The Zacks Rank Explained: How to Find Strong Buy Industrial Products Stocks
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Should You Buy #1 (Strong Buy)-Ranked Ingersoll Rand (IR) for Your Portfolio?
Ingersoll Rand was upgraded to the Zacks Rank #1 list on March 5, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Headquartered in Davidson, NC, Ingersoll Rand Inc. is a global industrial company, with expertise in industrial and mission-critical flow creation technologies. It came into existence when Gardner Denver Holdings, Inc. acquired the Industrial segment of Ingersoll-Rand plc in February 2020.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.15 to $3.20 per share. IR boasts an average earnings surprise of 15.9%.
Earnings are forecasted to see growth of 8.1% for the current fiscal year, and sales are expected to increase 5.6%.
Additionally, IR has climbed higher over the past four weeks, gaining 10.4%. The S&P 500 is up 3.6% in comparison.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Ingersoll Rand could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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