Wells Fargo & Company Increases Ingersoll Rand (NYSE:IR) Price Target to $62.00

Ingersoll Rand (NYSE:IRGet Rating) had its target price lifted by Wells Fargo & Company from $60.00 to $62.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 12.01% from the stock’s previous close.

Several other equities analysts have also commented on the stock. Morgan Stanley increased their price objective on shares of Ingersoll Rand from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 4th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Ingersoll Rand from $51.00 to $49.00 and set a “hold” rating for the company in a research report on Thursday, October 13th. Citigroup raised their price target on shares of Ingersoll Rand from $57.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, December 9th. TheStreet raised shares of Ingersoll Rand from a “c” rating to a “b” rating in a research report on Friday, November 25th. Finally, Credit Suisse Group raised their price target on shares of Ingersoll Rand from $44.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, November 4th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Ingersoll Rand has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Ingersoll Rand Stock Up 2.7 %

Shares of Ingersoll Rand stock opened at $55.35 on Thursday. Ingersoll Rand has a 1 year low of $39.28 and a 1 year high of $57.90. The stock has a market cap of $22.41 billion, a price-to-earnings ratio of 33.34 and a beta of 1.43. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.46 and a quick ratio of 1.79. The firm’s 50-day moving average is $53.93 and its two-hundred day moving average is $49.81.

Ingersoll Rand (NYSE:IRGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The industrial products company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.45 billion. Ingersoll Rand had a net margin of 11.91% and a return on equity of 9.81%. As a group, research analysts expect that Ingersoll Rand will post 2.12 earnings per share for the current fiscal year.

Insider Activity at Ingersoll Rand

In other Ingersoll Rand news, insider Vicente Reynal sold 10,893 shares of Ingersoll Rand stock in a transaction on Monday, November 7th. The shares were sold at an average price of $53.02, for a total transaction of $577,546.86. Following the sale, the insider now owns 128,567 shares of the company’s stock, valued at approximately $6,816,622.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Vicente Reynal sold 10,893 shares of the business’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $53.02, for a total value of $577,546.86. Following the sale, the insider now directly owns 128,567 shares in the company, valued at approximately $6,816,622.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michael J. Scheske sold 1,742 shares of the business’s stock in a transaction dated Wednesday, January 11th. The shares were sold at an average price of $57.00, for a total transaction of $99,294.00. Following the completion of the sale, the chief accounting officer now owns 7,112 shares in the company, valued at $405,384. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,378 shares of company stock valued at $1,289,969. 0.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its stake in Ingersoll Rand by 9.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 75,163,087 shares of the industrial products company’s stock worth $3,162,863,000 after purchasing an additional 6,357,468 shares during the period. Putnam Investments LLC raised its position in Ingersoll Rand by 207.6% during the 3rd quarter. Putnam Investments LLC now owns 9,004,468 shares of the industrial products company’s stock worth $389,533,000 after buying an additional 6,077,376 shares during the last quarter. Fisher Asset Management LLC raised its position in Ingersoll Rand by 7,055.2% during the 3rd quarter. Fisher Asset Management LLC now owns 4,486,250 shares of the industrial products company’s stock worth $194,075,000 after buying an additional 4,423,551 shares during the last quarter. BlackRock Inc. raised its position in Ingersoll Rand by 4.1% during the 3rd quarter. BlackRock Inc. now owns 32,413,371 shares of the industrial products company’s stock worth $1,402,201,000 after buying an additional 1,286,810 shares during the last quarter. Finally, CCLA Investment Management purchased a new position in Ingersoll Rand during the 3rd quarter worth $55,658,000. Institutional investors and hedge funds own 99.73% of the company’s stock.

About Ingersoll Rand

(Get Rating)

Ingersoll Rand, Inc provides a broad range of mission critical air, fluid, energy, specialty vehicle and medical technologies, providing services and solutions to increase industrial productivity and efficiency. It operates through the following segments: Industrial Technologies and Services, Precision and Science Technologies, High Pressure Solutions, and Specialty Vehicle Technologies.

Featured Stories

Analyst Recommendations for Ingersoll Rand (NYSE:IR)

Receive News & Ratings for Ingersoll Rand Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingersoll Rand and related companies with MarketBeat.com's FREE daily email newsletter.