Provident Investment Management Inc. Takes Position in Trane Technologies plc $TT

Provident Investment Management Inc. acquired a new stake in Trane Technologies plc (NYSE:TT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 64,469 shares of the company’s stock, valued at approximately $28,199,000. Trane Technologies makes up approximately 2.4% of Provident Investment Management Inc.’s holdings, making the stock its 21st largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans increased its holdings in shares of Trane Technologies by 24.2% in the second quarter. Thrivent Financial for Lutherans now owns 137,388 shares of the company’s stock worth $60,016,000 after acquiring an additional 26,740 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new position in shares of Trane Technologies in the 2nd quarter valued at approximately $4,268,000. BLVD Private Wealth LLC bought a new stake in Trane Technologies during the 2nd quarter worth approximately $24,121,000. Thompson Davis & CO. Inc. acquired a new stake in Trane Technologies during the 2nd quarter worth approximately $251,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in Trane Technologies in the second quarter valued at approximately $483,000. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TT shares. Barclays increased their price objective on shares of Trane Technologies from $485.00 to $495.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Wells Fargo & Company increased their target price on Trane Technologies from $410.00 to $415.00 and gave the stock an “underweight” rating in a report on Monday, October 6th. Royal Bank Of Canada lifted their price target on Trane Technologies from $467.00 to $469.00 and gave the company a “sector perform” rating in a research note on Friday, October 31st. Citigroup upped their price objective on Trane Technologies from $494.00 to $513.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. lifted their target price on Trane Technologies from $407.00 to $434.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Trane Technologies presently has a consensus rating of “Hold” and a consensus target price of $470.07.

Trane Technologies Trading Down 3.1%

Trane Technologies stock opened at $391.07 on Friday. The company has a market cap of $86.72 billion, a price-to-earnings ratio of 30.08, a P/E/G ratio of 2.25 and a beta of 1.19. The firm has a 50-day moving average of $418.54 and a 200-day moving average of $424.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.20 and a quick ratio of 0.84. Trane Technologies plc has a one year low of $298.15 and a one year high of $476.18.

Trane Technologies (NYSE:TT) last released its earnings results on Thursday, October 30th. The company reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.08. Trane Technologies had a return on equity of 37.04% and a net margin of 13.93%.The business had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the company posted $3.37 earnings per share. Trane Technologies’s revenue was up 5.5% on a year-over-year basis. Trane Technologies has set its FY 2025 guidance at 12.950-13.050 EPS. On average, equities analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Friday, December 5th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, December 5th. Trane Technologies’s dividend payout ratio is presently 28.92%.

Insider Buying and Selling at Trane Technologies

In related news, CAO Elizabeth A. Elwell sold 600 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $440.00, for a total value of $264,000.00. Following the completion of the transaction, the chief accounting officer directly owned 7,148 shares of the company’s stock, valued at approximately $3,145,120. This trade represents a 7.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

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.