Ingersoll Rand (NYSE:IR) Updates FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.28-3.34 for the period, compared to the consensus earnings per share estimate of $3.32. The company issued revenue guidance of ~$7.22-7.36 billion, compared to the consensus revenue estimate of $7.34 billion.

Analyst Upgrades and Downgrades

IR has been the topic of a number of research analyst reports. Evercore ISI lowered their target price on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Barclays raised their price objective on Ingersoll Rand from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on Ingersoll Rand from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Cfra raised their price objective on Ingersoll Rand from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Finally, Robert W. Baird raised their price objective on Ingersoll Rand from $109.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.17.

Ingersoll Rand Trading Down 1.3 %

Ingersoll Rand stock traded down $1.28 during mid-day trading on Thursday, hitting $96.00. The stock had a trading volume of 3,287,719 shares, compared to its average volume of 2,535,800. The company has a current ratio of 2.18, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. Ingersoll Rand has a 12 month low of $60.18 and a 12 month high of $102.74. The stock has a market capitalization of $38.73 billion, a PE ratio of 48.40, a P/E/G ratio of 2.69 and a beta of 1.42. The stock has a 50-day simple moving average of $95.16 and a two-hundred day simple moving average of $93.42.

Ingersoll Rand (NYSE:IR) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.06. Ingersoll Rand had a return on equity of 13.00% and a net margin of 11.73%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. As a group, sell-side analysts forecast that Ingersoll Rand will post 3.21 EPS for the current year.

Ingersoll Rand Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 14th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.08%. The ex-dividend date of this dividend is Thursday, November 14th. Ingersoll Rand’s dividend payout ratio is presently 3.98%.

Insider Activity at Ingersoll Rand

In other news, insider Andrew R. Schiesl sold 15,381 shares of Ingersoll Rand stock in a transaction that occurred on Thursday, August 8th. The stock was 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 directly owns 39,486 shares in the company, valued at approximately $3,543,473.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Andrew R. Schiesl sold 15,381 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen M. Keene sold 4,629 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $89.99, for a total value of $416,563.71. Following the completion of the transaction, the insider now directly owns 3,829 shares of the company’s stock, valued at approximately $344,571.71. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,510 shares of company stock valued at $7,108,005. 0.68% of the stock is owned by insiders.

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.