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Here's Why You Should Hold Onto Ingersoll Rand (IR) Stock
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Ingersoll Rand Inc. (IR - Free Report) is well-poised for growth, driven by strength across its diverse end markets, including mining & construction and industrial manufacturing despite headwinds from logistics and direct material cost inflation, and supply-chain challenges. Also, strength in IR’s medical, food and pharma businesses, and its solid product portfolio, innovation capabilities and a focus on boosting aftermarket businesses are likely to drive its performance in the quarters ahead.
In October 2022, IR inked a deal to acquire SPX FLOW’s Air Treatment unit. The buyout aligns with IR’s strategy of expanding its product offerings in the compressor vertical. The business unit will be integrated into IR’s IT&S segment.
Ingersoll Rand also acquired Dosatron International in the same month. The buyout expands its digital technology portfolio, opening up opportunities in hydroponics, horticulture, animal health, food safety, and sanitation and water treatment end markets. IR’s September 2022 acquisition of Westwood Technical Limited expands its IIoT offerings with Westwood Technical’s Aircom product line.
In the same month, Ingersoll Rand struck a deal to acquire Pedro Gil Construcciones Mecánicas, S.L., a manufacturer of positive displacement blowers, pumps and vacuum systems. The buyout is expected to expand IR’s Spanish footprint. Post completion of the acquisition, Pedro Gill will be integrated into IR’s Industrial Technologies and Services segment. It’s worth noting that in second-quarter 2022, buyouts drove IR’s revenues 5.2%.
Ingersoll Rand’s measures to reward its shareholders through dividend payments and share buybacks are encouraging. In the first six months of 2022, IR paid out dividends of $16.2 million and bought back shares worth $253.7 million.
In light of the above-mentioned positives, we believe, investors should hold on to the Ingersoll Rand stock for now, as is suggested by its current Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
In the past three months, the stock has increased 8.7% compared with the industry’s growth of 4.2%.
Stocks to Consider
Some better-ranked companies from the industrial products sector are discussed below:
EPAC’s earnings estimates have increased 9.1% for fiscal 2023 (ending August 2023) in the past 60 days. Its shares have gained 8.1% in the past three months.
IDEX Corporation (IEX - Free Report) presently has a Zacks Rank #2 (Buy). IEX’s earnings surprise in the last four quarters was 2.1%, on average.
In the past 60 days, IDEX’s earnings estimates have increased 0.1% for 2022. The stock has rallied 11.8% in the past three months.
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Here's Why You Should Hold Onto Ingersoll Rand (IR) Stock
Ingersoll Rand Inc. (IR - Free Report) is well-poised for growth, driven by strength across its diverse end markets, including mining & construction and industrial manufacturing despite headwinds from logistics and direct material cost inflation, and supply-chain challenges. Also, strength in IR’s medical, food and pharma businesses, and its solid product portfolio, innovation capabilities and a focus on boosting aftermarket businesses are likely to drive its performance in the quarters ahead.
In October 2022, IR inked a deal to acquire SPX FLOW’s Air Treatment unit. The buyout aligns with IR’s strategy of expanding its product offerings in the compressor vertical. The business unit will be integrated into IR’s IT&S segment.
Ingersoll Rand also acquired Dosatron International in the same month. The buyout expands its digital technology portfolio, opening up opportunities in hydroponics, horticulture, animal health, food safety, and sanitation and water treatment end markets. IR’s September 2022 acquisition of Westwood Technical Limited expands its IIoT offerings with Westwood Technical’s Aircom product line.
In the same month, Ingersoll Rand struck a deal to acquire Pedro Gil Construcciones Mecánicas, S.L., a manufacturer of positive displacement blowers, pumps and vacuum systems. The buyout is expected to expand IR’s Spanish footprint. Post completion of the acquisition, Pedro Gill will be integrated into IR’s Industrial Technologies and Services segment. It’s worth noting that in second-quarter 2022, buyouts drove IR’s revenues 5.2%.
Ingersoll Rand’s measures to reward its shareholders through dividend payments and share buybacks are encouraging. In the first six months of 2022, IR paid out dividends of $16.2 million and bought back shares worth $253.7 million.
In light of the above-mentioned positives, we believe, investors should hold on to the Ingersoll Rand stock for now, as is suggested by its current Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
In the past three months, the stock has increased 8.7% compared with the industry’s growth of 4.2%.
Stocks to Consider
Some better-ranked companies from the industrial products sector are discussed below:
Enerpac Tool Group Corp. (EPAC - Free Report) presently sports a Zacks Rank #1. EPAC delivered a trailing four-quarter earnings surprise of 3.4%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks.
EPAC’s earnings estimates have increased 9.1% for fiscal 2023 (ending August 2023) in the past 60 days. Its shares have gained 8.1% in the past three months.
IDEX Corporation (IEX - Free Report) presently has a Zacks Rank #2 (Buy). IEX’s earnings surprise in the last four quarters was 2.1%, on average.
In the past 60 days, IDEX’s earnings estimates have increased 0.1% for 2022. The stock has rallied 11.8% in the past three months.