Norges Bank Buys Shares of 4,748,959 Ingersoll Rand Inc. (NYSE:IR)

Norges Bank bought a new stake in Ingersoll Rand Inc. (NYSE:IR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,748,959 shares of the industrial products company's stock, valued at approximately $429,591,000. Norges Bank owned approximately 1.18% of Ingersoll Rand as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IR. Chicago Partners Investment Group LLC increased its holdings in Ingersoll Rand by 4.7% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,438 shares of the industrial products company's stock valued at $218,000 after buying an additional 109 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Ingersoll Rand by 27.0% in the 4th quarter. UMB Bank n.a. now owns 598 shares of the industrial products company's stock valued at $54,000 after acquiring an additional 127 shares during the last quarter. RDA Financial Network increased its holdings in shares of Ingersoll Rand by 3.1% in the 4th quarter. RDA Financial Network now owns 4,324 shares of the industrial products company's stock valued at $391,000 after acquiring an additional 128 shares during the last quarter. FSM Wealth Advisors LLC raised its position in shares of Ingersoll Rand by 5.8% during the 4th quarter. FSM Wealth Advisors LLC now owns 2,442 shares of the industrial products company's stock valued at $222,000 after acquiring an additional 134 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its stake in Ingersoll Rand by 3.3% during the fourth quarter. Park Avenue Securities LLC now owns 4,288 shares of the industrial products company's stock worth $388,000 after purchasing an additional 136 shares during the last quarter. 95.27% of the stock is currently owned by hedge funds and other institutional investors.

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Ingersoll Rand Stock Performance

IR stock traded up $0.62 on Monday, reaching $80.06. The company's stock had a trading volume of 2,928,004 shares, compared to its average volume of 2,454,216. Ingersoll Rand Inc. has a 52 week low of $77.28 and a 52 week high of $106.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.29 and a quick ratio of 1.71. The company has a market capitalization of $32.27 billion, a P/E ratio of 38.87, a price-to-earnings-growth ratio of 3.50 and a beta of 1.48. The firm has a fifty day moving average of $86.69 and a two-hundred day moving average of $93.73.

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

Ingersoll Rand Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Wednesday, March 5th were issued a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. Ingersoll Rand's payout ratio is currently 3.88%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Evercore ISI dropped their target price on shares of Ingersoll Rand from $100.00 to $91.00 and set an "in-line" rating on the stock in a report on Wednesday, February 19th. Barclays lowered their price objective on shares of Ingersoll Rand from $96.00 to $93.00 and set an "overweight" rating for the company in a research report on Wednesday, March 26th. Wells Fargo & Company cut their target price on shares of Ingersoll Rand from $115.00 to $105.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Citigroup lowered their target price on Ingersoll Rand from $119.00 to $115.00 and set a "buy" rating for the company in a report on Monday, January 13th. Finally, Stifel Nicolaus dropped their price target on Ingersoll Rand from $100.00 to $94.00 and set a "hold" rating on the stock in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $105.09.

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.