Delta Global Management LP Acquires New Shares in Trane Technologies plc $TT

Key Points

• Delta Global Management opened a new position in Trane Technologies, buying 5,866 shares worth about $2.28 million in the fourth quarter.
• Institutional ownership remains very high, with several large investors adding to or starting stakes; the article says 82.97% of Trane Technologies is owned by institutional investors.
• Trane Technologies posted better-than-expected Q1 results, with EPS of $2.63 beating estimates and revenue of $4.97 billion topping forecasts, while analysts maintain a Moderate Buy consensus and an average target price of $509.12.

Delta Global Management LP acquired a new stake in Trane Technologies plc (NYSE:TT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,866 shares of the company's stock, valued at approximately $2,283,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in TT. Norges Bank bought a new stake in shares of Trane Technologies in the fourth quarter valued at about $1,163,124,000. JPMorgan Chase & Co. grew its stake in shares of Trane Technologies by 10.2% during the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock worth $6,550,975,000 after acquiring an additional 1,433,563 shares during the last quarter. Capital International Investors purchased a new stake in shares of Trane Technologies during the fourth quarter worth about $324,639,000. Corient Private Wealth LLC boosted its position in Trane Technologies by 135.4% in 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 in the last quarter. Finally, SG Americas Securities LLC boosted its position in Trane Technologies by 13,460.8% in the 4th quarter. SG Americas Securities LLC now owns 423,504 shares of the company's stock worth $164,828,000 after purchasing an additional 420,381 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Trane Technologies

In related news, CFO Christopher J. Kuehn sold 8,619 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This represents a 12.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the completion of the transaction, 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. 0.43% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Evercore assumed coverage on Trane Technologies in a research report on Monday, April 13th. They issued an "outperform" rating and a $535.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Royal Bank Of Canada upped their price objective on Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Sanford C. Bernstein assumed coverage on Trane Technologies in a research note on Tuesday, June 9th. They set an "outperform" rating and a $550.00 target price for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $509.12.

Trane Technologies Trading Up 3.1%

Shares of TT stock opened at $472.54 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. The company has a market cap of $104.45 billion, a price-to-earnings ratio of 36.55, a PEG ratio of 2.11 and a beta of 1.20. The stock has a 50 day simple moving average of $464.34 and a 200-day simple moving average of $433.68. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $503.47.

Trane Technologies (NYSE:TT - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $2.63 earnings per share 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 business had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.81 billion. During the same period in the prior year, the company posted $2.45 EPS. The business's quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts expect that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be paid a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. Trane Technologies's dividend payout ratio is currently 32.48%.

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.

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