Hudson Bay Capital Management LP Buys 7,568 Shares of Trane Technologies plc $TT

Hudson Bay Capital Management LP raised its stake in shares of Trane Technologies plc (NYSE:TT) by 154.4% during the third quarter, Holdings Channel reports. The firm owned 12,468 shares of the company’s stock after buying an additional 7,568 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Trane Technologies were worth $5,261,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TT. Norges Bank bought a new stake in shares of Trane Technologies during the 2nd quarter valued at about $1,356,065,000. 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 valued at $6,550,975,000 after buying an additional 1,433,563 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Trane Technologies by 229.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock worth $766,583,000 after buying an additional 1,220,388 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in Trane Technologies in the second quarter worth about $291,206,000. Finally, Corient Private Wealth LLC lifted its holdings in Trane Technologies by 135.4% in the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after buying an additional 423,090 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Elizabeth A. Elwell sold 635 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.70, for a total transaction of $268,414.50. Following the sale, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at approximately $3,001,170. This represents a 8.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David S. Regnery sold 36,045 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the sale, the chief executive officer owned 96,948 shares of the company’s stock, valued at approximately $40,978,950.12. This represents a 27.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 49,378 shares of company stock valued at $21,228,464 over the last ninety days. Insiders own 0.14% of the company’s stock.

Trane Technologies Price Performance

TT stock opened at $410.35 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The firm has a 50 day moving average price of $430.25 and a 200-day moving average price of $417.25. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $479.37. The firm has a market capitalization of $90.82 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 2.23 and a beta of 1.19.

Trane Technologies (NYSE:TT) last posted its quarterly 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. The company had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.61 EPS. Equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be paid a $1.05 dividend. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 6th. Trane Technologies’s payout ratio is currently 32.36%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Morgan Stanley reduced their target price on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. JPMorgan Chase & Co. raised their target price on Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Wells Fargo & Company lifted their price target on Trane Technologies from $375.00 to $400.00 and gave the company an “underweight” rating in a research report on Friday, January 30th. Oppenheimer increased their price objective on Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $484.67.

About Trane Technologies

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.