Advisors Capital Management LLC Increases Holdings in Trane Technologies plc $TT

Advisors Capital Management LLC lifted its holdings in shares of Trane Technologies plc (NYSE:TT) by 1.5% during the third quarter, HoldingsChannel reports. The firm owned 172,188 shares of the company’s stock after purchasing an additional 2,507 shares during the quarter. Trane Technologies accounts for about 0.9% of Advisors Capital Management LLC’s investment portfolio, making the stock its 25th biggest holding. Advisors Capital Management LLC’s holdings in Trane Technologies were worth $72,657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Trane Technologies in the second quarter worth about $1,356,065,000. JPMorgan Chase & Co. increased its stake in shares of Trane Technologies by 10.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock worth $6,550,975,000 after purchasing an additional 1,433,563 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Trane Technologies by 229.3% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock worth $766,583,000 after purchasing an additional 1,220,388 shares during the period. ABN AMRO Bank N.V. purchased a new position in Trane Technologies in the second quarter valued at approximately $291,206,000. Finally, Corient Private Wealth LLC grew its holdings in Trane Technologies by 135.4% during the second quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock valued at $321,757,000 after purchasing an additional 423,090 shares during the period. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TT shares. Morgan Stanley dropped their price target on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. UBS Group cut their target price on shares of Trane Technologies from $544.00 to $520.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price target on the stock in a research report on Wednesday, January 7th. Bank of America upgraded shares of Trane Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $490.00 to $550.00 in a research note on Thursday, November 13th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Trane Technologies from $434.00 to $460.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Trane Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $484.67.

Trane Technologies Trading Up 1.0%

Trane Technologies stock opened at $470.10 on Wednesday. The stock has a market cap of $104.05 billion, a P/E ratio of 36.22, a PEG ratio of 2.45 and a beta of 1.21. Trane Technologies plc has a fifty-two week low of $298.15 and a fifty-two week high of $479.37. The firm’s fifty day moving average price is $406.69 and its 200-day moving average price is $414.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25.

Trane Technologies (NYSE:TT) last announced its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.05. The business had revenue of $5.14 billion for the quarter, compared to analyst estimates of $5.09 billion. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.61 EPS. Equities research analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th will be paid a $1.05 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. This is a boost from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio is presently 28.97%.

Insider Activity at Trane Technologies

In related news, CEO David S. Regnery sold 5,588 shares of the company’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $462.60, for a total value of $2,585,008.80. Following the completion of the transaction, the chief executive officer directly owned 96,948 shares in the company, valued at approximately $44,848,144.80. The trade was a 5.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christopher J. Kuehn sold 2,389 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $462.70, for a total value of $1,105,390.30. Following the sale, the chief financial officer owned 60,486 shares in the company, valued at $27,986,872.20. The trade was a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 8,936 shares of company stock worth $4,133,991. Corporate insiders own 0.14% of the company’s stock.

Trane Technologies 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.