Ingersoll Rand (NYSE:IR) Updates FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.28-3.34 for the period, compared to the consensus earnings per share estimate of $3.32. The company issued revenue guidance of ~$7.22-7.36 billion, compared to the consensus revenue estimate of $7.34 billion.

Ingersoll Rand Stock Down 1.3 %

Ingersoll Rand stock traded down $1.28 during trading hours on Thursday, hitting $96.00. 3,287,719 shares of the stock traded hands, compared to its average volume of 2,535,800. The firm’s 50-day moving average price is $95.16 and its two-hundred day moving average price is $93.42. The company has a current ratio of 2.18, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. The company has a market cap of $38.73 billion, a PE ratio of 48.40, a PEG ratio of 2.69 and a beta of 1.42. Ingersoll Rand has a one year low of $60.18 and a one year high of $102.74.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings data 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 return on equity of 13.00% and a net margin of 11.73%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. On average, research analysts forecast that Ingersoll Rand will post 3.21 EPS for the current year.

Ingersoll Rand Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 14th will be given a $0.02 dividend. The ex-dividend date is Thursday, November 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.08%. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on IR shares. Barclays boosted their price target on Ingersoll Rand from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Stifel Nicolaus upped their price objective on Ingersoll Rand from $101.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Cfra upped their price objective on Ingersoll Rand from $85.00 to $95.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Finally, Evercore ISI lowered their price objective on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.17.

Insider Transactions at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 50,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $92.51, for a total value of $4,625,500.00. Following the completion of the sale, the insider now owns 100,367 shares in the company, valued at approximately $9,284,951.17. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 15,381 shares of the stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vicente Reynal sold 50,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 100,367 shares of the company’s stock, valued at $9,284,951.17. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,510 shares of company stock worth $7,108,005 in the last three months. Corporate insiders own 0.68% of the company’s stock.

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.