Ingersoll Rand Inc. (NYSE:IR) Sees Significant Growth in Short Interest

Ingersoll Rand Inc. (NYSE:IR) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 10,380,000 shares, a growth of 8.0% from the May 31st total of 9,610,000 shares. Based on an average daily trading volume, of 2,840,000 shares, the days-to-cover ratio is presently 3.7 days. Currently, 2.6% of the company’s shares are sold short.

Insider Buying and Selling at Ingersoll Rand

In other news, insider Andrew R. Schiesl sold 22,369 shares of the stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $92.17, for a total transaction of $2,061,750.73. Following the sale, the insider now owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $88.11, for a total transaction of $17,488,601.46. Following the transaction, the insider now directly owns 100,367 shares in the company, valued at $8,843,336.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew R. Schiesl sold 22,369 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $92.17, for a total value of $2,061,750.73. Following the sale, the insider now directly owns 30,846 shares of the company’s stock, valued at $2,843,075.82. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ingersoll Rand

Several hedge funds and other institutional investors have recently modified their holdings of IR. Nomura Holdings Inc. lifted its position in Ingersoll Rand by 3,010.2% during the 4th quarter. Nomura Holdings Inc. now owns 211,274 shares of the industrial products company’s stock worth $16,340,000 after acquiring an additional 204,481 shares in the last quarter. Varenne Capital Partners acquired a new position in Ingersoll Rand during the 4th quarter worth approximately $1,693,000. Illinois Municipal Retirement Fund lifted its position in Ingersoll Rand by 297.5% during the 4th quarter. Illinois Municipal Retirement Fund now owns 75,353 shares of the industrial products company’s stock worth $5,828,000 after acquiring an additional 56,394 shares in the last quarter. Arrow Financial Corp lifted its position in Ingersoll Rand by 59.7% during the 4th quarter. Arrow Financial Corp now owns 23,143 shares of the industrial products company’s stock worth $1,790,000 after acquiring an additional 8,649 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in Ingersoll Rand by 3.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 163,162 shares of the industrial products company’s stock worth $12,691,000 after acquiring an additional 6,042 shares in the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.

Ingersoll Rand Trading Up 0.9 %

IR traded up $0.82 during midday trading on Tuesday, hitting $90.36. The company’s stock had a trading volume of 472,404 shares, compared to its average volume of 2,682,129. 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 cap of $36.45 billion, a P/E ratio of 44.55, a PEG ratio of 2.65 and a beta of 1.45. The firm has a 50-day moving average price of $92.00 and a two-hundred day moving average price of $87.70. Ingersoll Rand has a 52-week low of $59.20 and a 52-week high of $96.67.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.67 by $0.09. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. On average, research analysts anticipate that Ingersoll Rand will post 3.19 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

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

Ingersoll Rand declared that its board has authorized a stock repurchase plan on Thursday, April 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IR. Jefferies Financial Group began coverage on Ingersoll Rand in a research report on Friday, June 21st. They issued a “buy” rating and a $110.00 price target for the company. Barclays dropped their price target on Ingersoll Rand from $105.00 to $104.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Citigroup raised their price target on Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Robert W. Baird raised their price target on Ingersoll Rand from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Finally, Wells Fargo & Company dropped their price target on Ingersoll Rand from $105.00 to $98.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus price target of $97.00.

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.