Assenagon Asset Management S.A. Buys 264,439 Shares of Trane Technologies plc (NYSE:TT)

Assenagon Asset Management S.A. lifted its stake in shares of Trane Technologies plc (NYSE:TT) by 1,842.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 278,792 shares of the company’s stock after purchasing an additional 264,439 shares during the quarter. Assenagon Asset Management S.A. owned 0.12% of Trane Technologies worth $93,931,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Consolidated Planning Corp raised its stake in shares of Trane Technologies by 8.3% during the 4th quarter. Consolidated Planning Corp now owns 14,252 shares of the company’s stock valued at $5,264,000 after purchasing an additional 1,091 shares during the period. Van ECK Associates Corp raised its stake in shares of Trane Technologies by 4.9% during the 4th quarter. Van ECK Associates Corp now owns 52,058 shares of the company’s stock valued at $19,228,000 after purchasing an additional 2,438 shares during the period. Ethic Inc. raised its stake in shares of Trane Technologies by 150.1% during the 4th quarter. Ethic Inc. now owns 24,883 shares of the company’s stock valued at $9,190,000 after purchasing an additional 14,932 shares during the period. AustralianSuper Pty Ltd raised its stake in shares of Trane Technologies by 470.9% during the 4th quarter. AustralianSuper Pty Ltd now owns 179,794 shares of the company’s stock valued at $66,407,000 after purchasing an additional 148,302 shares during the period. Finally, Proficio Capital Partners LLC increased its stake in Trane Technologies by 28.3% in the 4th quarter. Proficio Capital Partners LLC now owns 685 shares of the company’s stock worth $253,000 after acquiring an additional 151 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Donald E. Simmons sold 3,571 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total value of $1,356,980.00. Following the completion of the transaction, the insider now owns 3,593 shares of the company’s stock, valued at approximately $1,365,340. This represents a 49.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TT. Wells Fargo & Company upped their target price on Trane Technologies from $330.00 to $370.00 and gave the stock an “underweight” rating in a research note on Thursday, May 1st. Hsbc Global Res upgraded Trane Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. JPMorgan Chase & Co. upped their target price on Trane Technologies from $334.00 to $400.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Barclays decreased their target price on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Finally, Citigroup upped their price objective on Trane Technologies from $415.00 to $445.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Trane Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $427.47.

Trane Technologies Trading Down 1.3%

Shares of TT stock opened at $422.01 on Wednesday. The stock has a market capitalization of $94.12 billion, a PE ratio of 37.51, a P/E/G ratio of 2.50 and a beta of 1.16. Trane Technologies plc has a 1-year low of $298.15 and a 1-year high of $436.61. The business has a 50-day moving average of $386.33 and a 200 day moving average of $376.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88.

Trane Technologies (NYSE:TT) last issued its earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.25. Trane Technologies had a return on equity of 35.37% and a net margin of 12.94%. The company had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the prior year, the business posted $1.94 EPS. Trane Technologies’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, September 5th. Trane Technologies’s dividend payout ratio (DPR) is currently 31.28%.

About Trane Technologies

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.