DNB Asset Management AS Raises Stake in Trane Technologies plc $TT

DNB Asset Management AS boosted its holdings in shares of Trane Technologies plc (NYSE:TT) by 3.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,812 shares of the company’s stock after buying an additional 2,071 shares during the quarter. DNB Asset Management AS’s holdings in Trane Technologies were worth $26,504,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. West Family Investments Inc. raised its holdings in shares of Trane Technologies by 2.3% during the third quarter. West Family Investments Inc. now owns 1,072 shares of the company’s stock worth $452,000 after purchasing an additional 24 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Trane Technologies by 3.7% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 455,121 shares of the company’s stock valued at $192,077,000 after purchasing an additional 16,044 shares during the last quarter. Citizens Business Bank acquired a new stake in Trane Technologies during the 3rd quarter worth about $273,000. AlphaCore Capital LLC raised its stake in shares of Trane Technologies by 9.8% during the 3rd quarter. AlphaCore Capital LLC now owns 2,086 shares of the company’s stock valued at $880,000 after buying an additional 187 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of Trane Technologies by 1,075.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 15,916 shares of the company’s stock valued at $6,716,000 after buying an additional 14,562 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Trane Technologies

In other news, CAO Elizabeth A. Elwell sold 137 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $462.48, for a total value of $63,359.76. Following the transaction, the chief accounting officer owned 7,100 shares in the company, valued at $3,283,608. This trade represents a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David S. Regnery sold 5,588 shares of Trane Technologies stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $462.60, for a total value of $2,585,008.80. Following the completion of the sale, the chief executive officer directly owned 96,948 shares in the company, valued at $44,848,144.80. This represents a 5.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 8,936 shares of company stock valued at $4,133,991. 0.14% of the stock is owned by corporate insiders.

Trane Technologies Trading Up 1.0%

Shares of NYSE:TT opened at $461.71 on Friday. The business’s 50 day moving average price is $417.67 and its 200-day moving average price is $416.71. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $479.37. The firm has a market capitalization of $102.19 billion, a price-to-earnings ratio of 35.57, a price-to-earnings-growth ratio of 2.41 and a beta of 1.21. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. The company had revenue of $5.14 billion during the quarter, compared to analysts’ expectations of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.61 earnings per share. On average, equities research analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be paid a $1.05 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio is 28.97%.

Wall Street Analyst Weigh In

TT has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Trane Technologies in a research note on Wednesday, January 21st. Royal Bank Of Canada lifted their target price on shares of Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a report on Friday, January 30th. Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price target on the stock in a report on Wednesday, January 7th. Finally, Morgan Stanley dropped their price target on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Trane Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $484.67.

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.