Norges Bank Makes New $429.59 Million Investment in Ingersoll Rand Inc. (NYSE:IR)

Norges Bank acquired a new stake in Ingersoll Rand Inc. (NYSE:IR) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,748,959 shares of the industrial products company’s stock, valued at approximately $429,591,000. Norges Bank owned approximately 1.18% of Ingersoll Rand at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Murphy & Mullick Capital Management Corp purchased a new position in Ingersoll Rand during the fourth quarter valued at $36,000. OFI Invest Asset Management acquired a new position in shares of Ingersoll Rand during the 4th quarter worth about $38,000. Lee Danner & Bass Inc. purchased a new position in Ingersoll Rand in the 4th quarter valued at about $42,000. Millstone Evans Group LLC acquired a new stake in Ingersoll Rand in the 4th quarter worth about $50,000. Finally, UMB Bank n.a. raised its holdings in shares of Ingersoll Rand by 27.0% during the fourth quarter. UMB Bank n.a. now owns 598 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 127 shares during the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays lowered their price target on Ingersoll Rand from $96.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday. Evercore ISI dropped their target price on shares of Ingersoll Rand from $100.00 to $91.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Wells Fargo & Company reduced their target price on shares of Ingersoll Rand from $115.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Citigroup dropped their price objective on shares of Ingersoll Rand from $119.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, The Goldman Sachs Group raised their target price on shares of Ingersoll Rand from $109.00 to $121.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.09.

Ingersoll Rand Trading Down 2.4 %

Shares of Ingersoll Rand stock opened at $79.38 on Friday. The stock has a 50 day moving average of $86.69 and a 200 day moving average of $93.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.29. The firm has a market capitalization of $32.00 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 3.50 and a beta of 1.48. Ingersoll Rand Inc. has a fifty-two week low of $79.03 and a fifty-two week high of $106.03.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings data on Thursday, February 13th. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Ingersoll Rand had a return on equity of 12.78% and a net margin of 11.59%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. As a group, research analysts predict that Ingersoll Rand Inc. will post 3.32 earnings per share for the current year.

Ingersoll Rand Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Wednesday, March 5th were issued a $0.02 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. Ingersoll Rand’s dividend payout ratio is currently 3.88%.

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.