Nordea Investment Management AB Grows Stock Holdings in Trane Technologies plc $TT

Nordea Investment Management AB increased its position in Trane Technologies plc (NYSE:TT) by 2.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,586,506 shares of the company’s stock after buying an additional 72,998 shares during the period. Trane Technologies comprises approximately 0.9% of Nordea Investment Management AB’s holdings, making the stock its 17th largest position. Nordea Investment Management AB’s holdings in Trane Technologies were worth $1,010,419,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of TT. Norges Bank purchased a new position in shares of Trane Technologies in the second quarter valued at about $1,356,065,000. JPMorgan Chase & Co. grew its position in shares of Trane Technologies by 10.2% during the third 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 in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Trane Technologies by 229.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,752,551 shares of the company’s stock valued at $766,583,000 after purchasing an additional 1,220,388 shares during the period. Corient Private Wealth LLC raised its stake in Trane Technologies by 135.4% during the 2nd 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. Finally, Lazard Asset Management LLC lifted its holdings in Trane Technologies by 40.2% in the 2nd quarter. Lazard Asset Management LLC now owns 1,135,906 shares of the company’s stock worth $496,855,000 after purchasing an additional 325,853 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TT. Melius Research raised shares of Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 price objective for the company in a report on Wednesday, January 7th. Morgan Stanley lowered their target price on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Royal Bank Of Canada upped their target price on shares of Trane Technologies from $469.00 to $470.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Trane Technologies in a report on Wednesday, January 21st. Finally, UBS Group decreased their price target on shares of Trane Technologies from $544.00 to $520.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Trane Technologies currently has an average rating of “Moderate Buy” and an average target price of $484.67.

Insider Buying and Selling at Trane Technologies

In related news, CAO Elizabeth A. Elwell sold 635 shares of the stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the completion of the transaction, the chief accounting officer owned 7,100 shares of the company’s stock, valued at approximately $3,001,170. This trade represents a 8.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David S. Regnery sold 36,045 shares of Trane Technologies stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the transaction, the chief executive officer owned 96,948 shares of the company’s stock, valued at approximately $40,978,950.12. This represents a 27.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 49,378 shares of company stock valued at $21,228,464. Corporate insiders own 0.14% of the company’s stock.

Trane Technologies Stock Performance

NYSE:TT opened at $410.35 on Friday. The company has a market cap of $90.82 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 2.16 and a beta of 1.19. Trane Technologies plc has a 1 year low of $298.15 and a 1 year high of $479.37. The stock’s 50 day simple moving average is $430.25 and its two-hundred day simple moving average is $417.29. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92.

Trane Technologies (NYSE:TT) last posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.81 by $0.05. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. During the same period last year, the firm posted $2.61 earnings per share. Trane Technologies’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Increases Dividend

The firm also recently disclosed 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. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 6th. This is an increase from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio is 32.36%.

Trane Technologies Company 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.