Resona Asset Management Co. Ltd. Makes New $11.02 Million Investment in Ingersoll Rand Inc. (NYSE:IR)

Resona Asset Management Co. Ltd. bought a new stake in Ingersoll Rand Inc. (NYSE:IR) during the 4th quarter, Holdings Channel reports. The fund bought 121,645 shares of the industrial products company’s stock, valued at approximately $11,024,000.

Several other institutional investors also recently modified their holdings of the business. Norges Bank bought a new stake in Ingersoll Rand in the fourth quarter valued at about $429,591,000. JPMorgan Chase & Co. grew its position in shares of Ingersoll Rand by 8.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,229,178 shares of the industrial products company’s stock worth $1,789,376,000 after buying an additional 1,462,538 shares during the period. Franklin Resources Inc. increased its stake in shares of Ingersoll Rand by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 12,277,177 shares of the industrial products company’s stock valued at $1,110,593,000 after acquiring an additional 679,856 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new stake in shares of Ingersoll Rand in the 4th quarter valued at approximately $47,763,000. Finally, Raymond James Financial Inc. acquired a new position in Ingersoll Rand during the fourth quarter valued at approximately $45,004,000. Institutional investors and hedge funds own 95.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Ingersoll Rand from $109.00 to $121.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Barclays reduced their target price on Ingersoll Rand from $96.00 to $93.00 and set an “overweight” rating on the stock in a report on Wednesday, March 26th. Wells Fargo & Company lowered their price target on Ingersoll Rand from $115.00 to $105.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Robert W. Baird lifted their price objective on Ingersoll Rand from $105.00 to $111.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Finally, Stifel Nicolaus decreased their price objective on Ingersoll Rand from $100.00 to $94.00 and set a “hold” rating for the company in a research report on Tuesday, February 18th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and an average target price of $105.09.

Ingersoll Rand Price Performance

Shares of IR opened at $69.51 on Monday. The company has a quick ratio of 1.71, a current ratio of 2.29 and a debt-to-equity ratio of 0.46. Ingersoll Rand Inc. has a twelve month low of $67.19 and a twelve month high of $106.03. The stock has a market capitalization of $28.02 billion, a P/E ratio of 33.74, a P/E/G ratio of 3.50 and a beta of 1.40. The company has a 50 day moving average of $85.05 and a 200-day moving average of $93.21.

Ingersoll Rand (NYSE:IR) last issued its quarterly earnings results on Thursday, February 13th. The industrial products company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.04). Ingersoll Rand had a net margin of 11.59% and a return on equity of 12.78%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. As a group, equities research analysts forecast that Ingersoll Rand Inc. will post 3.32 EPS for the current fiscal year.

Ingersoll Rand Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Wednesday, March 5th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.08 annualized dividend and a yield of 0.12%. Ingersoll Rand’s dividend payout ratio (DPR) is presently 3.88%.

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.