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

Shares of Ingersoll Rand Inc. (NYSE:IR) reached a new 52-week high on Tuesday . The company traded as high as $99.54 and last traded at $98.26, with a volume of 4794503 shares trading hands. The stock had previously closed at $98.50.

Analysts Set New Price Targets

A number of equities research analysts recently commented on IR shares. Wells Fargo & Company upped their price objective on Ingersoll Rand from $87.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Zacks Research upgraded shares of Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Citigroup lifted their price objective on shares of Ingersoll Rand from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Stifel Nicolaus increased their target price on shares of Ingersoll Rand from $81.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, January 23rd. Finally, Robert W. Baird lowered their price objective on shares of Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating for the company in a research report on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.13.

Ingersoll Rand Stock Performance

The stock has a fifty day simple moving average of $84.42 and a 200-day simple moving average of $81.12. The stock has a market cap of $38.82 billion, a P/E ratio of 72.79, a PEG ratio of 6.12 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.16.

Insider Buying and Selling

In other Ingersoll Rand news, insider Vicente Reynal sold 90,281 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $97.92, for a total value of $8,840,315.52. Following the sale, the insider owned 193,186 shares in the company, valued at approximately $18,916,773.12. The trade was a 31.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michael J. Scheske sold 1,477 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $80.63, for a total value of $119,090.51. Following the transaction, the chief accounting officer directly owned 12,153 shares of the company’s stock, valued at approximately $979,896.39. This trade represents a 10.84% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 292,477 shares of company stock worth $26,703,912. 0.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Ingersoll Rand

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. grew its holdings in shares of Ingersoll Rand by 2.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 6,242 shares of the industrial products company’s stock valued at $516,000 after acquiring an additional 130 shares in the last quarter. Whittier Trust Co. boosted its position in Ingersoll Rand by 8.5% during the third quarter. Whittier Trust Co. now owns 1,668 shares of the industrial products company’s stock valued at $140,000 after purchasing an additional 131 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in Ingersoll Rand by 14.2% in the second quarter. Parkside Financial Bank & Trust now owns 1,206 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 150 shares in the last quarter. AE Wealth Management LLC increased its position in shares of Ingersoll Rand by 5.5% during the 2nd quarter. AE Wealth Management LLC now owns 2,916 shares of the industrial products company’s stock worth $243,000 after purchasing an additional 151 shares during the last quarter. Finally, Golden State Equity Partners raised its stake in shares of Ingersoll Rand by 5.1% during the 3rd quarter. Golden State Equity Partners now owns 3,212 shares of the industrial products company’s stock worth $265,000 after purchasing an additional 155 shares in the last quarter. 95.27% of the stock is currently owned by institutional investors and hedge funds.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.