New York State Common Retirement Fund has raised its investment in Ingersoll Rand Inc. (NYSE: IR) by 10.9% during the second quarter of 2023. This increase, detailed in a recent Form 13F filing with the Securities and Exchange Commission (SEC), brings the fund’s total ownership to 253,188 shares, valued at approximately $21.06 million as of the end of June.
The fund’s enhanced position reflects a broader trend among institutional investors, many of whom have adjusted their stakes in Ingersoll Rand. For instance, NewSquare Capital LLC significantly increased its holding by 150.7%, now owning 341 shares valued at around $28,000. Other firms have also made noteworthy investments, including Caitong International Asset Management Co. Ltd, which acquired a new stake valued at $40,000, and Gladwyn Financial Advisors Inc., which invested $42,000 in the same period.
The majority of Ingersoll Rand’s shares—approximately 95.27%—are currently held by institutional investors, indicating a strong confidence in the company’s performance and prospects.
Ingersoll Rand’s Stock Performance and Upcoming Dividend
As of Tuesday, Ingersoll Rand shares opened at $79.19, reflecting a slight decrease of 1.4%. The company maintains a debt-to-equity ratio of 0.47, with a quick ratio of 1.51 and a current ratio of 2.16. Over the past year, the stock has fluctuated between a low of $65.61 and a high of $105.65, with a current market capitalization of $31.29 billion and a price-to-earnings (P/E) ratio of 58.66.
Ingersoll Rand also recently announced a quarterly dividend of $0.02 per share, set to be paid on December 4, 2023. Shareholders who are on record by November 13, 2023 will qualify for this dividend, which represents an annualized yield of 0.1%. The company’s dividend payout ratio stands at 5.93%, reflecting its commitment to returning value to shareholders.
Analyst Opinions on Ingersoll Rand
Recent research reports have provided mixed insights on Ingersoll Rand. Citigroup adjusted its target price from $94.00 to $91.00 while maintaining a “buy” rating. Conversely, Morgan Stanley decreased its price target from $88.00 to $85.00 and assigned an “equal weight” rating. Wells Fargo & Company, however, raised its target from $83.00 to $95.00, indicating an “overweight” rating.
Overall, the consensus among analysts appears to be cautiously optimistic, with five analysts rating the stock as a “buy,” six as a “hold,” and one issuing a “sell” rating. MarketBeat.com reports a consensus price target of $93.90 for Ingersoll Rand.
Ingersoll Rand Inc. operates globally, providing mission-critical technologies related to air, gas, liquid, and solid flow creation. The company is structured into two segments: Industrial Technologies and Services, and Precision and Science Technologies. It offers a range of products, including air and gas compression systems, vacuum pumps, and lifting equipment, under well-known brands such as Ingersoll Rand and Gardner Denver.
For those interested in monitoring institutional investments in Ingersoll Rand, the latest data and filings can be accessed through various financial platforms.
