2,988,500 Shares in Trane Technologies plc $TT Bought by Norges Bank

Key Points

• Norges Bank opened a new position in Trane Technologies, buying 2,988,500 shares worth about $1.16 billion in the fourth quarter and taking about 1.35% ownership of the company.
• Trane Technologies reported strong quarterly results, with EPS of $2.63 beating estimates and revenue of $4.97 billion topping expectations, while revenue rose 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, and analysts remain generally positive, with a consensus rating of Moderate Buy and an average target price of $506.56.

Norges Bank purchased a new position in Trane Technologies plc (NYSE:TT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,988,500 shares of the company's stock, valued at approximately $1,163,124,000. Norges Bank owned about 1.35% of Trane Technologies as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Bridgewater Advisors Inc. lifted its position in Trane Technologies by 3.7% in the third quarter. Bridgewater Advisors Inc. now owns 670 shares of the company's stock worth $285,000 after buying an additional 24 shares during the last quarter. West Family Investments Inc. lifted its position in Trane Technologies by 2.3% in the third quarter. West Family Investments Inc. now owns 1,072 shares of the company's stock worth $452,000 after buying an additional 24 shares during the last quarter. Cresset Asset Management LLC lifted its position in Trane Technologies by 0.3% in the third quarter. Cresset Asset Management LLC now owns 7,012 shares of the company's stock worth $2,959,000 after buying an additional 24 shares during the last quarter. Bryn Mawr Trust Advisors LLC lifted its position in Trane Technologies by 1.2% in the fourth quarter. Bryn Mawr Trust Advisors LLC now owns 2,112 shares of the company's stock worth $822,000 after buying an additional 25 shares during the last quarter. Finally, HCR Wealth Advisors lifted its position in Trane Technologies by 3.7% in the fourth quarter. HCR Wealth Advisors now owns 721 shares of the company's stock worth $281,000 after buying an additional 26 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Transactions at Trane Technologies

In other Trane Technologies news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David S. Regnery sold 36,045 shares of Trane Technologies stock in a transaction dated Friday, March 6th. The shares were 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 owned 96,948 shares in the company, valued at $40,978,950.12. This trade represents a 27.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 53,654 shares of company stock worth $23,269,523. Corporate insiders own 0.14% of the company's stock.

Trane Technologies Stock Performance

Shares of Trane Technologies stock opened at $451.68 on Friday. The firm has a market cap of $99.84 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.08 and a beta of 1.25. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $503.47. The stock's fifty day moving average price is $455.43 and its 200-day moving average price is $430.04.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $2.53 by $0.10. The firm had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business's revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.45 earnings per share. On average, 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be paid a dividend of $1.05 per share. The ex-dividend date is Friday, June 5th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio (DPR) is currently 32.48%.

Analyst Ratings Changes

TT has been the subject of a number of analyst reports. Citigroup raised their price target on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Barclays increased their target price on Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. JPMorgan Chase & Co. increased their target price on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. Finally, BNP Paribas Exane initiated coverage on Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price on the stock. One equities 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $506.56.

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.

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