SummitTX Capital L.P. Takes Position in Trane Technologies plc $TT

SummitTX Capital L.P. purchased a new position in Trane Technologies plc (NYSE:TT) during the first quarter, Holdings Channel.com reports. The firm purchased 23,761 shares of the company’s stock, valued at approximately $9,902,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Trane Technologies in the fourth quarter valued at about $1,163,124,000. Capital International Investors purchased a new stake in shares of Trane Technologies during the 4th quarter worth about $324,639,000. First Trust Advisors LP lifted its holdings in shares of Trane Technologies by 536.6% during the 1st quarter. First Trust Advisors LP now owns 532,138 shares of the company’s stock valued at $221,763,000 after buying an additional 448,547 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Trane Technologies by 215.9% in the 1st quarter. Hsbc Holdings PLC now owns 653,423 shares of the company’s stock valued at $271,950,000 after buying an additional 446,598 shares in the last quarter. Finally, Corient Private Wealth LLC grew its stake in shares of Trane Technologies by 135.4% in the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after buying an additional 423,090 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the company’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 completion of the sale, the insider directly owned 3,819 shares in the company, valued at $1,909,500. This represents a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Trane Technologies in a research report on Friday, July 17th. Royal Bank Of Canada boosted their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. increased their price target on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Sanford C. Bernstein set a $555.00 price target on shares of Trane Technologies in a report on Thursday, July 9th. Finally, Barclays upped their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $516.67.

Trane Technologies Stock Up 0.0%

Shares of Trane Technologies stock opened at $481.09 on Monday. Trane Technologies plc has a 12-month low of $348.06 and a 12-month 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 stock has a 50 day moving average price of $470.13 and a two-hundred day moving average price of $450.29. The stock has a market capitalization of $106.34 billion, a P/E ratio of 37.21, a PEG ratio of 2.21 and a beta of 1.19.

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

Trane Technologies Dividend Announcement

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

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.