Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Trane Technologies plc (NYSE:TT – Free Report) by 110.2% in the 4th quarter, HoldingsChannel reports. The firm owned 66,865 shares of the company’s stock after acquiring an additional 35,057 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Trane Technologies were worth $26,024,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Trane Technologies by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company’s stock worth $7,791,909,000 after acquiring an additional 192,270 shares in the last quarter. JPMorgan Chase & Co. raised its stake in 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 in the last quarter. State Street Corp raised its stake in Trane Technologies by 0.6% during the fourth quarter. State Street Corp now owns 10,113,123 shares of the company’s stock worth $3,936,034,000 after acquiring an additional 61,393 shares in the last quarter. Geode Capital Management LLC raised its stake in Trane Technologies by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company’s stock worth $1,964,896,000 after acquiring an additional 14,179 shares in the last quarter. Finally, Norges Bank acquired a new position in Trane Technologies during the fourth quarter worth about $1,163,124,000. Institutional investors own 82.97% of the company’s stock.
Wall Street Analyst Weigh In
TT has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Barclays boosted their target price on Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Evercore assumed coverage on Trane Technologies in a research note on Monday, April 13th. They issued an “outperform” rating and a $535.00 price objective for the company. KeyCorp upped their price objective on Trane Technologies from $525.00 to $555.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, Citigroup upped their target price on Trane Technologies from $525.00 to $570.00 and gave the company a “buy” rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Trane Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $509.12.
Insider Buying and Selling
In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the transaction, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. This represents a 54.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by corporate insiders.
Trane Technologies Stock Performance
Shares of TT stock opened at $472.54 on Tuesday. The business’s 50 day simple moving average is $464.34 and its 200 day simple moving average is $433.68. 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 $104.45 billion, a PE ratio of 36.55, a PEG ratio of 2.11 and a beta of 1.20. 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 – Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the business posted $2.45 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. As a group, research analysts forecast that Trane Technologies plc will post 14.88 earnings per share for the current year.
Trane Technologies Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies’s dividend payout ratio is presently 32.48%.
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.
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