Coastline Trust Co Makes New $302,000 Investment in Ingersoll Rand Inc. (NYSE:IR)

Coastline Trust Co bought a new position in shares of Ingersoll Rand Inc. (NYSE:IR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,325 shares of the industrial products company’s stock, valued at approximately $302,000.

Other institutional investors also recently bought and sold shares of the company. Capital International Investors lifted its position in shares of Ingersoll Rand by 113.7% in the first quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock valued at $2,484,486,000 after acquiring an additional 13,919,775 shares in the last quarter. Capital World Investors purchased a new stake in shares of Ingersoll Rand in the first quarter valued at $440,401,000. Norges Bank purchased a new stake in shares of Ingersoll Rand in the fourth quarter valued at $301,890,000. JPMorgan Chase & Co. lifted its position in shares of Ingersoll Rand by 28.4% in the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock valued at $1,517,040,000 after acquiring an additional 3,535,543 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Ingersoll Rand by 46.6% in the fourth quarter. Capital Research Global Investors now owns 9,811,827 shares of the industrial products company’s stock valued at $758,847,000 after acquiring an additional 3,119,793 shares in the last quarter. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on IR. Robert W. Baird upped their target price on Ingersoll Rand from $109.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Stifel Nicolaus upped their target price on Ingersoll Rand from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Jefferies Financial Group began coverage on Ingersoll Rand in a research note on Friday, June 21st. They issued a “buy” rating and a $110.00 target price for the company. Barclays dropped their target price on Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Cfra reiterated a “hold” rating and issued a $85.00 target price on shares of Ingersoll Rand in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Ingersoll Rand currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.36.

Ingersoll Rand Stock Performance

IR traded down $0.75 during trading hours on Monday, hitting $88.72. The company’s stock had a trading volume of 565,906 shares, compared to its average volume of 2,673,492. Ingersoll Rand Inc. has a fifty-two week low of $59.20 and a fifty-two week high of $101.30. The company has a current ratio of 2.18, a quick ratio of 1.71 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $35.79 billion, a PE ratio of 44.51, a PEG ratio of 2.68 and a beta of 1.45. The company has a 50-day simple moving average of $93.17 and a 200 day simple moving average of $91.38.

Ingersoll Rand Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date of this dividend is Thursday, August 15th. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.98%.

Ingersoll Rand announced that its Board of Directors has approved 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 buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

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

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.