Norges Bank Buys Shares of 2,988,500 Trane Technologies plc $TT

Norges Bank bought a new stake in Trane Technologies plc (NYSE:TT) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 2,988,500 shares of the company’s stock, valued at approximately $1,163,124,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TT. Tucker Asset Management LLC purchased a new position in Trane Technologies in the fourth quarter valued at about $25,000. United Community Bank boosted its holdings in Trane Technologies by 134.4% in the third quarter. United Community Bank now owns 75 shares of the company’s stock worth $32,000 after acquiring an additional 43 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in Trane Technologies in the third quarter worth about $32,000. Creative Financial Designs Inc. ADV boosted its holdings in Trane Technologies by 119.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company’s stock worth $35,000 after acquiring an additional 49 shares in the last quarter. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in Trane Technologies in the third quarter worth about $42,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In other Trane Technologies news, CEO David S. Regnery sold 36,045 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the transaction, the chief executive officer directly owned 96,948 shares of the company’s stock, valued at approximately $40,978,950.12. The trade was a 27.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Elizabeth A. Elwell sold 635 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the completion of the transaction, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at $3,001,170. The trade was a 8.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 53,654 shares of company stock valued at $23,269,523. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a report on Monday, April 20th. Citigroup raised their price target on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Barclays raised their price target on Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Finally, BNP Paribas Exane assumed coverage on Trane Technologies in a report on Tuesday, April 14th. They issued an “outperform” rating and a $550.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $506.56.

Trane Technologies Stock Down 0.1%

NYSE:TT opened at $451.68 on Friday. The firm has a market capitalization of $99.84 billion, a P/E ratio of 34.93, a PEG ratio of 2.08 and a beta of 1.25. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $503.47. The company’s fifty day moving average price is $455.43 and its 200-day moving average price is $430.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.10. The firm had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.45 earnings per share. As a group, equities research analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. Trane Technologies’s payout ratio is presently 32.48%.

Trane Technologies Company 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.