Neo Ivy Capital Management Buys Shares of 4,740 Trane Technologies plc $TT

Neo Ivy Capital Management purchased a new position in shares of Trane Technologies plc (NYSE:TT) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,740 shares of the company’s stock, valued at approximately $2,000,000.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Trane Technologies by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 19,792,410 shares of the company’s stock worth $8,657,398,000 after acquiring an additional 335,634 shares during the last quarter. JPMorgan Chase & Co. raised its stake 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 valued at $6,550,975,000 after acquiring an additional 1,433,563 shares during the last quarter. State Street Corp raised its stake in shares of Trane Technologies by 0.3% during the second quarter. State Street Corp now owns 10,077,267 shares of the company’s stock valued at $4,407,904,000 after acquiring an additional 31,826 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Trane Technologies by 1.1% during the second quarter. Geode Capital Management LLC now owns 4,973,217 shares of the company’s stock worth $2,164,764,000 after purchasing an additional 56,293 shares during the period. Finally, Norges Bank bought a new stake in shares of Trane Technologies in the second quarter worth $1,356,065,000. Institutional investors own 82.97% of the company’s stock.

Trane Technologies Trading Down 3.1%

TT opened at $423.04 on Friday. Trane Technologies plc has a twelve month low of $298.15 and a twelve month high of $479.37. The company has a fifty day moving average of $422.75 and a 200-day moving average of $417.13. The stock has a market cap of $93.63 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 2.30 and a beta of 1.19. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46.

Trane Technologies (NYSE:TT) last released its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 13.69% and a return on equity of 36.34%. Trane Technologies’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.61 earnings per share. On average, sell-side analysts predict that Trane Technologies plc will post 12.83 EPS for the current year.

Trane Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders 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 dividend yield of 1.0%. This is a positive change from Trane Technologies’s previous quarterly dividend of $0.94. Trane Technologies’s dividend payout ratio (DPR) is presently 28.97%.

Insiders Place Their Bets

In related news, CFO Christopher J. Kuehn sold 2,389 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $462.70, for a total transaction 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. This represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Elizabeth A. Elwell sold 137 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $462.48, for a total value of $63,359.76. Following the sale, the chief accounting officer directly owned 7,100 shares of the company’s stock, valued at $3,283,608. This represents a 1.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,936 shares of company stock worth $4,133,991 in the last quarter. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TT shares. Bank of America upgraded Trane Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $490.00 to $550.00 in a report on Thursday, November 13th. Melius Research raised Trane Technologies from a “hold” rating to a “buy” rating and set a $490.00 target price on the stock in a report on Wednesday, January 7th. KeyCorp raised Trane Technologies from a “sector weight” rating to an “overweight” rating and set a $500.00 price target for the company in a research note on Monday, December 15th. Oppenheimer raised their price objective on Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $484.67.

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.