Castleark Management LLC Acquires Shares of 73,090 Trane Technologies plc (NYSE:TT)

Castleark Management LLC bought a new stake in Trane Technologies plc (NYSE:TT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 73,090 shares of the company's stock, valued at approximately $26,996,000. Trane Technologies accounts for 0.9% of Castleark Management LLC's portfolio, making the stock its 22nd biggest position.

A number of other institutional investors also recently modified their holdings of TT. Ritholtz Wealth Management boosted its position in shares of Trane Technologies by 5.8% in the fourth quarter. Ritholtz Wealth Management now owns 1,297 shares of the company's stock valued at $479,000 after acquiring an additional 71 shares during the period. Merit Financial Group LLC lifted its position in Trane Technologies by 67.2% during the fourth quarter. Merit Financial Group LLC now owns 4,170 shares of the company's stock worth $1,540,000 after purchasing an additional 1,676 shares during the period. Arkadios Wealth Advisors bought a new stake in Trane Technologies during the fourth quarter worth about $331,000. Ameritas Advisory Services LLC bought a new stake in Trane Technologies during the fourth quarter worth about $468,000. Finally, Diversify Advisory Services LLC lifted its position in Trane Technologies by 49.9% during the fourth quarter. Diversify Advisory Services LLC now owns 1,505 shares of the company's stock worth $567,000 after purchasing an additional 501 shares during the period. Institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other news, insider Donald E. Simmons sold 3,571 shares of Trane Technologies stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total value of $1,356,980.00. Following the completion of the transaction, the insider now directly owns 3,593 shares of the company's stock, valued at approximately $1,365,340. This trade represents a 49.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.38% of the company's stock.

Trane Technologies Trading Down 0.1%

NYSE TT traded down $0.55 during trading hours on Friday, reaching $423.71. The company's stock had a trading volume of 1,033,578 shares, compared to its average volume of 1,351,524. The firm has a fifty day simple moving average of $366.28 and a 200-day simple moving average of $375.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.21 and a quick ratio of 0.88. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $433.60. The stock has a market cap of $94.50 billion, a P/E ratio of 37.66, a P/E/G ratio of 2.50 and a beta of 1.14.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.25. Trane Technologies had a net margin of 12.94% and a return on equity of 35.37%. The firm had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter last year, the firm earned $1.94 earnings per share. The company's revenue for the quarter was up 11.2% on a year-over-year basis. Equities analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Friday, June 6th. Trane Technologies's payout ratio is presently 31.28%.

Analysts Set New Price Targets

Several research firms recently weighed in on TT. Barclays cut their price objective on shares of Trane Technologies from $500.00 to $475.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Robert W. Baird upped their price objective on shares of Trane Technologies from $360.00 to $396.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. UBS Group upped their price objective on shares of Trane Technologies from $470.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday. Citigroup increased their target price on shares of Trane Technologies from $415.00 to $445.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Wells Fargo & Company increased their target price on shares of Trane Technologies from $330.00 to $370.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Trane Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $427.47.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.