Allstate Corp Makes New $2.44 Million Investment in Trane Technologies plc (NYSE:TT)

Allstate Corp acquired a new position in shares of Trane Technologies plc (NYSE:TT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,602 shares of the company’s stock, valued at approximately $2,438,000.

Other hedge funds have also bought and sold shares of the company. Tidal Investments LLC grew its holdings in Trane Technologies by 22.2% during the 3rd quarter. Tidal Investments LLC now owns 15,827 shares of the company’s stock worth $6,152,000 after acquiring an additional 2,874 shares during the period. Synovus Financial Corp grew its stake in Trane Technologies by 16.8% during the third quarter. Synovus Financial Corp now owns 8,828 shares of the company’s stock worth $3,431,000 after purchasing an additional 1,271 shares during the period. Ameritas Advisory Services LLC bought a new stake in Trane Technologies in the fourth quarter worth approximately $468,000. HB Wealth Management LLC lifted its stake in Trane Technologies by 14.3% in the fourth quarter. HB Wealth Management LLC now owns 5,689 shares of the company’s stock valued at $2,101,000 after buying an additional 711 shares during the period. Finally, Crossmark Global Holdings Inc. boosted its holdings in shares of Trane Technologies by 31.2% during the 4th quarter. Crossmark Global Holdings Inc. now owns 29,057 shares of the company’s stock worth $10,733,000 after buying an additional 6,910 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TT. Citigroup dropped their target price on shares of Trane Technologies from $478.00 to $476.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. UBS Group dropped their price objective on shares of Trane Technologies from $500.00 to $470.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Barclays reduced their target price on Trane Technologies from $500.00 to $475.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Melius Research reaffirmed a “hold” rating and set a $398.00 price target on shares of Trane Technologies in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company reduced their price objective 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $413.69.

Insider Activity

In other news, SVP Mairead Magner sold 198 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $357.61, for a total transaction of $70,806.78. Following the completion of the transaction, the senior vice president now directly owns 13,401 shares of the company’s stock, valued at $4,792,331.61. This represents a 1.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher J. Kuehn sold 876 shares of Trane Technologies stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $357.42, for a total transaction of $313,099.92. Following the completion of the sale, the chief financial officer now directly owns 63,841 shares in the company, valued at $22,818,050.22. This trade represents a 1.35 % decrease in their position. 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 currently owned by insiders.

Trane Technologies Stock Performance

Shares of TT stock opened at $331.69 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. The firm has a 50-day moving average of $357.83 and a 200-day moving average of $379.96. Trane Technologies plc has a one year low of $286.32 and a one year high of $422.00. The company has a market cap of $74.40 billion, a P/E ratio of 29.48, a P/E/G ratio of 2.50 and a beta of 1.08.

Trane Technologies (NYSE:TT) last posted its quarterly earnings data 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%. Equities research analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Increases Dividend

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