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. Ingersoll Rand also updated its FY 2024 guidance to 3.280-3.340 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Evercore ISI lowered their price target 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 shares of Ingersoll Rand from $101.00 to $105.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Cfra raised their price objective on shares of Ingersoll Rand from $85.00 to $95.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Robert W. Baird raised their price objective on shares of Ingersoll Rand from $109.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Ingersoll Rand from $100.00 to $110.00 and gave the company 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Ingersoll Rand Trading Down 2.1 %

IR stock traded down $2.03 during midday trading on Friday, hitting $93.97. The stock had a trading volume of 3,880,988 shares, compared to its average volume of 1,963,271. The firm has a market cap of $37.92 billion, a PE ratio of 45.84, a price-to-earnings-growth ratio of 2.63 and a beta of 1.42. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.18 and a quick ratio of 1.52. Ingersoll Rand has a 12-month low of $62.12 and a 12-month high of $102.74. The company’s 50-day moving average price is $95.32 and its 200 day moving average price is $93.50.

Ingersoll Rand (NYSE:IR) last released its earnings results 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 firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Ingersoll Rand had a net margin of 11.72% and a return on equity of 13.14%. On average, equities research analysts predict that Ingersoll Rand will post 3.21 earnings per share for the current fiscal year.

Ingersoll Rand Dividend Announcement

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

Insider Activity

In other news, insider Kathleen M. Keene sold 4,629 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total transaction of $416,563.71. Following the completion of the sale, the insider now directly owns 3,829 shares of the company’s stock, valued at $344,571.71. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Andrew R. Schiesl sold 15,381 shares of Ingersoll Rand stock in a transaction 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 transaction, the insider now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathleen M. Keene sold 4,629 shares of Ingersoll Rand stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $89.99, for a total transaction of $416,563.71. Following the transaction, the insider now owns 3,829 shares in the company, valued at $344,571.71. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,510 shares of company stock valued at $7,108,005 in the last ninety days. Company insiders own 0.68% of the company’s stock.

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.