Ingersoll Rand (NYSE:IR) Updates FY 2024 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 3.200-3.300 for the period, compared to the consensus earnings per share estimate of 3.210. The company issued revenue guidance of $7.2 billion-$7.3 billion, compared to the consensus revenue estimate of $7.3 billion.

Ingersoll Rand Stock Performance

Shares of NYSE IR traded up $1.73 during midday trading on Monday, hitting $88.45. The company’s stock had a trading volume of 4,549,407 shares, compared to its average volume of 2,578,305. The stock has a fifty day moving average price of $91.91 and a 200 day moving average price of $81.01. Ingersoll Rand has a one year low of $56.49 and a one year high of $96.17. The company has a current ratio of 2.32, a quick ratio of 1.71 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $35.69 billion, a price-to-earnings ratio of 44.01, a P/E/G ratio of 3.02 and a beta of 1.40.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.57%. On average, research analysts forecast that Ingersoll Rand will post 3.1 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

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

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Robert W. Baird raised their price objective on shares of Ingersoll Rand from $107.00 to $109.00 and gave the company an outperform rating in a research note on Monday. Cfra boosted their price target on shares of Ingersoll Rand from $68.00 to $85.00 and gave the stock a hold rating in a research report on Friday, February 16th. Wells Fargo & Company reduced their price target on shares of Ingersoll Rand from $105.00 to $98.00 and set an overweight rating on the stock in a research report on Monday. Citigroup lifted their price objective on shares of Ingersoll Rand from $105.00 to $112.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, UBS Group lifted their price objective on shares of Ingersoll Rand from $78.00 to $93.00 and gave the stock a buy rating in a research note on Monday, January 29th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $95.82.

Insider Buying and Selling

In other 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 completion of the transaction, the chief accounting officer now owns 9,715 shares in the company, valued at approximately $854,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Michael J. Scheske sold 7,590 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total transaction of $667,920.00. Following the sale, the chief accounting officer now owns 9,715 shares of the company’s stock, valued at approximately $854,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vicente Reynal sold 240,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total value of $21,638,400.00. Following the sale, the insider now directly owns 91,957 shares in the company, valued at approximately $8,290,843.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293,011 shares of company stock valued at $26,374,789. 0.83% of the stock is currently owned by insiders.

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.