Ingersoll-Rand’s (IR) “Buy” Rating Reaffirmed at Cowen
Ingersoll-Rand (NYSE:IR)‘s stock had its “buy” rating reiterated by equities research analysts at Cowen in a report released on Wednesday. They currently have a $115.00 price target on the industrial products company’s stock. Cowen’s price objective would indicate a potential upside of 23.48% from the company’s previous close.
IR has been the subject of several other reports. ValuEngine raised Ingersoll-Rand from a “hold” rating to a “buy” rating in a report on Friday, November 16th. Zacks Investment Research raised Ingersoll-Rand from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a report on Thursday, December 20th. Credit Suisse Group began coverage on Ingersoll-Rand in a report on Friday, October 12th. They issued an “outperform” rating and a $108.00 price objective for the company. OTR Global downgraded Ingersoll-Rand to a “positive” rating in a report on Friday, January 18th. Finally, Barclays decreased their price objective on Ingersoll-Rand from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, January 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. Ingersoll-Rand currently has a consensus rating of “Buy” and a consensus price target of $109.64.
IR traded up $0.13 on Wednesday, reaching $93.13. The company’s stock had a trading volume of 14,698 shares, compared to its average volume of 1,341,410. The company has a quick ratio of 0.99, a current ratio of 1.41 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $23.61 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. Ingersoll-Rand has a fifty-two week low of $79.63 and a fifty-two week high of $107.08.
Ingersoll-Rand declared that its board has initiated a stock buyback program on Wednesday, October 3rd that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the industrial products company to buy up to 6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Ingersoll-Rand news, CEO Michael W. Lamach sold 166,407 shares of the company’s stock in a transaction on Wednesday, January 2nd. The stock was sold at an average price of $90.39, for a total value of $15,041,528.73. Following the sale, the chief executive officer now owns 417,275 shares of the company’s stock, valued at $37,717,487.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.70% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in shares of Ingersoll-Rand by 26.6% during the third quarter. JPMorgan Chase & Co. now owns 5,165,500 shares of the industrial products company’s stock valued at $528,432,000 after acquiring an additional 1,085,581 shares during the last quarter. Nordea Investment Management AB acquired a new stake in shares of Ingersoll-Rand during the third quarter valued at $100,178,000. FMR LLC boosted its stake in shares of Ingersoll-Rand by 18.8% during the third quarter. FMR LLC now owns 5,304,443 shares of the industrial products company’s stock valued at $542,645,000 after acquiring an additional 838,513 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Ingersoll-Rand by 10.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,609,711 shares of the industrial products company’s stock valued at $778,473,000 after acquiring an additional 740,151 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Ingersoll-Rand by 259.2% during the third quarter. Point72 Asset Management L.P. now owns 791,018 shares of the industrial products company’s stock valued at $80,921,000 after acquiring an additional 570,815 shares during the last quarter. 79.64% of the stock is currently owned by institutional investors.
Ingersoll-Rand plc designs, manufactures, sells, and services industrial and commercial products. It operates through Climate and Industrial segments. The Climate segment offers building management, bus, rail, and multi-pipe HVAC, control, container and cryogenic, diesel-powered, ductless, geothermal, package heating and cooling, rail and self-powered truck refrigeration, temporary heating and cooling, trailer refrigeration, unitary, and vehicle-powered truck refrigeration systems.
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