First Trust Advisors LP Raises Stake in Trane Technologies plc $TT

First Trust Advisors LP boosted its position in shares of Trane Technologies plc (NYSE:TT) by 536.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 532,138 shares of the company’s stock after acquiring an additional 448,547 shares during the period. First Trust Advisors LP’s holdings in Trane Technologies were worth $221,763,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Farther Finance Advisors LLC grew its holdings in shares of Trane Technologies by 64.0% during the fourth quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company’s stock worth $2,911,000 after purchasing an additional 2,917 shares during the last quarter. Dara Capital US Inc. acquired a new stake in shares of Trane Technologies in the 4th quarter valued at about $966,000. ProCore Advisors LLC acquired a new stake in shares of Trane Technologies in the 4th quarter valued at about $939,000. Horizon Investments LLC grew its stake in Trane Technologies by 115.4% during the 4th quarter. Horizon Investments LLC now owns 30,560 shares of the company’s stock worth $11,894,000 after buying an additional 16,370 shares during the last quarter. Finally, Buffalo Business & Estate Services Ltd. acquired a new position in Trane Technologies during the fourth quarter worth approximately $4,325,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Stock Up 0.9%

Trane Technologies stock opened at $474.20 on Thursday. The stock has a 50 day moving average of $469.85 and a two-hundred day moving average of $449.07. Trane Technologies plc has a twelve month low of $348.06 and a twelve month high of $505.87. The stock has a market capitalization of $104.82 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 2.16 and a beta of 1.19. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT) last released its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. During the same quarter in the previous year, the company posted $2.45 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, research analysts expect that Trane Technologies plc will post 14.89 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies’s dividend payout ratio (DPR) is presently 32.48%.

Analyst Ratings Changes

A number of brokerages have weighed in on TT. JPMorgan Chase & Co. boosted their price objective on Trane Technologies from $460.00 to $476.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. BNP Paribas Exane began coverage on shares of Trane Technologies in a report on Tuesday, April 14th. They issued an “outperform” rating and a $550.00 target price on the stock. Barclays upped their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Trane Technologies in a research note on Friday, July 17th. Finally, Sanford C. Bernstein set a $555.00 price objective on shares of Trane Technologies in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Trane Technologies currently 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 company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the sale, the insider owned 3,819 shares in the company, valued at $1,909,500. This represents a 54.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Trane Technologies Profile

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.