Penobscot Investment Management Company Inc. Acquires 321 Shares of Trane Technologies plc (NYSE:TT)

Penobscot Investment Management Company Inc. boosted its holdings in shares of Trane Technologies plc (NYSE:TT) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,379 shares of the company’s stock after purchasing an additional 321 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Trane Technologies were worth $1,617,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Global Wealth Strategies & Associates bought a new position in shares of Trane Technologies during the 4th quarter worth approximately $26,000. Sound Income Strategies LLC boosted its stake in shares of Trane Technologies by 1,314.3% in the 4th quarter. Sound Income Strategies LLC now owns 99 shares of the company’s stock valued at $37,000 after purchasing an additional 92 shares in the last quarter. Flagship Wealth Advisors LLC bought a new stake in shares of Trane Technologies in the 4th quarter worth about $37,000. Golden State Wealth Management LLC acquired a new stake in shares of Trane Technologies during the 4th quarter worth about $39,000. Finally, Legacy Investment Solutions LLC bought a new position in Trane Technologies during the 3rd quarter valued at about $44,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Trane Technologies news, SVP Evan M. Turtz sold 318 shares of Trane Technologies stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $358.12, for a total transaction of $113,882.16. Following the transaction, the senior vice president now directly owns 20,513 shares in the company, valued at approximately $7,346,115.56. The trade was a 1.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Christopher J. Kuehn sold 876 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $357.42, for a total value of $313,099.92. Following the completion of the sale, the chief financial officer now owns 63,841 shares of the company’s stock, valued at $22,818,050.22. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,234 shares of company stock valued at $2,588,102 in the last ninety days. 0.38% of the stock is owned by insiders.

Trane Technologies Trading Down 3.2 %

TT opened at $352.29 on Thursday. The firm has a 50 day simple moving average of $359.83 and a 200 day simple moving average of $380.06. Trane Technologies plc has a fifty-two week low of $286.32 and a fifty-two week high of $422.00. The company has a market cap of $79.01 billion, a price-to-earnings ratio of 31.31, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88.

Trane Technologies (NYSE:TT) last issued its earnings results on Thursday, January 30th. The company reported $2.61 EPS for the quarter, beating the consensus estimate 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, sell-side analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 7th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, March 7th. This represents a $3.76 dividend on an annualized basis and a yield of 1.07%. This is a boost from Trane Technologies’s previous quarterly dividend of $0.84. Trane Technologies’s dividend payout ratio (DPR) is 33.42%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Melius lowered shares of Trane Technologies from a “buy” rating to a “hold” rating and set a $398.00 price objective for the company. in a report on Tuesday, January 28th. Royal Bank of Canada raised their price target on Trane Technologies from $390.00 to $395.00 and gave the company a “sector perform” rating in a report on Friday, January 3rd. Citigroup reduced their price objective on Trane Technologies from $478.00 to $476.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Wells Fargo & Company lowered their target price on Trane Technologies from $380.00 to $360.00 and set an “underweight” rating for the company in a research note on Friday, January 31st. Finally, Barclays reduced their price target on shares of Trane Technologies from $500.00 to $475.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $413.69.

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.