Ingersoll Rand (NYSE:IR) Releases FY24 Earnings Guidance

Ingersoll Rand (NYSE:IR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.28-3.34 for the period, compared to the consensus 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. Ingersoll Rand also updated its FY 2024 guidance to 3.280-3.340 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IR. Evercore ISI dropped their price target on Ingersoll Rand from $93.00 to $88.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Robert W. Baird lifted their target price on shares of Ingersoll Rand from $109.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wolfe Research upgraded shares of Ingersoll Rand to a “hold” rating in a research report on Friday, September 20th. Cfra lifted their price objective on shares of Ingersoll Rand from $85.00 to $95.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Finally, 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. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $102.17.

Ingersoll Rand Stock Down 2.1 %

NYSE IR traded down $2.03 during trading on Friday, reaching $93.97. The company’s stock had a trading volume of 3,880,988 shares, compared to its average volume of 1,963,271. The stock has a market capitalization of $37.92 billion, a PE ratio of 45.84, a PEG ratio of 2.63 and a beta of 1.42. The business has a 50-day moving average price of $95.32 and a 200-day moving average price of $93.50. 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 1-year low of $62.12 and a 1-year high of $102.74.

Ingersoll Rand (NYSE:IR) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.06. Ingersoll Rand had a return on equity of 13.14% and a net margin of 11.72%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. On average, research analysts forecast that Ingersoll Rand will post 3.21 earnings per share for the current fiscal year.

Ingersoll Rand Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 14th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date of this dividend is Thursday, November 14th. Ingersoll Rand’s dividend payout ratio is currently 3.90%.

Insider Buying and Selling

In related news, insider Andrew R. Schiesl sold 15,381 shares of the 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 sale, the insider now owns 39,486 shares in the company, valued at $3,543,473.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Ingersoll Rand news, insider Andrew R. Schiesl sold 15,381 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $89.74, for a total value of $1,380,290.94. Following the completion of the sale, the insider now owns 39,486 shares in the company, valued at approximately $3,543,473.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathleen M. Keene sold 4,629 shares of Ingersoll Rand stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total value of $416,563.71. Following the sale, the insider now directly owns 3,829 shares in the company, valued at $344,571.71. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,510 shares of company stock worth $7,108,005 in the last quarter. 0.68% of the stock is currently owned by company 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.