Suncoast Equity Management Takes Position in Trane Technologies plc (NYSE:TT)

Suncoast Equity Management purchased a new stake in shares of Trane Technologies plc (NYSE:TT) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 6,259 shares of the company’s stock, valued at approximately $2,109,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Minot DeBlois Advisors LLC acquired a new position in shares of Trane Technologies during the 4th quarter valued at about $26,000. WFA Asset Management Corp boosted its position in shares of Trane Technologies by 208.3% during the 1st quarter. WFA Asset Management Corp now owns 74 shares of the company’s stock valued at $25,000 after acquiring an additional 50 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Trane Technologies during the 4th quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Trane Technologies during the 1st quarter valued at about $31,000. Finally, Flagship Wealth Advisors LLC acquired a new position in shares of Trane Technologies during the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Trane Technologies Stock Down 0.1%

Shares of TT opened at $419.25 on Friday. The stock has a market capitalization of $93.50 billion, a PE ratio of 34.88, a P/E/G ratio of 2.76 and a beta of 1.16. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $436.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.74 and a current ratio of 1.09. The company’s 50-day simple moving average is $401.13 and its 200-day simple moving average is $377.22.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.25. The business had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.94 earnings per share. Analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 5th will be given a dividend of $0.94 per share. The ex-dividend date is Friday, September 5th. This represents a $3.76 annualized dividend and a dividend yield of 0.90%. Trane Technologies’s dividend payout ratio is presently 31.28%.

Insider Transactions at Trane Technologies

In related news, insider Donald E. Simmons sold 3,571 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the sale, the insider now directly owns 3,593 shares in the company, valued at approximately $1,365,340. This represents a 49.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on TT. JPMorgan Chase & Co. boosted their price target on shares of Trane Technologies from $334.00 to $400.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Robert W. Baird upped their target price on shares of Trane Technologies from $360.00 to $396.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Hsbc Global Res raised shares of Trane Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 25th. HSBC raised shares of Trane Technologies from a “hold” rating to a “buy” rating and upped their target price for the company from $405.00 to $415.00 in a research report on Friday, April 25th. Finally, Stephens raised shares of Trane Technologies from an “equal weight” rating to an “overweight” rating and set a $475.00 target price on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $427.47.

Trane Technologies Company 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.