Sumitomo Life Insurance Co. Raises Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Sumitomo Life Insurance Co. raised its position in Ingersoll Rand Inc. (NYSE:IR) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,991 shares of the industrial products company’s stock after purchasing an additional 571 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Ingersoll Rand were worth $2,355,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in IR. Opal Wealth Advisors LLC grew its holdings in shares of Ingersoll Rand by 6.0% during the 3rd quarter. Opal Wealth Advisors LLC now owns 2,145 shares of the industrial products company’s stock worth $211,000 after purchasing an additional 121 shares during the period. Trust Co. of Oklahoma lifted its position in Ingersoll Rand by 7.0% in the third quarter. Trust Co. of Oklahoma now owns 7,964 shares of the industrial products company’s stock valued at $782,000 after buying an additional 522 shares during the last quarter. Creative Planning boosted its stake in Ingersoll Rand by 66.2% during the third quarter. Creative Planning now owns 109,961 shares of the industrial products company’s stock worth $10,794,000 after buying an additional 43,801 shares during the period. ORG Wealth Partners LLC purchased a new position in Ingersoll Rand during the third quarter worth about $85,000. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in shares of Ingersoll Rand by 13.2% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 339,319 shares of the industrial products company’s stock valued at $33,308,000 after acquiring an additional 39,651 shares during the last quarter. Hedge funds and other institutional investors own 95.27% of the company’s stock.

Analyst Ratings Changes

IR has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on shares of Ingersoll Rand in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Cfra raised their price target on Ingersoll Rand from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Jefferies Financial Group began coverage on Ingersoll Rand in a report on Friday, June 21st. They issued a “buy” rating and a $110.00 price objective on the stock. Evercore ISI lowered their target price on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Finally, Wells Fargo & Company lifted their target price on Ingersoll Rand from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.17.

Insider Activity at Ingersoll Rand

In other news, insider Vicente Reynal sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $92.51, for a total transaction of $4,625,500.00. Following the completion of the transaction, the insider now directly owns 100,367 shares of the company’s stock, valued at approximately $9,284,951.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Ingersoll Rand news, insider Vicente Reynal sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $92.51, for a total transaction of $4,625,500.00. Following the sale, the insider now owns 100,367 shares of the company’s stock, valued at approximately $9,284,951.17. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew R. Schiesl sold 15,381 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the sale, the insider now owns 39,486 shares of the company’s stock, valued at $3,543,473.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,510 shares of company stock valued at $7,108,005 over the last quarter. 0.68% of the stock is owned by insiders.

Ingersoll Rand Stock Down 0.1 %

Shares of IR traded down $0.10 during midday trading on Wednesday, hitting $100.57. The company had a trading volume of 192,210 shares, compared to its average volume of 2,557,671. Ingersoll Rand Inc. has a 1 year low of $59.20 and a 1 year high of $102.74. The firm has a market capitalization of $40.57 billion, a P/E ratio of 50.05, a P/E/G ratio of 2.72 and a beta of 1.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 2.18. The company’s 50-day simple moving average is $93.40 and its 200-day simple moving average is $93.03.

Ingersoll Rand (NYSE:IR) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.06. Ingersoll Rand had a net margin of 11.73% and a return on equity of 13.00%. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. As a group, sell-side analysts expect that Ingersoll Rand Inc. will post 3.22 EPS for the current year.

Ingersoll Rand Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 15th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.08%. Ingersoll Rand’s payout ratio is currently 3.98%.

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.