Nordea Investment Management AB Acquires 72,998 Shares of Trane Technologies plc $TT

Nordea Investment Management AB increased its holdings in Trane Technologies plc (NYSE:TT) by 2.9% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,586,506 shares of the company’s stock after buying an additional 72,998 shares during the quarter. Trane Technologies comprises approximately 0.9% of Nordea Investment Management AB’s portfolio, making the stock its 17th biggest position. Nordea Investment Management AB owned about 1.17% of Trane Technologies worth $1,010,419,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank bought a new position in Trane Technologies during the 2nd quarter valued at about $1,356,065,000. JPMorgan Chase & Co. grew its stake 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 worth $6,550,975,000 after acquiring an additional 1,433,563 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Trane Technologies by 229.3% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock valued at $766,583,000 after purchasing an additional 1,220,388 shares during the last quarter. Corient Private Wealth LLC raised its holdings 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 valued at $321,757,000 after purchasing an additional 423,090 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in Trane Technologies by 40.2% during the second quarter. Lazard Asset Management LLC now owns 1,135,906 shares of the company’s stock valued at $496,855,000 after purchasing an additional 325,853 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Trane Technologies Trading Down 3.0%

Shares of Trane Technologies stock opened at $410.35 on Friday. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $479.37. The company’s fifty day simple moving average is $430.25 and its 200-day simple moving average is $417.29. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. The stock has a market capitalization of $90.82 billion, a PE ratio of 31.61, a P/E/G ratio of 2.16 and a beta of 1.19.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping the consensus estimate of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The firm had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. During the same period in the prior year, the business posted $2.61 EPS. Trane Technologies’s revenue was up 5.6% on a year-over-year basis. As a group, equities analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. 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 report on Friday, January 30th. UBS Group lowered their price target on Trane Technologies from $544.00 to $520.00 and set a “buy” rating on the stock in a report on Monday, January 5th. Morgan Stanley dropped their price target on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Melius Research upgraded Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price objective for the company in a research report on Wednesday, January 7th. Finally, Wells Fargo & Company increased their target price on Trane Technologies from $375.00 to $400.00 and gave the company an “underweight” rating in a report on Friday, January 30th. One equities 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Trane Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $484.67.

Insider Buying and Selling

In other news, CAO Elizabeth A. Elwell sold 635 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $268,414.50. Following the transaction, the chief accounting officer owned 7,100 shares of the company’s stock, valued at $3,001,170. This trade represents a 8.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher J. Kuehn sold 2,389 shares of Trane Technologies stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $462.70, for a total value of $1,105,390.30. Following the transaction, the chief financial officer directly owned 60,486 shares in the company, valued at approximately $27,986,872.20. The trade was a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 49,378 shares of company stock worth $21,228,464 over the last ninety days. 0.14% of the stock is owned by corporate insiders.

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.