Palmer Knight Co Acquires New Stake in Trane Technologies plc (NYSE:TT)

Palmer Knight Co acquired a new stake in shares of Trane Technologies plc (NYSE:TT) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 14,672 shares of the company’s stock, valued at approximately $4,826,000. Trane Technologies makes up 2.3% of Palmer Knight Co’s holdings, making the stock its 27th largest holding.

Several other large investors also recently added to or reduced their stakes in TT. Vanguard Group Inc. raised its position in Trane Technologies by 0.9% during the first quarter. Vanguard Group Inc. now owns 18,887,514 shares of the company’s stock valued at $5,670,032,000 after purchasing an additional 174,251 shares in the last quarter. JPMorgan Chase & Co. raised its position in Trane Technologies by 0.5% during the first quarter. JPMorgan Chase & Co. now owns 17,393,733 shares of the company’s stock valued at $5,221,599,000 after purchasing an additional 80,536 shares in the last quarter. Norges Bank purchased a new stake in Trane Technologies during the fourth quarter valued at about $655,804,000. Capital World Investors raised its position in Trane Technologies by 0.6% during the fourth quarter. Capital World Investors now owns 2,176,595 shares of the company’s stock valued at $530,870,000 after purchasing an additional 11,930 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Trane Technologies by 17.3% during 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. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Trading Up 0.5 %

NYSE:TT traded up $1.58 during mid-day trading on Friday, reaching $343.65. 88,781 shares of the company’s stock traded hands, compared to its average volume of 1,109,701. Trane Technologies plc has a 12-month low of $184.02 and a 12-month high of $363.15. The firm has a market capitalization of $77.79 billion, a price-to-earnings ratio of 36.64, a PEG ratio of 2.51 and a beta of 1.01. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.17 and a quick ratio of 0.84. The company has a 50 day moving average price of $338.21 and a 200-day moving average price of $319.22.

Trane Technologies (NYSE:TT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.08 by $0.22. Trane Technologies had a return on equity of 33.97% and a net margin of 12.33%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the previous year, the business earned $2.68 EPS. Trane Technologies’s revenue was up 12.8% compared to the same quarter last year. On average, sell-side analysts predict that Trane Technologies plc will post 10.82 earnings per share for the current year.

Insider Activity at Trane Technologies

In other Trane Technologies news, CEO David S. Regnery sold 29,450 shares of Trane Technologies stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total transaction of $9,460,812.50. Following the sale, the chief executive officer now directly owns 132,946 shares of the company’s stock, valued at approximately $42,708,902.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Trane Technologies news, EVP Raymond D. Pittard sold 1,805 shares of Trane Technologies stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $328.65, for a total transaction of $593,213.25. Following the sale, the executive vice president now directly owns 83,517 shares of the company’s stock, valued at approximately $27,447,862.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David S. Regnery sold 29,450 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $321.25, for a total value of $9,460,812.50. Following the completion of the sale, the chief executive officer now directly owns 132,946 shares in the company, valued at $42,708,902.50. The disclosure for this sale can be found here. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

TT has been the topic of a number of research reports. UBS Group raised their price target on Trane Technologies from $330.00 to $375.00 and gave the company a “buy” rating in a research report on Monday, June 3rd. Barclays raised their price target on Trane Technologies from $385.00 to $394.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Wells Fargo & Company lifted their price objective on Trane Technologies from $315.00 to $320.00 and gave the stock an “underweight” rating in a report on Friday. Royal Bank of Canada lifted their price objective on Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. Finally, Morgan Stanley started coverage on Trane Technologies in a report on Friday. They issued an “overweight” rating and a $425.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Trane Technologies presently has an average rating of “Hold” and a consensus target price of $337.29.

Trane Technologies 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.