Allspring Global Investments Holdings LLC Acquires 17,185 Shares of Trane Technologies plc $TT

Allspring Global Investments Holdings LLC grew its stake in shares of Trane Technologies plc (NYSE:TT) by 24.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 88,011 shares of the company’s stock after acquiring an additional 17,185 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Trane Technologies were worth $37,681,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Tucker Asset Management LLC bought a new position in Trane Technologies in the fourth quarter valued at approximately $25,000. JPL Wealth Management LLC bought a new stake in shares of Trane Technologies during the third quarter worth $32,000. Physician Wealth Advisors Inc. increased its holdings in shares of Trane Technologies by 192.6% during the first quarter. Physician Wealth Advisors Inc. now owns 79 shares of the company’s stock worth $33,000 after buying an additional 52 shares in the last quarter. Frazier Financial Advisors LLC bought a new position in shares of Trane Technologies in the 1st quarter valued at $33,000. Finally, Hilton Head Capital Partners LLC acquired a new position in Trane Technologies in the 4th quarter worth about $32,000. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $469.59 on Monday. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $505.87. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $469.88 and a 200-day moving average price of $447.36. The company has a market cap of $103.80 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 2.16 and a beta of 1.19.

Trane Technologies (NYSE:TT) last announced its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.10. The company had revenue of $4.97 billion for the quarter, compared to analysts’ expectations of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.Trane Technologies’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.45 earnings per share. Equities analysts anticipate that Trane Technologies plc will post 14.89 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be issued a $1.05 dividend. The ex-dividend date is Friday, September 4th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio is currently 32.48%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. BNP Paribas Exane initiated coverage on Trane Technologies in a research note on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price target on the stock. KeyCorp raised their price target on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Evercore initiated coverage on shares of Trane Technologies in a report on Monday, April 13th. They issued an “outperform” rating and a $535.00 target price on the stock. Sanford C. Bernstein set a $555.00 price target on shares of Trane Technologies in a research report on Thursday, July 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Trane Technologies in a report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $516.67.

Insider Activity at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares of the company’s stock, valued at $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.

About Trane Technologies

Trane Technologies (NYSE: TT) is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.