Hudson Bay Capital Management LP Increases Stock Holdings in Trane Technologies plc $TT

Hudson Bay Capital Management LP increased its position in Trane Technologies plc (NYSE:TT) by 154.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,468 shares of the company’s stock after acquiring an additional 7,568 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Trane Technologies were worth $5,261,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TT. Norges Bank purchased a new stake in Trane Technologies in the 2nd quarter worth approximately $1,356,065,000. JPMorgan Chase & Co. grew its position in shares of Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Trane Technologies by 229.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock worth $766,583,000 after purchasing an additional 1,220,388 shares during the period. ABN AMRO Bank N.V. purchased a new stake in shares of Trane Technologies in the second quarter worth $291,206,000. Finally, Corient Private Wealth LLC raised its position in shares of Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after buying an additional 423,090 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Stock Down 3.0%

Shares of Trane Technologies stock opened at $410.35 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $479.37. The stock has a market capitalization of $90.82 billion, a price-to-earnings ratio of 31.61, a P/E/G ratio of 2.23 and a beta of 1.19. The company’s 50 day moving average price is $430.25 and its 200-day moving average price is $417.25.

Trane Technologies (NYSE:TT) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.05. The company had revenue of $5.14 billion during the quarter, compared to analyst estimates 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 was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.61 EPS. Equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

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

Insider Activity

In other news, CEO David S. Regnery sold 36,045 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the completion of the sale, the chief executive officer directly owned 96,948 shares in the company, valued at approximately $40,978,950.12. This represents a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Elizabeth A. Elwell sold 635 shares of the firm’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 completion of the sale, the chief accounting officer directly owned 7,100 shares in the company, valued at $3,001,170. The trade was a 8.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 49,378 shares of company stock valued at $21,228,464. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on TT shares. Wells Fargo & Company boosted their target price on Trane Technologies from $375.00 to $400.00 and gave the stock an “underweight” rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Trane Technologies in a report on Wednesday, January 21st. Oppenheimer boosted their price objective on Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Royal Bank Of Canada upped 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 report on Friday, January 30th. Finally, Citigroup raised their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the company a “buy” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $484.67.

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.