Massachusetts Wealth Management Grows Stake in Trane Technologies plc (NYSE:TT)

Massachusetts Wealth Management lifted its position in Trane Technologies plc (NYSE:TT) by 4.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,270 shares of the company’s stock after purchasing an additional 275 shares during the period. Massachusetts Wealth Management’s holdings in Trane Technologies were worth $1,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Trexquant Investment LP purchased a new position in Trane Technologies during the third quarter valued at $371,000. Ancora Advisors LLC purchased a new position in Trane Technologies during the third quarter valued at $40,000. Caisse DE Depot ET Placement DU Quebec lifted its position in Trane Technologies by 2,164.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 28,875 shares of the company’s stock valued at $5,859,000 after purchasing an additional 27,600 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Trane Technologies by 4.9% in the third quarter. AQR Capital Management LLC now owns 98,238 shares of the company’s stock valued at $19,933,000 after acquiring an additional 4,558 shares in the last quarter. Finally, Alps Advisors Inc. lifted its position in shares of Trane Technologies by 85.6% in the third quarter. Alps Advisors Inc. now owns 12,372 shares of the company’s stock valued at $2,510,000 after acquiring an additional 5,707 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Stock Up 2.0 %

Shares of TT stock traded up $6.46 during trading hours on Thursday, reaching $331.29. 687,786 shares of the company’s stock were exchanged, compared to its average volume of 1,478,274. The stock’s 50 day moving average is $327.14 and its 200-day moving average is $291.89. The company has a market cap of $74.99 billion, a price-to-earnings ratio of 35.35, a P/E/G ratio of 2.52 and a beta of 1.01. The company has a current ratio of 1.13, a quick ratio of 0.74 and a debt-to-equity ratio of 0.58. Trane Technologies plc has a fifty-two week low of $184.02 and a fifty-two week high of $345.46.

Trane Technologies (NYSE:TT) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.30. The business had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $3.99 billion. Trane Technologies had a return on equity of 32.78% and a net margin of 11.81%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 earnings per share. Analysts predict that Trane Technologies plc will post 10.48 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Friday, September 6th. Trane Technologies’s payout ratio is 35.90%.

Insider Activity at Trane Technologies

In related news, SVP Evan M. Turtz sold 8,988 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total value of $2,887,844.40. Following the transaction, the senior vice president now directly owns 20,758 shares of the company’s stock, valued at approximately $6,669,545.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Trane Technologies news, CFO Christopher J. Kuehn sold 4,000 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $318.67, for a total transaction of $1,274,680.00. Following the sale, the chief financial officer now directly owns 61,293 shares of the company’s stock, valued at approximately $19,532,240.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Evan M. Turtz sold 8,988 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $321.30, for a total value of $2,887,844.40. Following the sale, the senior vice president now directly owns 20,758 shares in the company, valued at $6,669,545.40. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TT shares. Barclays lifted their target price on Trane Technologies from $354.00 to $380.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. TD Cowen boosted their price objective on Trane Technologies from $325.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Citigroup boosted their price objective on Trane Technologies from $355.00 to $366.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Stephens boosted their price objective on Trane Technologies from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 1st. Finally, Robert W. Baird boosted their price objective on Trane Technologies from $315.00 to $344.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $309.79.

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.