Ingersoll Rand (NYSE:IR) Updates FY 2024 Earnings Guidance

Ingersoll Rand (NYSE:IR) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 3.200-3.300 for the period, compared to the consensus earnings per share estimate of 3.210. The company issued revenue guidance of $7.2 billion-$7.3 billion, compared to the consensus revenue estimate of $7.3 billion.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Ingersoll Rand from a buy rating to a hold rating in a report on Saturday. Robert W. Baird boosted their target price on shares of Ingersoll Rand from $107.00 to $109.00 and gave the stock an outperform rating in a research note on Monday. Barclays cut their target price on shares of Ingersoll Rand from $105.00 to $104.00 and set an overweight rating for the company in a research note on Monday. BNP Paribas assumed coverage on shares of Ingersoll Rand in a research report on Tuesday, March 12th. They set a neutral rating and a $92.00 price target on the stock. Finally, Citigroup boosted their price target on shares of Ingersoll Rand from $105.00 to $112.00 and gave the stock a buy rating in a research report on Monday, April 8th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $95.82.

Ingersoll Rand Stock Up 2.0 %

Ingersoll Rand stock traded up $1.73 during midday trading on Monday, reaching $88.45. The company’s stock had a trading volume of 4,549,407 shares, compared to its average volume of 2,578,305. Ingersoll Rand has a fifty-two week low of $56.49 and a fifty-two week high of $96.17. The company has a quick ratio of 1.71, a current ratio of 2.32 and a debt-to-equity ratio of 0.27. The company has a market cap of $35.69 billion, a P/E ratio of 44.01, a P/E/G ratio of 3.02 and a beta of 1.40. The business has a 50-day simple moving average of $91.91 and a 200-day simple moving average of $81.01.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Thursday, February 15th. The industrial products company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Ingersoll Rand had a return on equity of 12.57% and a net margin of 11.85%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.76 billion. On average, research analysts expect that Ingersoll Rand will post 3.1 earnings per share for the current fiscal year.

Ingersoll Rand Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 16th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date is Wednesday, May 15th. Ingersoll Rand’s dividend payout ratio is currently 3.98%.

Ingersoll Rand declared that its board has initiated a share buyback program on Thursday, April 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Ingersoll Rand news, insider Andrew R. Schiesl sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the transaction, the insider now owns 16,525 shares in the company, valued at approximately $1,478,326.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $89.46, for a total transaction of $3,131,100.00. Following the transaction, the insider now owns 16,525 shares in the company, valued at approximately $1,478,326.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vicente Reynal sold 240,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $90.16, for a total value of $21,638,400.00. Following the transaction, the insider now owns 91,957 shares in the company, valued at approximately $8,290,843.12. The disclosure for this sale can be found here. Insiders have sold a total of 293,011 shares of company stock valued at $26,374,789 over the last quarter. 0.83% of the stock is currently owned by insiders.

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.