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Davidson, North Carolina-based Ingersoll Rand Inc. (IR) provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. With a market cap of $40.3 billion, Ingersoll Rand operates through Industrial Technologies and Services, and Precision and Science Technologies segments. It is expected to announce its Q2 earnings after the market closes on Wednesday, July 31.
Ahead of the event, analysts expect Ingersoll Rand to report a profit of $0.74 per share, up 13.9% from $0.65 per share reported in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates over the past four quarters. Its EPS for the last reported quarter grew 20.6% to $0.76, exceeding the consensus estimates by 13.4%.
Looking ahead to fiscal 2024, analysts expect Ingersoll Rand’s EPS to be $3.19, up 11.9% from $2.85 in fiscal 2023. Its fiscal 2025 EPS is projected to grow 8.5% annually to $3.46.
IR stock has climbed 29.6% on a YTD basis, substantially outperforming the S&P 500 Index’s ($SPX) 16.5% gains and the S&P 500 Industrial Sector SPDR’s (XLI) 10.5% returns over the same time frame.
Shares of Ingersoll Rand have had a rollercoaster year, dipping 6.6% on May 3 following its fiscal Q1 earnings release after the market close on May 2. The company missed the top-line projections and reduced its 2024 revenue growth guidance.
IR rebounded strongly, surging 2.8% on July 10 and maintaining momentum. Wells Fargo (WFC) raised its target price from $98 to $102, and Barclays followed, raising it from $104 to $106, both with “Overweight” ratings. These strategic upgrades have propelled IR stock to outpace the broader market, showcasing its resilience and investor confidence amid market fluctuations.
The consensus opinion on Ingersoll Rand stock is bullish, with a “Strong Buy” rating overall. Out of the 11 analysts covering the stock, eight recommend a “Strong Buy,” and the remaining three suggest a “Hold” rating.
The average target price for Ingersoll Rand is $101.83, indicating a potential upside of 1.6% from current price levels. However, the Street-high target price of $115 suggests that the stock could rally as much as 14.7%.
On the date of publication, Sristi Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
