Bank of America Corp DE Purchases 203,766 Shares of Trane Technologies plc $TT

Bank of America Corp DE grew its position in Trane Technologies plc (NYSE:TT) by 9.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,422,690 shares of the company’s stock after buying an additional 203,766 shares during the quarter. Bank of America Corp DE owned 1.09% of Trane Technologies worth $1,022,278,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Consulate Inc. bought a new stake in shares of Trane Technologies in the third quarter valued at about $25,000. Icon Advisers Inc. Co. bought a new position in Trane Technologies during the 2nd quarter worth about $26,000. United Community Bank increased its position in Trane Technologies by 134.4% during the 3rd quarter. United Community Bank now owns 75 shares of the company’s stock valued at $32,000 after purchasing an additional 43 shares during the period. Halbert Hargrove Global Advisors LLC raised its holdings in shares of Trane Technologies by 34.2% in the 3rd quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company’s stock valued at $43,000 after purchasing an additional 26 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in shares of Trane Technologies by 58.2% in the 3rd quarter. Hantz Financial Services Inc. now owns 106 shares of the company’s stock valued at $45,000 after purchasing an additional 39 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

TT has been the topic of a number of recent research reports. UBS Group dropped their price objective on shares of Trane Technologies from $544.00 to $520.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. Royal Bank Of Canada boosted their price objective on shares of Trane Technologies from $469.00 to $470.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. Melius Research raised Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 target price on the stock in a research report on Wednesday, January 7th. Barclays lifted their price target on Trane Technologies from $505.00 to $507.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Finally, KeyCorp raised Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 price target for the company in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $484.67.

Trane Technologies Trading Down 0.2%

NYSE TT opened at $421.48 on Tuesday. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $479.37. The company has a 50 day moving average price of $426.89 and a 200 day moving average price of $417.11. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The firm has a market cap of $93.29 billion, a PE ratio of 32.47, a price-to-earnings-growth ratio of 2.22 and a beta of 1.19.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.05. The company had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. Trane Technologies’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned $2.61 earnings per share. As a group, sell-side analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be given a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s payout ratio is 32.36%.

Insiders Place Their Bets

In other Trane Technologies news, CEO David S. Regnery sold 36,045 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the sale, the chief executive officer owned 96,948 shares of the company’s stock, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Elizabeth A. Elwell sold 635 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $268,414.50. Following the sale, the chief accounting officer owned 7,100 shares in the company, valued at $3,001,170. The trade was a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 49,378 shares of company stock valued at $21,228,464 in the last 90 days. Corporate insiders own 0.14% of the company’s stock.

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.