Handelsbanken Fonder AB Increases Stake in Trane Technologies plc (NYSE:TT)

Handelsbanken Fonder AB grew its position in Trane Technologies plc (NYSE:TT) by 189.2% during the 1st quarter, HoldingsChannel reports. The fund owned 63,404 shares of the company’s stock after purchasing an additional 41,477 shares during the period. Handelsbanken Fonder AB’s holdings in Trane Technologies were worth $21,362,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TT. Norges Bank bought a new position in shares of Trane Technologies in the fourth quarter worth about $1,117,816,000. GAMMA Investing LLC grew its holdings in shares of Trane Technologies by 35,458.2% in the first quarter. GAMMA Investing LLC now owns 2,015,792 shares of the company’s stock worth $679,161,000 after purchasing an additional 2,010,123 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Trane Technologies in the fourth quarter worth about $611,322,000. Northern Trust Corp grew its holdings in shares of Trane Technologies by 20.1% in the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company’s stock worth $948,316,000 after purchasing an additional 429,953 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Trane Technologies in the fourth quarter worth about $147,251,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on TT shares. Barclays cut their price target on shares of Trane Technologies from $500.00 to $475.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. HSBC upgraded shares of Trane Technologies from a “hold” rating to a “buy” rating and upped their price target for the stock from $405.00 to $415.00 in a report on Friday, April 25th. Wells Fargo & Company increased their target price on shares of Trane Technologies from $330.00 to $370.00 and gave the stock an “underweight” rating in a report on Thursday, May 1st. Stephens upgraded shares of Trane Technologies from an “equal weight” rating to an “overweight” rating and set a $475.00 target price on the stock in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on shares of Trane Technologies from $334.00 to $400.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $427.47.

Trane Technologies Stock Performance

TT stock opened at $422.93 on Thursday. The firm has a market cap of $94.32 billion, a price-to-earnings ratio of 37.59, a PEG ratio of 2.50 and a beta of 1.16. The firm has a 50-day simple moving average of $388.43 and a two-hundred day simple moving average of $376.92. Trane Technologies plc has a one year low of $298.15 and a one year high of $436.61. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.88 and a current ratio of 1.21.

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

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, September 5th. Trane Technologies’s payout ratio is 31.28%.

Insider Activity at Trane Technologies

In related news, insider Donald E. Simmons sold 3,571 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were 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 directly owns 3,593 shares of the company’s stock, valued at $1,365,340. This trade represents a 49.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.38% of the stock is currently owned by insiders.

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.