Here’s Why Artisan Partners Increased its Ingersoll Rand (IR) Shares

Artisan Partners, a high value-added investment management firm, published its ‘Artisan Mid Cap Fund’ fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of -0.72% was recorded by its Investor Class: ARTMX, -0.68% by its Advisor Class: APDMX, and -0.66% by its Institutional Class: APHMX, in the fourth quarter of 2021, all underperforming the Russell Midcap® Growth Index that delivered a 2.85% return, and the Russell Midcap® Index that was up by 6.44% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Artisan Mid Cap Fund, in its Q4 2021 investor letter, mentioned Ingersoll Rand Inc. (NYSE: IR) and discussed its stance on the firm. Ingersoll Rand Inc. is a Davidson, North Carolina-based mission-critical flow creation products and industrial solutions provider with a $21.6 billion market capitalization. IR delivered a -14.19% return since the beginning of the year, while its 12-month returns are up by 21.29%. The stock closed at $53.09 per share on February 22, 2022.

Here is what Artisan Mid Cap Fund has to say about Ingersoll Rand Inc. in its Q4 2021 investor letter:

Ingersoll Rand is a global market leader with a broad range of missioncritical flow creation technologies (pumps, compressors, etc.) for industrial and medical applications. The company’s recent Q3 results were solid and support our belief it is making the right investments in R&D and acquisitions to elevate its sustainable revenue growth rate. We have been particularly encouraged by the important role IR’s products can play in reducing the greenhouse gas intensity of manufacturing facilities. With an increasingly visible organic and acquisition-driven growth capability and further margin upside from the Gardner Denver merger, we added to our position as the market appears to be underappreciating the transformation underway at the company.”

Bolts, Tools, Screws, Hardware

Photo by Tekton on Unsplash

Our calculations show that Ingersoll Rand Inc. (NYSE: IR) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. IR was in 31 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 33 funds in the previous quarter. Ingersoll Rand Inc. (NYSE: IR) delivered a -11.40% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on IR in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

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