QRG Capital Management Inc. Boosts Stock Position in Trane Technologies plc $TT

QRG Capital Management Inc. increased its stake in Trane Technologies plc (NYSE:TT) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,201 shares of the company’s stock after purchasing an additional 1,887 shares during the quarter. QRG Capital Management Inc.’s holdings in Trane Technologies were worth $23,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TT. Norges Bank purchased a new position in Trane Technologies during the 4th quarter valued at about $1,163,124,000. Capital International Investors purchased a new stake in shares of Trane Technologies during the fourth quarter worth $324,639,000. Corient Private Wealth LLC boosted its position in Trane Technologies by 135.4% during the second 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 last quarter. SG Americas Securities LLC grew its stake in Trane Technologies by 13,460.8% in the fourth quarter. SG Americas Securities LLC now owns 423,504 shares of the company’s stock valued at $164,828,000 after purchasing an additional 420,381 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in Trane Technologies in the fourth quarter valued at about $132,124,000. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Price Performance

Shares of NYSE:TT opened at $477.76 on Friday. The stock has a market capitalization of $105.61 billion, a P/E ratio of 36.95, a P/E/G ratio of 2.20 and a beta of 1.19. The business has a 50-day moving average of $470.69 and a two-hundred day moving average of $440.93. Trane Technologies plc has a fifty-two week low of $348.06 and a fifty-two week high of $505.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77.

Trane Technologies (NYSE:TT) last issued its quarterly earnings data 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 business had revenue of $4.97 billion for the quarter, compared to the consensus estimate of $4.81 billion. During the same period last year, the business earned $2.45 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. On average, equities research analysts predict that Trane Technologies plc will post 14.9 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 4th will be given a $1.05 dividend. The ex-dividend date of this dividend is Friday, September 4th. 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 currently 32.48%.

Insider Buying and Selling

In other news, CFO Christopher J. Kuehn sold 8,619 shares of the business’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 directly owned 60,576 shares in the company, valued at approximately $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares of the company’s stock, valued at approximately $1,909,500. This represents a 54.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TT. Evercore started coverage on Trane Technologies in a research note on Monday, April 13th. They set an “outperform” rating and a $535.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Trane Technologies from $460.00 to $476.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. KeyCorp raised their price objective 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 lifted their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, Citigroup boosted their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $509.12.

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.