In a recent transaction, Andrew R. Schiesl, Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary of Ingersoll Rand Inc. (NYSE:IR), sold shares of the company's stock valued at over $2.1 million. The sales occurred on two separate dates, with a portion of the shares being sold at a weighted average price of $89.74, and the remaining at $90.6 per share.
On August 8, 2024, Schiesl sold 15,381 shares at an average price ranging from $89.72 to $89.83, resulting in a total value of approximately $1,380,290. The filing noted that the number of shares sold was determined by the amount required to cover the option exercise price and withholding taxes related to the exercise of stock options. The following day, Schiesl disposed of an additional 8,640 shares at a price of $90.6 per share, totaling around $782,784.
The transactions were reported in a Form 4 filing with the Securities and Exchange Commission, dated August 12, 2024. The filing also mentioned that the stock options exercised by Schiesl were fully vested.
In addition to the sales, Schiesl acquired 24,021 shares of Ingersoll Rand common stock through the exercise of stock options on August 8, at a price of $32.06 per share, amounting to a total of $770,113. This transaction increased his direct ownership in the company to 54,867 shares following the exercise.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, has its shares publicly traded under the ticker symbol IR. The company, incorporated in Delaware, has its headquarters located in Davidson, North Carolina.
Investors often monitor insider transactions as they can provide insights into an executive's confidence in the company's prospects. The trades by Schiesl represent a significant change in his holdings and may be of interest to current and potential shareholders.
In other recent news, Ingersoll Rand reported a record second quarter for 2024, leading to an elevated full-year guidance. The company's robust performance was attributed to strong results across segments and the successful acquisition of ILC Dover (NYSE:DOV), which is expected to significantly bolster revenue growth. The company's financial health was underscored by its strong liquidity and a transformed debt portfolio now rated as investment-grade.
Ingersoll Rand's Industrial Technologies and Service segment reported a 6% revenue increase, while the Precision Technologies and Services segment saw 6% organic order growth. The company's full-year revenue growth for 2024 is projected between 6% and 8%, with organic growth ranging from 0% to 2%. ILC Dover is expected to contribute approximately $220 million in revenue for 2024.
Despite these positive developments, the company experienced a reduction in organic growth expectations in China and a lowered aerospace and defense revenue outlook by $30 million following the ILC Dover acquisition completion. There were also delays in orders for long-cycle projects due to EPC backlog, potentially pushing some projects into 2025. However, market trends and strong performance in biopharma markets suggest positive market activity in the future. These are the recent developments for Ingersoll Rand.
InvestingPro Insights
In light of the recent insider transactions by Andrew R. Schiesl at Ingersoll Rand Inc. (NYSE:IR), current and prospective investors may find additional context in the company's financial metrics and market performance. According to InvestingPro data, Ingersoll Rand has a market capitalization of $35.51 billion, reflecting its substantial presence in the industrial sector. With a Price/Earnings (P/E) ratio of 43.37, the company is trading at a high earnings multiple, which is an InvestingPro Tip indicating that the stock may be priced optimistically relative to its earnings.
The company's revenue growth over the last twelve months, as of Q2 2024, stands at 8.99%, demonstrating a steady increase in its business activities. This is complemented by a Gross Profit Margin of 43.49%, which suggests that Ingersoll Rand is effective in controlling its costs relative to its sales. Moreover, the company's EBITDA growth over the same period is 22.5%, indicating robust operational efficiency and profitability potential.
Another InvestingPro Tip highlights that Ingersoll Rand's liquid assets exceed its short-term obligations, which is a positive sign of the company's liquidity and its ability to meet immediate financial commitments. Additionally, the company is noted to operate with a moderate level of debt, providing a balance between leveraging opportunities for growth and maintaining financial stability.
For investors seeking further insights and analysis, InvestingPro offers additional tips on Ingersoll Rand, which can be found at InvestingPro's dedicated IR page. With a variety of metrics and expert evaluations, these resources can help investors make more informed decisions regarding their investment in Ingersoll Rand.
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