| Wednesday | ||||
Deutsche Bank analyst… Deutsche Bank analyst Nicole DeBlase raised the firm's price target on Ingersoll-Rand to $50 from $47 and keeps a Hold rating on the shares following the company's Q4 results. | ||||
| Over a week ago | ||||
Consensus $5.8B. Sees… Consensus $5.8B. Sees FY21 adjusted EBITDA $1.23B-$1.26B. | ||||
Reports Q4 revenue $1.5B,… Reports Q4 revenue $1.5B, consensus $1.46B. "We are proud of our strong fourth-quarter performance. Despite challenges posed by the COVID-19 resurgence, we continued to successfully navigate the pandemic and deliver shareholder value through our focus on customers, the continued proliferation of IRX, and our employees' unwavering commitment amid an uncertain environment," said Vicente Reynal, chief executive officer. "We delivered on our commitments in 2020. Our $150 million employee equity grant along with our strategic commitment of becoming a leader in sustainability has strengthened our employee resolve and continues to differentiate us as an employer of choice. We closed on the transformational Ingersoll Rand Industrial business transaction in March and delivered better than expected Year 1 synergy benefits. We continue to reshape our portfolio with the recent acquisition of Tuthill Vacuum and Blower Systems and the agreement to sell a majority interest in the High Pressure Solutions Segment, which will materially reduce our upstream oil and gas exposure. While we are motivated by our progress, there is more work to do to fuel long-term growth and position Ingersoll Rand, and our shareholders, for continued success." | ||||
Notable companies… Notable companies reporting after the market close, with earnings consensus, include Cadence Design Systems (CDNS), consensus 74c... Palo Alto Networks (PANW), consensus $1.43... ZoomInfo (ZI), consensus 10c... Ingersoll Rand (IR), consensus 45c... Five9 (FIVN), consensus 23c... BigCommerce (BIGC), consensus (14c)... RealReal (REAL), consensus (41c). | ||||
Ingersoll Rand (IR)… Ingersoll Rand (IR) announced a five-year collaboration with Google (GOOG) Cloud that will help accelerate connectivity across Ingersoll Rand's portfolio of more than 40+ brands. The all-new, cloud-based architecture will streamline how Ingersoll Rand manages its connected devices and will deliver an enhanced service experience for Ingersoll Rand customers and distributors. "Every day Ingersoll Rand focuses on driving innovation and leveraging cutting-edge technologies that Make Life Better for our customers and partners," said Vicente Reynal, chief executive officer of Ingersoll Rand. "With Ingersoll Rand's investment in Google Cloud, we deliver on that promise. Leveraging Google Cloud's architecture and connected data will make our products smarter and more efficient for their operators-while tapping into Google's advanced data and system security will make it easier to advance our connected product strategy and customer experience globally. We look forward to harnessing the strength of the cloud to accelerate our growth plans." Today, Ingersoll Rand uses multiple platforms to manage IoT devices across Ingersoll Rand brands and products. By utilizing Google Cloud, Ingersoll Rand will now consolidate key platforms into one cloud-based architecture and expand connectivity from compressor products to other product lines. The cloud-based architecture will increase customer's ability to improve energy efficiency, improve the frequency of predictive maintenance, and support further product enhancements | ||||
UBS analyst Markus… UBS analyst Markus Mittermaier says Ingersoll-Rand's intention to sell a majority interest in its HPS segment to American Industrial Partners should reduce Ingersoll-Rand's direct upstream oil and gas exposure to less than2% of revenues. The analyst believes the transaction is a positive, providing cash proceeds to help offset near-term growth headwinds from HPS and by limiting exposure to cyclical downturns, the analyst tells investors in a research note. Mittermaier made no change to his Buy rating or $58 price target. | |
American Industrial… American Industrial Partners announced the signing of an agreement to acquire a majority interest in the High Pressure Solutions Segment of Ingersoll Rand, which was formerly part of Gardner Denver's Energy Segment. The transaction is subject to customary closing conditions and is expected to be completed in the first half of 2021. | |
Ingersoll Rand has… Ingersoll Rand has entered into an agreement to sell a majority interest in its High Pressure Solutions, HPS, Segment to the private equity firm American Industrial Partners, AIP. Ingersoll Rand will receive cash proceeds of approximately $300M at closing for its majority interest and will retain a 45% common equity interest in the business. The transaction, subject to standard closing conditions, is expected to be completed in the first half of 2021. "Today's transaction is a meaningful step forward in our transformation and achieves many of the goals we have previously communicated," said Vicente Reynal, chief executive officer of Ingersoll Rand. "It significantly reduces our direct exposure to the upstream oil and gas market to non-material revenue exposure of less than2%, and accelerates our ESG commitments. We are pleased to achieve an attractive valuation for our shareholders with the opportunity to continue to benefit from future economic upside, and secure significant upfront cash that we will use to support growth. After a successful year during 2020 despite the pandemic, we now enter the next phase of our journey with a portfolio focused on core, higher-growth, sustainability-oriented industrial markets, including water, life sciences, and renewable energy, supported by strong secular trends." |
| Over a month ago | ||||
Jefferies analyst Stephen… Jefferies analyst Stephen Volkmann raised the firm's price target on Ingersoll-Rand to $53 from $45 and keeps a Buy rating on the shares. The December stimulus package, and the increased odds of additional stimulus under Democratic control of Congress, should provide additional tailwinds to growth in industrials, said Volkmann, who raised estimates and prices targets across his machinery coverage. | ||||
UBS analyst Markus… UBS analyst Markus Mittermaier upgraded Ingersoll-Rand to Buy from Neutral with a price target of $58, up from $37. The analyst sees an organic growth inflection in 2021/2022, along with the expected industrial production growth, driving a "synchronous inflection of both drivers for the first time since 2016." Mittermaier further states that Ingersoll-Rand will overachieve its current $250M synergy target by 2022 as "volumes return". | ||||