersoll Rand

Institutional investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC purchased a new position in shares of Ingersoll Rand during the 2nd quarter worth $25,000. Headlands Technologies LLC acquired a new stake in shares of Ingersoll Rand during the 1st quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Ingersoll Rand during the 3rd quarter valued at approximately $34,000. ESL Trust Services LLC acquired a new position in Ingersoll Rand in the first quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its position in Ingersoll Rand by 38.5% in the first quarter. EverSource Wealth Advisors LLC now owns 453 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 126 shares during the period. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Ingersoll Rand Company 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.