Ingersoll Rand (NYSE:IR – Get Free Report) issued an update on its FY 2023 earnings guidance on Monday morning. The company provided EPS guidance of 2.810-2.890 for the period, compared to the consensus EPS estimate of 2.880. The company issued revenue guidance of $6.7 billion-$6.9 billion, compared to the consensus revenue estimate of $6.8 billion.

Ingersoll Rand Price Performance

IR traded up $0.67 during trading on Monday, reaching $73.98. The stock had a trading volume of 2,004,262 shares, compared to its average volume of 2,437,314. The business has a 50-day moving average of $66.35 and a 200-day moving average of $65.67. Ingersoll Rand has a one year low of $50.75 and a one year high of $74.49. The stock has a market cap of $29.95 billion, a PE ratio of 39.56, a PEG ratio of 1.88 and a beta of 1.49. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.60 and a current ratio of 2.26.

Ingersoll Rand (NYSE:IR – Get Free Report) last announced its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. Ingersoll Rand had a return on equity of 11.82% and a net margin of 11.47%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.69 billion. As a group, equities research analysts anticipate that Ingersoll Rand will post 2.78 EPS for the current fiscal year.

Ingersoll Rand Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Monday, November 20th will be issued a dividend of $0.02 per share. The ex-dividend date is Friday, November 17th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. Ingersoll Rand’s dividend payout ratio is currently 4.28%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on IR shares. Cfra raised their price target on shares of Ingersoll Rand from $66.00 to $68.00 and gave the company a hold rating in a research report on Thursday, November 2nd. StockNews.com started coverage on Ingersoll Rand in a research note on Thursday, October 5th. They issued a hold rating for the company. Citigroup upped their target price on shares of Ingersoll Rand from $79.00 to $86.00 and gave the stock a buy rating in a report on Monday. Wells Fargo & Company dropped their target price on shares of Ingersoll Rand from $76.00 to $70.00 in a report on Monday, October 9th. Finally, Barclays dropped their price objective on shares of Ingersoll Rand from $76.00 to $74.00 in a report on Thursday, September 7th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $72.20.

Read Our Latest Research Report on Ingersoll Rand

Insider Buying and Selling

In other news, insider Andrew R. Schiesl sold 13,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $71.89, for a total transaction of $934,570.00. Following the transaction, the insider now directly owns 45,263 shares of the company’s stock, valued at $3,253,957.07. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Andrew R. Schiesl sold 13,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $71.89, for a total transaction of $934,570.00. Following the transaction, the insider now directly owns 45,263 shares of the company’s stock, valued at $3,253,957.07. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew R. Schiesl sold 9,532 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $66.22, for a total transaction of $631,209.04. Following the transaction, the insider now directly owns 58,263 shares in the company, valued at $3,858,175.86. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board increased its holdings in Ingersoll Rand by 2,931.7% in the first quarter. Canada Pension Plan Investment Board now owns 4,396 shares of the industrial products company’s stock valued at $221,000 after buying an additional 4,251 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Ingersoll Rand in the first quarter valued at about $210,000. Aspire Private Capital LLC grew its position in shares of Ingersoll Rand by 14.4% in the first quarter. Aspire Private Capital LLC now owns 3,589 shares of the industrial products company’s stock valued at $209,000 after purchasing an additional 453 shares during the period. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Ingersoll Rand in the fourth quarter valued at about $208,000. Finally, Siemens Fonds Invest GmbH acquired a new stake in shares of Ingersoll Rand in the first quarter valued at about $208,000. Hedge funds and other institutional investors own 94.54% of the company’s stock.

About Ingersoll Rand (Get Free Report)

Ingersoll Rand Inc provides various mission-critical air, fluid, energy, specialty vehicle, and medical technologies in the United States, Europe, the Middle East, India, Africa, and the Asia Pacific. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies.

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Original: MarketBeat News Feed: Ingersoll Rand (NYSE:IR) Issues FY 2023 Earnings Guidance