Cornerstone Advisors LLC Purchases 12,605 Shares of Trane Technologies plc $TT

Cornerstone Advisors LLC acquired a new position in shares of Trane Technologies plc (NYSE:TT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,605 shares of the company’s stock, valued at approximately $5,697,000.

Several other large investors have also added to or reduced their stakes in TT. Allworth Financial LP lifted its holdings in shares of Trane Technologies by 227.4% in the third quarter. Allworth Financial LP now owns 20,654 shares of the company’s stock worth $10,145,000 after buying an additional 14,345 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Trane Technologies by 8.9% in the third quarter. Russell Investments Group Ltd. now owns 345,638 shares of the company’s stock valued at $156,284,000 after acquiring an additional 28,109 shares during the period. R Squared Ltd grew its stake in Trane Technologies by 226.4% during the third quarter. R Squared Ltd now owns 2,001 shares of the company’s stock valued at $904,000 after acquiring an additional 1,388 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in Trane Technologies by 13.9% during the third quarter. Maryland State Retirement & Pension System now owns 13,516 shares of the company’s stock valued at $6,109,000 after acquiring an additional 1,650 shares in the last quarter. Finally, Ritholtz Wealth Management increased its holdings in Trane Technologies by 16.9% during the 3rd quarter. Ritholtz Wealth Management now owns 3,896 shares of the company’s stock worth $1,761,000 after acquiring an additional 563 shares during the period. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

TT has been the topic of several recent analyst reports. Evercore increased their target price on shares of Trane Technologies from $560.00 to $565.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. The Goldman Sachs Group upgraded shares of Trane Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $548.00 to $565.00 in a research report on Wednesday, October 14th. Weiss Ratings raised shares of Trane Technologies from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 10th. Royal Bank Of Canada lowered their price objective on Trane Technologies from $502.00 to $486.00 and set a “sector perform” rating on the stock in a research report on Friday, October 30th. Finally, BNP Paribas Exane lifted their price objective on Trane Technologies from $560.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Trane Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $531.22.

Trane Technologies Stock Down 1.5%

TT stock opened at $417.79 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company’s 50 day moving average is $443.51 and its 200 day moving average is $455.21. The stock has a market cap of $91.46 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $505.87.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, October 29th. The company reported $4.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.74 by $0.12. Trane Technologies had a net margin of 13.56% and a return on equity of 37.26%. The business had revenue of $6.76 billion for the quarter, compared to the consensus estimate of $6.50 billion. During the same period last year, the firm posted $3.88 earnings per share. Trane Technologies’s quarterly revenue was up 17.7% on a year-over-year basis. Sell-side analysts predict that Trane Technologies plc will post 15.29 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 4th will be given a dividend of $1.05 per share. The ex-dividend date is Friday, December 4th. This represents a $4.20 annualized dividend and a dividend yield of 1.0%. Trane Technologies’s dividend payout ratio (DPR) is 29.66%.

Insider Buying and Selling at Trane Technologies

In other news, CEO David Regnery sold 48,091 shares of Trane Technologies stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $480.00, for a total transaction of $23,083,680.00. Following the completion of the sale, the chief executive officer directly owned 96,951 shares of the company’s stock, valued at approximately $46,536,480. The trade was a 33.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company’s stock.

About Trane Technologies

Trane Technologies plc is a global climate innovator that designs, manufactures, and services heating, ventilation, air conditioning, and refrigeration systems. Its products and services support commercial buildings, homes, and transportation applications, including temperature-controlled shipping. The company’s portfolio includes the Trane brand of HVAC systems and building services, as well as Thermo King equipment for transport refrigeration and climate control. It also offers building controls, energy-efficiency solutions, system maintenance, and related services.