Advisors Capital Management LLC Raises Holdings in Trane Technologies plc (NYSE:TT)

Advisors Capital Management LLC raised its holdings in Trane Technologies plc (NYSE:TT) by 3.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 228,342 shares of the company’s stock after purchasing an additional 7,140 shares during the quarter. Trane Technologies accounts for 1.3% of Advisors Capital Management LLC’s holdings, making the stock its 12th largest holding. Advisors Capital Management LLC’s holdings in Trane Technologies were worth $68,548,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in Trane Technologies in the 4th quarter valued at approximately $655,804,000. Capital World Investors lifted its position in shares of Trane Technologies by 0.6% during the fourth quarter. Capital World Investors now owns 2,176,595 shares of the company’s stock worth $530,870,000 after purchasing an additional 11,930 shares in the last quarter. Alphinity Investment Management Pty Ltd boosted its stake in shares of Trane Technologies by 11.4% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 2,018,431 shares of the company’s stock valued at $492,295,000 after purchasing an additional 205,882 shares during the period. Franklin Resources Inc. grew its holdings in shares of Trane Technologies by 17.3% in the fourth quarter. Franklin Resources Inc. now owns 1,655,459 shares of the company’s stock valued at $403,766,000 after purchasing an additional 243,996 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Trane Technologies by 36.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,639,058 shares of the company’s stock worth $332,581,000 after buying an additional 436,997 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on TT shares. JPMorgan Chase & Co. raised their price target on shares of Trane Technologies from $247.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Robert W. Baird boosted their target price on Trane Technologies from $315.00 to $344.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Wells Fargo & Company increased their price target on Trane Technologies from $295.00 to $310.00 and gave the company an “underweight” rating in a research report on Wednesday. TD Cowen boosted their price objective on Trane Technologies from $325.00 to $360.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Stephens lifted their price target on shares of Trane Technologies from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $311.21.

Trane Technologies Stock Up 1.1 %

NYSE:TT traded up $3.73 during midday trading on Thursday, hitting $344.55. 904,458 shares of the company were exchanged, compared to its average volume of 1,088,225. Trane Technologies plc has a fifty-two week low of $184.02 and a fifty-two week high of $347.20. The company has a market capitalization of $77.99 billion, a PE ratio of 36.81, a price-to-earnings-growth ratio of 2.58 and a beta of 1.01. The company has a current ratio of 1.13, a quick ratio of 0.74 and a debt-to-equity ratio of 0.58. The company has a fifty day simple moving average of $330.38 and a 200 day simple moving average of $295.48.

Trane Technologies (NYSE:TT) last posted its earnings results on Tuesday, April 30th. The company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.30. The business had revenue of $4.22 billion for the quarter, compared to analysts’ expectations of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 earnings per share. As a group, equities analysts anticipate that Trane Technologies plc will post 10.48 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 6th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Friday, September 6th. Trane Technologies’s payout ratio is currently 35.90%.

Insider Transactions at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 4,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $318.67, for a total value of $1,274,680.00. Following the completion of the sale, the chief financial officer now owns 61,293 shares in the company, valued at approximately $19,532,240.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Christopher J. Kuehn sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $318.67, for a total transaction of $1,274,680.00. Following the transaction, the chief financial officer now owns 61,293 shares of the company’s stock, valued at $19,532,240.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $321.30, for a total value of $2,887,844.40. Following the sale, the senior vice president now directly owns 20,758 shares of the company’s stock, valued at $6,669,545.40. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

About Trane Technologies

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.