Citigroup Inc. Cuts Stake in Ingersoll Rand Inc. (NYSE:IR)

Citigroup Inc. trimmed its position in Ingersoll Rand Inc. (NYSE:IR - Free Report) by 16.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 340,102 shares of the industrial products company's stock after selling 65,029 shares during the quarter. Citigroup Inc. owned 0.08% of Ingersoll Rand worth $33,384,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in IR. SVB Wealth LLC purchased a new position in shares of Ingersoll Rand in the first quarter worth $314,000. Bayesian Capital Management LP increased its position in Ingersoll Rand by 334.6% during the 1st quarter. Bayesian Capital Management LP now owns 11,300 shares of the industrial products company's stock valued at $1,073,000 after purchasing an additional 8,700 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Ingersoll Rand by 14.7% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,112 shares of the industrial products company's stock valued at $295,000 after purchasing an additional 399 shares during the period. Tidal Investments LLC increased its position in Ingersoll Rand by 65.2% during the 1st quarter. Tidal Investments LLC now owns 25,784 shares of the industrial products company's stock valued at $2,448,000 after purchasing an additional 10,178 shares during the period. Finally, iA Global Asset Management Inc. purchased a new position in Ingersoll Rand during the 1st quarter valued at $1,076,000. 95.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Stifel Nicolaus downgraded shares of Ingersoll Rand from a "buy" rating to a "hold" rating and reduced their price objective for the company from $112.00 to $107.00 in a research report on Monday, November 18th. Barclays boosted their price objective on shares of Ingersoll Rand from $101.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, October 2nd. Cfra upped their target price on shares of Ingersoll Rand from $85.00 to $95.00 and gave the stock a "hold" rating in a research report on Friday, October 4th. Wells Fargo & Company upped their target price on shares of Ingersoll Rand from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Finally, Morgan Stanley started coverage on shares of Ingersoll Rand in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $103.83.

Insider Transactions at Ingersoll Rand

In related news, CAO Michael J. Scheske sold 2,531 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $97.44, for a total value of $246,620.64. Following the completion of the sale, the chief accounting officer now directly owns 11,910 shares of the company's stock, valued at approximately $1,160,510.40. This represents a 17.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.68% of the company's stock.

Ingersoll Rand Stock Performance

IR traded down $0.63 during midday trading on Tuesday, hitting $104.72. 1,426,741 shares of the company traded hands, compared to its average volume of 2,518,177. The company's 50-day moving average is $99.70 and its 200 day moving average is $94.91. Ingersoll Rand Inc. has a 52 week low of $69.46 and a 52 week high of $106.03. The company has a quick ratio of 1.71, a current ratio of 2.36 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $42.20 billion, a PE ratio of 51.08, a price-to-earnings-growth ratio of 3.95 and a beta of 1.42.

Ingersoll Rand Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 14th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.08%. The ex-dividend date is Thursday, November 14th. Ingersoll Rand's dividend payout ratio (DPR) is presently 3.90%.

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.