Trane Technologies plc $TT Shares Acquired by DNB Asset Management AS

DNB Asset Management AS lifted its holdings in Trane Technologies plc (NYSE:TT) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,812 shares of the company’s stock after buying an additional 2,071 shares during the period. DNB Asset Management AS’s holdings in Trane Technologies were worth $26,504,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Trane Technologies by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 19,792,410 shares of the company’s stock worth $8,657,398,000 after purchasing an additional 335,634 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Trane Technologies by 10.2% in the third 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. State Street Corp increased its holdings in shares of Trane Technologies by 0.3% in the second quarter. State Street Corp now owns 10,077,267 shares of the company’s stock valued at $4,407,904,000 after purchasing an additional 31,826 shares during the last quarter. Geode Capital Management LLC lifted its position in Trane Technologies by 1.1% during the second quarter. Geode Capital Management LLC now owns 4,973,217 shares of the company’s stock worth $2,164,764,000 after buying an additional 56,293 shares in the last quarter. Finally, Norges Bank purchased a new position in Trane Technologies during the second quarter worth approximately $1,356,065,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TT. Morgan Stanley dropped their target price on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Bank of America raised shares of Trane Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $490.00 to $550.00 in a research report on Thursday, November 13th. Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price objective for the company in a report on Wednesday, January 7th. Citigroup lifted their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, KeyCorp upgraded shares of Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 target price on the stock in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $484.67.

Trane Technologies Stock Up 1.0%

Shares of TT opened at $461.71 on Friday. The firm has a market cap of $102.19 billion, a P/E ratio of 35.57, a price-to-earnings-growth ratio of 2.41 and a beta of 1.21. Trane Technologies plc has a 12-month low of $298.15 and a 12-month high of $479.37. The company’s 50-day moving average price is $417.67 and its 200 day moving average price is $416.71. The company has a current ratio of 1.25, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.

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

Trane Technologies Increases Dividend

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

Insider Activity at Trane Technologies

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 137 shares of the business’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 sale, the chief accounting officer owned 7,100 shares of the company’s stock, valued at $3,283,608. The trade was a 1.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Donald E. Simmons sold 822 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $462.57, for a total value of $380,232.54. Following the transaction, the insider owned 3,819 shares in the company, valued at $1,766,554.83. This trade represents a 17.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,936 shares of company stock worth $4,133,991 over the last quarter. Company insiders own 0.14% of the company’s stock.

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.