Parsons Capital Management Inc. RI Buys 451 Shares of Ingersoll Rand Inc. (NYSE:IR)

Parsons Capital Management Inc. RI raised its stake in Ingersoll Rand Inc. (NYSE:IR) by 7.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,850 shares of the industrial products company’s stock after buying an additional 451 shares during the period. Parsons Capital Management Inc. RI’s holdings in Ingersoll Rand were worth $650,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Raymond James & Associates boosted its position in Ingersoll Rand by 8.1% during the 1st quarter. Raymond James & Associates now owns 199,399 shares of the industrial products company’s stock valued at $18,933,000 after buying an additional 15,005 shares during the period. Maryland State Retirement & Pension System boosted its position in Ingersoll Rand by 2.8% during the 1st quarter. Maryland State Retirement & Pension System now owns 31,761 shares of the industrial products company’s stock valued at $2,823,000 after buying an additional 859 shares during the period. First Trust Direct Indexing L.P. boosted its position in Ingersoll Rand by 27.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 6,691 shares of the industrial products company’s stock valued at $635,000 after buying an additional 1,448 shares during the period. Massachusetts Wealth Management boosted its position in Ingersoll Rand by 2.2% during the 1st quarter. Massachusetts Wealth Management now owns 28,118 shares of the industrial products company’s stock valued at $2,670,000 after buying an additional 600 shares during the period. Finally, Trust Co. of Oklahoma boosted its position in Ingersoll Rand by 57.3% during the 1st quarter. Trust Co. of Oklahoma now owns 7,363 shares of the industrial products company’s stock valued at $699,000 after buying an additional 2,682 shares during the period. Institutional investors own 95.27% of the company’s stock.

Insider Buying and Selling at Ingersoll Rand

In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the completion of the sale, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at $854,920. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total value of $667,920.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Vicente Reynal sold 240,000 shares of the company’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 transaction of $21,638,400.00. Following the completion of the transaction, the insider now owns 91,957 shares of the company’s stock, valued at $8,290,843.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293,011 shares of company stock valued at $26,374,789. Insiders own 0.83% of the company’s stock.

Ingersoll Rand Stock Up 1.6 %

Ingersoll Rand stock traded up $1.47 during trading hours on Friday, hitting $93.50. The stock had a trading volume of 1,973,863 shares, compared to its average volume of 2,041,726. The company has a quick ratio of 1.67, a current ratio of 2.22 and a debt-to-equity ratio of 0.27. The stock’s 50-day moving average price is $91.70 and its 200-day moving average price is $79.86. Ingersoll Rand Inc. has a 12-month low of $54.54 and a 12-month high of $96.17. The stock has a market capitalization of $37.72 billion, a P/E ratio of 49.21, a price-to-earnings-growth ratio of 3.26 and a beta of 1.44.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. Ingersoll Rand had a net margin of 11.32% and a return on equity of 12.24%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Equities research analysts anticipate that Ingersoll Rand Inc. will post 3.1 EPS for the current fiscal year.

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

Ingersoll Rand Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Thursday, May 16th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Ingersoll Rand’s dividend payout ratio is currently 4.21%.

Analyst Ratings Changes

Several equities research analysts have recently commented on IR shares. Wells Fargo & Company raised their target price on shares of Ingersoll Rand from $83.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Citigroup raised their target price 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. UBS Group raised their target price on shares of Ingersoll Rand from $78.00 to $93.00 and gave the stock a “buy” rating in a research report on Monday, January 29th. The Goldman Sachs Group raised their target price on shares of Ingersoll Rand from $87.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $102.00 target price on shares of Ingersoll Rand in a research report on Tuesday, March 26th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Ingersoll Rand presently has an average rating of “Moderate Buy” and an average price target of $92.73.

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.