State Street Corp Boosts Holdings in Trane Technologies plc $TT

State Street Corp boosted its position in shares of Trane Technologies plc (NYSE:TT) by 0.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 10,113,123 shares of the company’s stock after buying an additional 61,393 shares during the quarter. State Street Corp’s holdings in Trane Technologies were worth $3,936,034,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tucker Asset Management LLC purchased a new position in Trane Technologies during the fourth quarter worth $25,000. Hilton Head Capital Partners LLC purchased a new position in Trane Technologies during the fourth quarter worth $32,000. JPL Wealth Management LLC purchased a new position in Trane Technologies during the third quarter worth $32,000. Creative Financial Designs Inc. ADV boosted its stake in Trane Technologies by 119.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company’s stock worth $35,000 after buying an additional 49 shares during the period. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Trane Technologies during the third quarter worth $42,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Trane Technologies Stock Down 0.5%

Shares of TT opened at $457.69 on Friday. The firm has a market capitalization of $101.17 billion, a P/E ratio of 35.40, a P/E/G ratio of 2.12 and a beta of 1.20. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $503.47. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $463.44 and a 200-day moving average price of $433.14.

Trane Technologies (NYSE:TT) last issued its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.10. The firm had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.45 earnings per share. Equities research analysts expect that Trane Technologies plc will post 14.88 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, September 4th. Trane Technologies’s payout ratio is presently 32.48%.

Analyst Ratings Changes

Several research firms have commented on TT. Evercore began coverage on shares of Trane Technologies in a research note on Monday, April 13th. They set an “outperform” rating and a $535.00 price objective for the company. BNP Paribas Exane began coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They set an “outperform” rating and a $550.00 price objective for the company. KeyCorp lifted their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Trane Technologies in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Two investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $509.12.

Insider Activity

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction dated 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 completion of the sale, the chief financial officer directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the sale, the insider owned 3,819 shares of the company’s stock, valued at $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.43% of the company’s stock.

Trane Technologies Company Profile

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.