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Here’s Why Artisan Partners Mid Cap Fund Reduced Stake in Ingersoll Rand (IR)

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Mid Cap Fund highlighted stocks like Ingersoll Rand Inc. (NYSE:IR) in the third quarter 2023 investor letter. Headquartered in Davidson, North Carolina, Ingersoll Rand Inc. (NYSE:IR) is a mission-critical air, fluid, energy, specialty vehicle, and medical technologies providing company. On December 4, 2023, Ingersoll Rand Inc. (NYSE:IR) stock closed at $72.02 per share. One-month return of Ingersoll Rand Inc. (NYSE:IR) was 9.15%, and its shares gained 36.58% of their value over the last 52 weeks. Ingersoll Rand Inc. (NYSE:IR) has a market capitalization of $29.153 billion.

Artisan Mid Cap Fund made the following comment about Ingersoll Rand Inc. (NYSE:IR) in its Q3 2023 investor letter:

"Notable trims in the quarter included Zscaler, BioNTech and Ingersoll Rand Inc. (NYSE:IR). Ingersoll Rand is a global market leader in a broad range of mission-critical flow creation technologies (pumps, compressors, etc.) for industrial and medical applications. Recent earnings results beat expectations and revealed strong orders, margins and earnings. Notably, orders within its industrial segment were particularly strong, driven by double-digit growth in compressors, vacuums and blowers. We also continue to be impressed by management’s handling of acquisition integration, marketing lead generation, new product development and employee engagement. We are cognizant of near-term cyclical industrial risks, but we also think Ingersoll’s compressed air technologies will remain in demand as customers seek to reduce energy and water usage and generate fewer emissions. With the stock’s valuation having expanded, we modestly reduced the position in favor of earlier stage investments."

A technician in a mechanic's uniform replacing an A/C compressor, signifying the company's automotive replacement parts business.

Ingersoll Rand Inc. (NYSE:IR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Ingersoll Rand Inc. (NYSE:IR) at the end of third quarter which was 38 in the previous quarter.

We discussed Ingersoll Rand Inc. (NYSE:IR) in another article and shared the list of biggest HVAC companies in the USA. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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