Peapack Gladstone Financial Corp Has $31.15 Million Stock Position in Trane Technologies plc $TT

Peapack Gladstone Financial Corp decreased its stake in Trane Technologies plc (NYSE:TT) by 1.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,031 shares of the company’s stock after selling 1,313 shares during the period. Peapack Gladstone Financial Corp’s holdings in Trane Technologies were worth $31,148,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Waterloo Capital L.P. lifted its position in Trane Technologies by 3.8% in the fourth quarter. Waterloo Capital L.P. now owns 2,094 shares of the company’s stock worth $815,000 after purchasing an additional 77 shares during the period. Verity & Verity LLC lifted its position in Trane Technologies by 76.6% in the fourth quarter. Verity & Verity LLC now owns 1,499 shares of the company’s stock worth $583,000 after purchasing an additional 650 shares during the period. Essex Financial Services Inc. lifted its position in Trane Technologies by 11.7% in the fourth quarter. Essex Financial Services Inc. now owns 3,576 shares of the company’s stock worth $1,392,000 after purchasing an additional 374 shares during the period. Bearing Point Capital LLC lifted its position in Trane Technologies by 12.3% in the fourth quarter. Bearing Point Capital LLC now owns 16,983 shares of the company’s stock worth $6,610,000 after purchasing an additional 1,862 shares during the period. Finally, Guinness Atkinson Asset Management Inc lifted its position in Trane Technologies by 3.1% in the fourth quarter. Guinness Atkinson Asset Management Inc now owns 2,226 shares of the company’s stock worth $877,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, insider Donald E. Simmons sold 4,593 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the sale, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total value of $3,878,550.00. Following the completion of the sale, the chief financial officer owned 60,576 shares of the company’s stock, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 53,654 shares of company stock valued at $23,269,523. 0.43% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Evercore assumed coverage on Trane Technologies in a research report on Monday, April 13th. They issued an “outperform” rating and a $535.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Trane Technologies in a research report on Monday, April 20th. BNP Paribas Exane assumed coverage on Trane Technologies in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $550.00 target price for the company. Citigroup raised their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Finally, Barclays raised their target price on Trane Technologies from $507.00 to $585.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Trane Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $506.56.

Trane Technologies Stock Up 0.1%

Shares of NYSE TT opened at $451.68 on Monday. The stock has a market cap of $99.84 billion, a PE ratio of 34.93, a PEG ratio of 2.08 and a beta of 1.20. The business has a fifty day moving average of $455.43 and a two-hundred day moving average of $430.02. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $503.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10.

Trane Technologies (NYSE:TT) last announced its earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The company had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. During the same period last year, the company posted $2.45 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts expect that Trane Technologies plc will post 14.88 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be paid a $1.05 dividend. The ex-dividend date is Friday, June 5th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. Trane Technologies’s dividend payout ratio (DPR) is 32.48%.

About Trane Technologies

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.