Arrowstreet Capital Limited Partnership Grows Stake in Trane Technologies plc (NYSE:TT)

Arrowstreet Capital Limited Partnership lifted its stake in shares of Trane Technologies plc (NYSE:TT) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,082,753 shares of the company’s stock after purchasing an additional 34,832 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Trane Technologies were worth $399,915,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Trane Technologies by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company’s stock worth $7,104,658,000 after buying an additional 152,353 shares during the last quarter. State Street Corp lifted its holdings in Trane Technologies by 0.8% during the third quarter. State Street Corp now owns 9,769,161 shares of the company’s stock valued at $3,797,565,000 after purchasing an additional 77,830 shares during the last quarter. Geode Capital Management LLC boosted its position in Trane Technologies by 1.4% during the third quarter. Geode Capital Management LLC now owns 4,638,914 shares of the company’s stock worth $1,797,700,000 after purchasing an additional 65,991 shares during the period. Norges Bank purchased a new position in shares of Trane Technologies in the fourth quarter worth about $1,117,816,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Trane Technologies in the fourth quarter valued at approximately $611,322,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, CFO Christopher J. Kuehn sold 876 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $357.42, for a total value of $313,099.92. Following the completion of the transaction, the chief financial officer now directly owns 63,841 shares of the company’s stock, valued at $22,818,050.22. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David S. Regnery sold 2,318 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $358.17, for a total value of $830,238.06. Following the transaction, the chief executive officer now owns 126,831 shares in the company, valued at $45,427,059.27. This trade represents a 1.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,234 shares of company stock valued at $2,588,102 over the last quarter. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Barclays dropped their target price on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. JPMorgan Chase & Co. boosted their price target on shares of Trane Technologies from $387.00 to $396.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Melius Research restated a “hold” rating and set a $398.00 price objective on shares of Trane Technologies in a research report on Tuesday, January 28th. Wells Fargo & Company cut their price objective on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating for the company in a report on Friday, January 31st. Finally, Citigroup decreased their price objective on Trane Technologies from $478.00 to $476.00 and set a “buy” rating on the stock in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $413.69.

Trane Technologies Stock Down 4.3 %

Shares of NYSE TT opened at $331.69 on Friday. The firm’s fifty day moving average is $357.83 and its 200 day moving average is $379.96. Trane Technologies plc has a 52 week low of $286.32 and a 52 week high of $422.00. The company has a quick ratio of 0.88, a current ratio of 1.21 and a debt-to-equity ratio of 0.58. The company has a market cap of $74.40 billion, a price-to-earnings ratio of 29.48, a PEG ratio of 2.50 and a beta of 1.08.

Trane Technologies (NYSE:TT) last released its quarterly earnings data on Thursday, January 30th. The company reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.52 by $0.09. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. On average, equities research analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 7th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Trane Technologies’s previous quarterly dividend of $0.84. This represents a $3.76 annualized dividend and a dividend yield of 1.13%. Trane Technologies’s payout ratio is 33.42%.

Trane Technologies 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.