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

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

Other institutional investors have also recently made changes to their positions in the company. WFA Asset Management Corp increased its position in Trane Technologies by 208.3% during the 1st quarter. WFA Asset Management Corp now owns 74 shares of the company’s stock valued at $25,000 after buying an additional 50 shares in the last quarter. Minot DeBlois Advisors LLC bought a new position in Trane Technologies during the 4th quarter valued at approximately $26,000. Vermillion & White Wealth Management Group LLC bought a new position in Trane Technologies during the 4th quarter valued at approximately $28,000. Flagship Wealth Advisors LLC bought a new position in Trane Technologies during the 4th quarter valued at approximately $37,000. Finally, Golden State Wealth Management LLC bought a new position in Trane Technologies during the 4th quarter valued at approximately $39,000. Institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TT. Barclays reduced their price objective on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. UBS Group boosted their price target on Trane Technologies from $470.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. boosted their price target on Trane Technologies from $334.00 to $400.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Royal Bank of Canada boosted their price target on Trane Technologies from $363.00 to $408.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 1st. Finally, Citigroup boosted their price target on Trane Technologies from $415.00 to $445.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Trane Technologies currently has an average rating of “Moderate Buy” and an average target price of $427.47.

Trane Technologies Stock Performance

Shares of TT opened at $422.01 on Wednesday. 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 plc has a one year low of $298.15 and a one year high of $436.61. The firm has a market capitalization of $94.12 billion, a P/E ratio of 37.51, a PEG ratio of 2.50 and a beta of 1.16. The business has a fifty day moving average of $386.33 and a 200 day moving average of $376.60.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $2.45 EPS for the quarter, topping 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 analyst estimates of $4.46 billion. During the same quarter in the previous year, the company posted $1.94 earnings per share. Trane Technologies’s 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 EPS for the current year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.94 per share. 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 is presently 31.28%.

Insider Buying and Selling at Trane Technologies

In other news, insider Donald E. Simmons sold 3,571 shares of the company’s stock in a transaction dated 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 $1,365,340. This represents a 49.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

Trane Technologies Company Profile

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.