Citigroup Lowers Ingersoll Rand (NYSE:IR) Price Target to $115.00

Ingersoll Rand (NYSE:IR) had its price target lowered by Citigroup from $119.00 to $115.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price suggests a potential upside of 30.86% from the company’s previous close.

A number of other brokerages have also recently issued reports on IR. UBS Group assumed coverage on Ingersoll Rand in a report on Wednesday, November 13th. They issued a “buy” rating and a $124.00 target price for the company. Wolfe Research raised Ingersoll Rand to a “hold” rating in a report on Friday, September 20th. Robert W. Baird dropped their price target on Ingersoll Rand from $114.00 to $109.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Cfra raised their price target on Ingersoll Rand from $85.00 to $95.00 and gave the company a “hold” rating in a report on Friday, October 4th. Finally, The Goldman Sachs Group raised their price target on Ingersoll Rand from $109.00 to $121.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $106.50.

Ingersoll Rand Price Performance

Shares of IR traded up $0.86 during mid-day trading on Monday, reaching $87.88. The company had a trading volume of 990,162 shares, compared to its average volume of 2,314,326. Ingersoll Rand has a twelve month low of $76.64 and a twelve month high of $106.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.36 and a quick ratio of 1.71. The company’s 50-day moving average is $98.36 and its 200-day moving average is $95.78. The company has a market capitalization of $35.42 billion, a P/E ratio of 42.87, a P/E/G ratio of 3.84 and a beta of 1.44.

Insider Transactions at Ingersoll Rand

In other news, CAO Michael J. Scheske sold 2,531 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $97.44, for a total value of $246,620.64. Following the transaction, the chief accounting officer now directly owns 11,910 shares in the company, valued at $1,160,510.40. This trade represents a 17.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in Ingersoll Rand by 8.7% during the third quarter. JPMorgan Chase & Co. now owns 18,229,178 shares of the industrial products company’s stock worth $1,789,376,000 after acquiring an additional 1,462,538 shares in the last quarter. FMR LLC raised its stake in shares of Ingersoll Rand by 10.5% in the 3rd quarter. FMR LLC now owns 16,152,094 shares of the industrial products company’s stock valued at $1,585,489,000 after purchasing an additional 1,538,056 shares during the period. State Street Corp raised its stake in shares of Ingersoll Rand by 0.7% in the 3rd quarter. State Street Corp now owns 15,776,908 shares of the industrial products company’s stock valued at $1,548,661,000 after purchasing an additional 112,824 shares during the period. Franklin Resources Inc. raised its stake in shares of Ingersoll Rand by 2.5% in the 3rd quarter. Franklin Resources Inc. now owns 11,597,321 shares of the industrial products company’s stock valued at $1,207,554,000 after purchasing an additional 278,710 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Ingersoll Rand by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 9,436,467 shares of the industrial products company’s stock valued at $923,087,000 after purchasing an additional 54,952 shares during the period. 95.27% of the stock is currently owned by institutional investors.

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.