Allspring Global Investments Holdings LLC Raises Stock Position in Ingersoll Rand Inc. (NYSE:IR)

Allspring Global Investments Holdings LLC increased its position in shares of Ingersoll Rand Inc. (NYSE:IR - Free Report) by 11.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 317,063 shares of the industrial products company's stock after buying an additional 32,961 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Ingersoll Rand worth $31,123,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Capital International Investors grew its holdings in Ingersoll Rand by 113.7% in the first quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company's stock worth $2,484,486,000 after purchasing an additional 13,919,775 shares during the period. Capital World Investors acquired a new stake in Ingersoll Rand in the first quarter worth $440,401,000. JPMorgan Chase & Co. grew its holdings in Ingersoll Rand by 28.4% in the first quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company's stock worth $1,517,040,000 after purchasing an additional 3,535,543 shares during the period. Capital Research Global Investors grew its holdings in Ingersoll Rand by 15.3% in the first quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company's stock worth $1,074,477,000 after purchasing an additional 1,504,414 shares during the period. Finally, Swedbank AB acquired a new stake in Ingersoll Rand in the first quarter worth $55,310,000. Institutional investors own 95.27% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on IR shares. Robert W. Baird lifted their price objective on shares of Ingersoll Rand from $109.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Evercore ISI reduced their price objective on shares of Ingersoll Rand from $93.00 to $88.00 and set an "in-line" rating for the company in a report on Monday, August 19th. Morgan Stanley started coverage on shares of Ingersoll Rand in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Cfra lifted their price objective on shares of Ingersoll Rand from $85.00 to $95.00 and gave the company a "hold" rating in a report on Friday, October 4th. Finally, Wolfe Research upgraded shares of Ingersoll Rand to a "hold" rating in a report on Friday, September 20th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $102.17.

Insider Activity

In other news, insider Vicente Reynal sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $92.51, for a total value of $4,625,500.00. Following the sale, the insider now owns 100,367 shares of the company's stock, valued at $9,284,951.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Andrew R. Schiesl sold 15,381 shares of the business's stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the completion of the transaction, the insider now owns 39,486 shares of the company's stock, valued at approximately $3,543,473.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vicente Reynal sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $92.51, for a total transaction of $4,625,500.00. Following the transaction, the insider now directly owns 100,367 shares of the company's stock, valued at approximately $9,284,951.17. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,510 shares of company stock valued at $7,108,005 over the last quarter. Company insiders own 0.68% of the company's stock.

Ingersoll Rand Stock Performance

IR stock traded down $0.46 during mid-day trading on Thursday, hitting $95.93. The company had a trading volume of 1,837,133 shares, compared to its average volume of 2,543,565. The firm has a market cap of $38.70 billion, a PE ratio of 47.73, a price-to-earnings-growth ratio of 2.72 and a beta of 1.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 2.18. Ingersoll Rand Inc. has a 12 month low of $59.20 and a 12 month high of $102.74. The stock's fifty day moving average price is $94.60 and its two-hundred day moving average price is $93.29.

Ingersoll Rand (NYSE:IR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.74 by $0.06. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. Ingersoll Rand had a net margin of 11.73% and a return on equity of 13.00%. On average, analysts forecast that Ingersoll Rand Inc. will post 3.22 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 14th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.08%. Ingersoll Rand's dividend payout ratio (DPR) is currently 3.98%.

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.