Ingersoll Rand Inc. (NYSE:IR) recently reported that Michael J. Scheske, the company's Vice President and Chief Accounting Officer, executed a series of stock transactions on November 5, 2024. Scheske sold 2,531 shares of common stock at an average price of $97.44 per share, totaling approximately $246,620.
Additionally, Scheske exercised stock options to acquire 2,531 shares at a price of $27.05 per share, with the total value of these option exercises amounting to $68,463. Following these transactions, Scheske holds 11,910.179 shares of Ingersoll Rand common stock.
In other recent news, Ingersoll-Rand has delivered strong third-quarter results for 2024, with a 10% increase in total orders and a 7% rise in revenue year-over-year. The company's adjusted EBITDA rose by 15% to $533 million, and EPS grew by 9% to $0.84. Notably, the Industrial Technologies and Services segment achieved record adjusted EBITDA margins of 30.7%. However, Ingersoll-Rand adjusted its full-year 2024 revenue growth guidance to 5%-7%, slightly down from prior expectations due to project delays linked to customer readiness and other factors.
In addition, Baird, a financial services firm, adjusted its price target for Ingersoll-Rand, lowering it to $109.00 from the previous $114.00, while maintaining an Outperform rating on the company's shares. This adjustment follows Ingersoll-Rand's recent quarterly results, which slightly exceeded expectations. Baird's analysis suggests that Ingersoll-Rand may experience subdued organic revenue trends in the first half of 2025, with expectations of a growth recovery in the second half.
These are recent developments for Ingersoll-Rand, which expects revenue growth of 5% to 7% for the full year 2024 and projects adjusted EBITDA between $2.01 billion and $2.04 billion, with adjusted EPS expected to be between $3.28 and $3.34.
InvestingPro Insights
The recent insider transaction by Michael J. Scheske at Ingersoll Rand Inc. (NYSE:IR) comes at a time when the company's stock is showing significant momentum. According to InvestingPro data, Ingersoll Rand has experienced a strong return of 18.62% over the last three months and an impressive 57.06% over the past year. This performance aligns with an InvestingPro Tip indicating that the company has seen a "Significant return over the last week," with a 7.84% price total return in just seven days.
The stock's current trading price of $102.98 is remarkably close to its 52-week high, with the price at 99.59% of that peak. This strength is reflected in another InvestingPro Tip, which notes that Ingersoll Rand is "Trading near 52-week high." Such robust performance might explain why insiders like Scheske are taking the opportunity to realize some gains while also exercising options at a lower price.
From a valuation perspective, Ingersoll Rand's P/E ratio stands at 49.86, which is considered high. This is corroborated by an InvestingPro Tip stating that the company is "Trading at a high earnings multiple." Despite this elevated valuation, analysts remain optimistic, with a fair value estimate of $107 per share, suggesting there may still be room for growth.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips for Ingersoll Rand, providing a deeper understanding of the company's financial health and market position.
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