ING Groep NV Increases Position in Trane Technologies plc $TT

ING Groep NV raised its position in Trane Technologies plc (NYSE:TT) by 70.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,157 shares of the company’s stock after purchasing an additional 67,091 shares during the quarter. ING Groep NV’s holdings in Trane Technologies were worth $63,112,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TT. Norges Bank purchased a new stake in Trane Technologies in the fourth quarter valued at approximately $1,163,124,000. JPMorgan Chase & Co. increased its position in shares of Trane Technologies by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock worth $6,550,975,000 after acquiring an additional 1,433,563 shares during the period. Capital International Investors purchased a new stake in shares of Trane Technologies during the fourth quarter worth $324,639,000. Corient Private Wealth LLC increased its position in shares of Trane Technologies by 135.4% during the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after acquiring an additional 423,090 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Trane Technologies by 13,460.8% during the fourth quarter. SG Americas Securities LLC now owns 423,504 shares of the company’s stock worth $164,828,000 after acquiring an additional 420,381 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TT shares. JPMorgan Chase & Co. upped their price objective on Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. BNP Paribas Exane started coverage on Trane Technologies in a research report on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price objective on the stock. Citigroup upped their price objective on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Barclays upped their price objective on Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, Royal Bank Of Canada upped their price objective on Trane Technologies from $440.00 to $501.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $506.56.

Insider Transactions at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the transaction, the chief financial officer directly owned 60,576 shares of the company’s stock, valued at approximately $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares of the company’s stock, valued at approximately $1,909,500. This represents a 54.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company’s stock.

Trane Technologies Stock Down 1.6%

TT opened at $456.51 on Friday. The business’s 50-day simple moving average is $458.85 and its 200-day simple moving average is $431.33. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. Trane Technologies plc has a one year low of $348.06 and a one year high of $503.47. The stock has a market capitalization of $100.91 billion, a P/E ratio of 35.31, a price-to-earnings-growth ratio of 2.10 and a beta of 1.20.

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

Trane Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio (DPR) is currently 32.48%.

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.