Provident Investment Management Inc. Has $25.88 Million Stock Position in Trane Technologies plc $TT

Provident Investment Management Inc. increased its position in shares of Trane Technologies plc (NYSE:TT) by 3.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,488 shares of the company’s stock after acquiring an additional 2,444 shares during the quarter. Trane Technologies accounts for about 2.4% of Provident Investment Management Inc.’s holdings, making the stock its 20th largest position. Provident Investment Management Inc.’s holdings in Trane Technologies were worth $25,877,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TT. JPMorgan Chase & Co. increased its holdings in shares of Trane Technologies by 10.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company’s stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the period. Corient Private Wealth LLC increased its stake in shares of Trane Technologies by 135.4% during the 2nd quarter. Corient Private Wealth LLC now owns 735,589 shares of the company’s stock worth $321,757,000 after purchasing an additional 423,090 shares during the last quarter. SG Americas Securities LLC increased its position in Trane Technologies by 13,460.8% during the fourth quarter. SG Americas Securities LLC now owns 423,504 shares of the company’s stock worth $164,828,000 after buying an additional 420,381 shares during the last quarter. Credit Agricole S A acquired a new position in shares of Trane Technologies during the 3rd quarter valued at about $118,129,000. Finally, Danske Bank A S bought a new position in shares of Trane Technologies in the third quarter valued at approximately $88,959,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO David S. Regnery sold 36,045 shares of the business’s stock in a transaction that occurred on 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 directly owned 96,948 shares in the company, valued at approximately $40,978,950.12. The trade was a 27.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Christopher J. Kuehn sold 8,619 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the transaction, the chief financial officer owned 60,576 shares of the company’s stock, valued at $27,259,200. This trade represents a 12.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 53,654 shares of company stock worth $23,269,523. Company insiders own 0.14% of the company’s stock.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $476.26 on Tuesday. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $503.47. The firm has a fifty day moving average of $448.82 and a two-hundred day moving average of $427.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. The stock has a market capitalization of $105.28 billion, a price-to-earnings ratio of 36.83, a PEG ratio of 2.15 and a beta of 1.25.

Trane Technologies (NYSE:TT) last posted its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the company earned $2.45 EPS. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, equities research analysts predict that Trane Technologies plc will post 14.87 EPS for the current year.

Trane Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TT shares. Oppenheimer lifted their price objective on Trane Technologies from $460.00 to $468.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. KeyCorp lifted their target price on shares of Trane Technologies from $525.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Barclays upped their price target on Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Morgan Stanley dropped their price objective on shares of Trane Technologies from $550.00 to $535.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Finally, Royal Bank Of Canada raised their target price on Trane Technologies from $440.00 to $501.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. One research 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $505.56.

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.