Ingersoll Rand (NYSE:IR) Reaches New 52-Week High – What’s Next?

Ingersoll Rand Inc. (NYSE:IR) reached a new 52-week high on Tuesday . The company traded as high as $99.54 and last traded at $98.26, with a volume of 4794503 shares changing hands. The stock had previously closed at $98.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wells Fargo & Company increased their price target on Ingersoll Rand from $87.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Robert W. Baird reduced their price target on shares of Ingersoll Rand from $103.00 to $100.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Citigroup raised their price objective on shares of Ingersoll Rand from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Stifel Nicolaus boosted their target price on shares of Ingersoll Rand from $81.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, January 23rd. Finally, Zacks Research raised shares of Ingersoll Rand from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $92.13.

Ingersoll Rand Stock Performance

The company has a quick ratio of 1.51, a current ratio of 2.16 and a debt-to-equity ratio of 0.47. The stock has a fifty day simple moving average of $84.42 and a 200-day simple moving average of $81.12. The company has a market capitalization of $38.82 billion, a P/E ratio of 72.79, a PEG ratio of 6.12 and a beta of 1.32.

Insider Transactions at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 1,477 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $80.63, for a total value of $119,090.51. Following the transaction, the chief accounting officer directly owned 12,153 shares of the company’s stock, valued at $979,896.39. The trade was a 10.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vicente Reynal sold 191,000 shares of Ingersoll Rand stock in a transaction on Friday, January 16th. The shares were sold at an average price of $88.12, for a total value of $16,830,920.00. Following the completion of the transaction, the insider owned 193,186 shares of the company’s stock, valued at approximately $17,023,550.32. The trade was a 49.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 292,477 shares of company stock worth $26,703,912. Company insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Ingersoll Rand

Several large investors have recently made changes to their positions in the company. Godfrey Financial Associates Inc. bought a new stake in Ingersoll Rand during the 4th quarter worth about $48,000. Huntington National Bank raised its stake in shares of Ingersoll Rand by 65.8% during the fourth quarter. Huntington National Bank now owns 3,249 shares of the industrial products company’s stock worth $257,000 after buying an additional 1,290 shares during the last quarter. Integrity Alliance LLC. acquired a new position in Ingersoll Rand in the fourth quarter valued at approximately $492,000. Bleakley Financial Group LLC boosted its stake in Ingersoll Rand by 7.7% in the fourth quarter. Bleakley Financial Group LLC now owns 24,449 shares of the industrial products company’s stock valued at $1,937,000 after acquiring an additional 1,750 shares during the last quarter. Finally, Allstate Corp grew its holdings in Ingersoll Rand by 89.9% during the 4th quarter. Allstate Corp now owns 27,677 shares of the industrial products company’s stock worth $2,193,000 after acquiring an additional 13,100 shares during the period. Institutional investors and hedge funds own 95.27% of the company’s stock.

Ingersoll Rand Company Profile

Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.

Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.