NEOS Investment Management LLC Raises Position in Trane Technologies plc $TT

NEOS Investment Management LLC grew its stake in Trane Technologies plc (NYSE:TT) by 54.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,638 shares of the company’s stock after purchasing an additional 9,417 shares during the period. NEOS Investment Management LLC’s holdings in Trane Technologies were worth $11,240,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of TT. Ethic Inc. grew its position in Trane Technologies by 6.6% in the 2nd quarter. Ethic Inc. now owns 26,836 shares of the company’s stock valued at $11,601,000 after acquiring an additional 1,672 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Trane Technologies during the third quarter valued at $6,571,000. Nordea Investment Management AB increased its stake in Trane Technologies by 2.4% in the 3rd quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company’s stock worth $1,051,049,000 after buying an additional 57,774 shares during the period. Boston Common Asset Management LLC bought a new stake in Trane Technologies during the 3rd quarter valued at about $9,546,000. Finally, Compass Wealth Management LLC grew its stake in Trane Technologies by 3,785.4% in the 3rd quarter. Compass Wealth Management LLC now owns 27,198 shares of the company’s stock worth $11,476,000 after acquiring an additional 26,498 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity at Trane Technologies

In other Trane Technologies news, CFO Christopher J. Kuehn sold 2,389 shares of Trane Technologies 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 completion of the sale, the chief financial officer owned 60,486 shares of the company’s stock, valued at approximately $27,986,872.20. The trade was a 3.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David S. Regnery sold 5,588 shares of the stock in a transaction dated 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 $44,848,144.80. This represents a 5.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,936 shares of company stock valued at $4,133,991 over the last 90 days. Company insiders own 0.14% of the company’s stock.

Trane Technologies Trading Up 1.0%

NYSE:TT opened at $470.10 on Wednesday. The firm has a 50 day moving average of $406.69 and a 200 day moving average of $414.72. 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 plc has a 52 week low of $298.15 and a 52 week high of $479.37. The stock has a market capitalization of $104.05 billion, a price-to-earnings ratio of 36.22, a PEG ratio of 2.45 and a beta of 1.21.

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

Trane Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. 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 payout ratio is 28.97%.

Analyst Ratings Changes

Several analysts have recently weighed in on TT shares. Bank of America raised shares of Trane Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $490.00 to $550.00 in a research note on Thursday, November 13th. Morgan Stanley lowered their target price on Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Oppenheimer raised their price target on Trane Technologies from $460.00 to $468.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. upped their price objective on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Finally, Royal Bank Of Canada raised their target price on shares of Trane Technologies from $469.00 to $470.00 and gave the company a “sector perform” rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Trane Technologies presently has a consensus rating of “Moderate Buy” and an average 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.