DAVENPORT & Co LLC Boosts Stock Position in Trane Technologies plc (NYSE:TT)

DAVENPORT & Co LLC boosted its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 687.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 216,679 shares of the company's stock after purchasing an additional 189,176 shares during the period. DAVENPORT & Co LLC owned approximately 0.10% of Trane Technologies worth $72,773,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Summit Trail Advisors LLC raised its holdings in Trane Technologies by 17.3% during the 1st quarter. Summit Trail Advisors LLC now owns 5,508 shares of the company's stock valued at $1,856,000 after buying an additional 813 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Trane Technologies by 3.0% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 61,921 shares of the company's stock valued at $20,862,000 after purchasing an additional 1,785 shares during the period. Smith Group Asset Management LLC raised its holdings in Trane Technologies by 1.2% in the 1st quarter. Smith Group Asset Management LLC now owns 2,610 shares of the company's stock worth $879,000 after purchasing an additional 30 shares in the last quarter. RKL Wealth Management LLC lifted its position in shares of Trane Technologies by 0.4% in the 1st quarter. RKL Wealth Management LLC now owns 9,422 shares of the company's stock worth $3,174,000 after purchasing an additional 37 shares during the period. Finally, Mather Group LLC. boosted its stake in shares of Trane Technologies by 16.8% during the 1st quarter. Mather Group LLC. now owns 1,089 shares of the company's stock valued at $367,000 after purchasing an additional 157 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a research note on Tuesday. UBS Group raised their target price on Trane Technologies from $470.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Barclays reduced their price target on Trane Technologies from $500.00 to $475.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. increased their price objective on Trane Technologies from $334.00 to $400.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Citigroup upped their target price on shares of Trane Technologies from $415.00 to $445.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, seven have issued 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $430.13.

Insider Transactions at Trane Technologies

In other news, insider Donald E. Simmons sold 3,571 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the completion of the sale, the insider owned 3,593 shares of the company's stock, valued at $1,365,340. This represents a 49.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.38% of the company's stock.

Trane Technologies Stock Performance

Shares of NYSE TT traded down $1.52 during trading on Wednesday, reaching $432.65. 917,449 shares of the company traded hands, compared to its average volume of 1,332,659. The firm has a 50 day simple moving average of $414.61 and a 200-day simple moving average of $378.27. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $448.08. The stock has a market capitalization of $96.49 billion, a PE ratio of 35.99, a P/E/G ratio of 2.87 and a beta of 1.15. The company has a quick ratio of 0.74, a current ratio of 1.09 and a debt-to-equity ratio of 0.52.

Trane Technologies (NYSE:TT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.25. The company had revenue of $4.69 billion for the quarter, compared to analysts' expectations of $4.46 billion. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. The firm's quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the company posted $1.94 earnings per share. Equities research analysts anticipate that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Friday, September 5th. Trane Technologies's dividend payout ratio is 31.28%.

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.