Allspring Global Investments Holdings LLC raised its position in Trane Technologies plc (NYSE:TT – Free Report) by 40.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,518 shares of the company’s stock after buying an additional 5,871 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Trane Technologies were worth $3,924,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Live Oak Investment Partners bought a new stake in Trane Technologies in the 4th quarter valued at about $30,000. WealthPLAN Partners LLC acquired a new stake in Trane Technologies during the first quarter worth approximately $33,000. 1832 Asset Management L.P. bought a new position in Trane Technologies during the 1st quarter worth $34,000. Dark Forest Capital Management LP acquired a new position in Trane Technologies in the 1st quarter valued at $43,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Trane Technologies during the 4th quarter worth $47,000. Institutional investors and hedge funds own 80.66% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on TT shares. Bank of America raised shares of Trane Technologies from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $187.00 to $210.00 in a research report on Thursday, October 5th. Citigroup lifted their price objective on shares of Trane Technologies from $218.00 to $237.00 in a research note on Thursday, August 3rd. JPMorgan Chase & Co. raised Trane Technologies from an “underweight” rating to a “neutral” rating and set a $191.00 target price on the stock in a report on Friday, October 6th. Royal Bank of Canada raised their price objective on Trane Technologies from $204.00 to $231.00 and gave the company a “sector perform” rating in a research note on Thursday. Finally, Wells Fargo & Company lowered their target price on Trane Technologies from $195.00 to $190.00 in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Trane Technologies has an average rating of “Hold” and a consensus target price of $207.31.
Insider Transactions at Trane Technologies
In related news, SVP Evan M. Turtz sold 6,108 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $205.21, for a total transaction of $1,253,422.68. Following the completion of the sale, the senior vice president now owns 19,666 shares of the company’s stock, valued at $4,035,659.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Linda P. Hudson sold 3,100 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $204.70, for a total transaction of $634,570.00. Following the transaction, the director now owns 4,332 shares in the company, valued at $886,760.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Evan M. Turtz sold 6,108 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $205.21, for a total value of $1,253,422.68. Following the completion of the sale, the senior vice president now directly owns 19,666 shares of the company’s stock, valued at $4,035,659.86. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.
Trane Technologies Stock Performance
NYSE TT opened at $218.00 on Friday. The company has a market capitalization of $49.79 billion, a price-to-earnings ratio of 25.68, a PEG ratio of 1.85 and a beta of 1.01. The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 0.67. Trane Technologies plc has a twelve month low of $162.04 and a twelve month high of $219.50. The stock has a fifty day simple moving average of $201.46 and a 200 day simple moving average of $191.77.
Trane Technologies (NYSE:TT – Get Free Report) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.66 by $0.13. The company had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Trane Technologies had a return on equity of 31.97% and a net margin of 11.30%. The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.27 earnings per share. Sell-side analysts expect that Trane Technologies plc will post 9 EPS for the current year.
Trane Technologies Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Thursday, November 30th. Trane Technologies’s dividend payout ratio is presently 35.34%.
Trane Technologies Profile
Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.
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