Ingersoll Rand Inc. (NYSE:IR) to Issue $0.02 Quarterly Dividend

Ingersoll Rand Inc. (NYSE:IR) announced a quarterly dividend on Friday, July 26th, RTT News reports. Investors of record on Thursday, August 15th will be paid a dividend of 0.02 per share by the industrial products company on Thursday, September 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date of this dividend is Thursday, August 15th.

Ingersoll Rand has a payout ratio of 2.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ingersoll Rand to earn $3.43 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 2.3%.

Ingersoll Rand Price Performance

IR opened at $89.91 on Wednesday. The firm has a market capitalization of $36.27 billion, a PE ratio of 44.73, a price-to-earnings-growth ratio of 2.68 and a beta of 1.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.18 and a quick ratio of 1.71. The business’s 50-day moving average is $93.17 and its two-hundred day moving average is $91.52. Ingersoll Rand has a 1 year low of $59.20 and a 1 year high of $101.30.

Insider Buying and Selling at Ingersoll Rand

In related news, insider Vicente Reynal sold 198,486 shares of the company’s stock in a transaction that occurred 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 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 available through this link. In related news, insider Vicente Reynal sold 198,486 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now owns 100,367 shares of the company’s stock, valued at $8,843,336.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew R. Schiesl sold 15,381 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the completion of the sale, the insider now directly owns 39,486 shares in the company, valued at $3,543,473.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 236,236 shares of company stock worth $20,930,643. 0.68% of the stock is currently owned by insiders.

Ingersoll Rand announced that its board has authorized a share 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 purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Barclays reduced their price objective on shares of Ingersoll Rand from $106.00 to $101.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Cfra reaffirmed a “hold” rating and set a $85.00 price target on shares of Ingersoll Rand in a research report on Friday, August 2nd. Robert W. Baird raised their price objective on Ingersoll Rand from $109.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company dropped their target price on Ingersoll Rand from $102.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Jefferies Financial Group initiated coverage on Ingersoll Rand in a research note on Friday, June 21st. They issued a “buy” rating and a $110.00 price target for the company. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and an average target price of $100.36.

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.