Employees Provident Fund Board Takes Position in Trane Technologies plc $TT

Key Points

• Employees Provident Fund Board opened a new position in Trane Technologies, buying 49,000 shares worth about $19.1 million in the fourth quarter.
• Trane Technologies reported better-than-expected earnings for the latest quarter, with EPS of $2.63 on revenue of $4.97 billion, both above analyst estimates.
• The company also announced a quarterly dividend of $1.05 per share, and analysts remain broadly constructive with a Moderate Buy consensus and a target price around $509.12.

Employees Provident Fund Board acquired a new position in shares of Trane Technologies plc (NYSE:TT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 49,000 shares of the company's stock, valued at approximately $19,071,000.

Other institutional investors have also recently made changes to their positions in the company. Fiduciary Family Office LLC grew its holdings in shares of Trane Technologies by 1.5% in the fourth quarter. Fiduciary Family Office LLC now owns 1,573 shares of the company's stock valued at $612,000 after acquiring an additional 23 shares in the last quarter. Foster Dykema Cabot & Partners LLC grew its stake in Trane Technologies by 10.6% in the 4th quarter. Foster Dykema Cabot & Partners LLC now owns 239 shares of the company's stock valued at $93,000 after buying an additional 23 shares in the last quarter. Bridgewater Advisors Inc. grew its position in shares of Trane Technologies by 3.7% in the third quarter. Bridgewater Advisors Inc. now owns 670 shares of the company's stock valued at $285,000 after purchasing an additional 24 shares in the last quarter. West Family Investments Inc. increased its position in shares of Trane Technologies by 2.3% during the third quarter. West Family Investments Inc. now owns 1,072 shares of the company's stock valued at $452,000 after buying an additional 24 shares during the period. Finally, Cresset Asset Management LLC increased its holdings in Trane Technologies by 0.3% during the 3rd quarter. Cresset Asset Management LLC now owns 7,012 shares of the company's stock worth $2,959,000 after acquiring an additional 24 shares during the period. Institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction 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 $27,259,200. The trade was a 12.46% 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.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TT. JPMorgan Chase & Co. upped 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. Royal Bank Of Canada increased their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. KeyCorp increased their price target 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. Sanford C. Bernstein assumed coverage on shares of Trane Technologies in a report on Tuesday, June 9th. They issued an "outperform" rating and a $550.00 price target on the stock. Finally, Barclays lifted their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Trane Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $509.12.

Trane Technologies Stock Performance

NYSE TT opened at $483.88 on Friday. The firm has a market cap of $106.96 billion, a price-to-earnings ratio of 37.42, a price-to-earnings-growth ratio of 2.23 and a beta of 1.20. Trane Technologies plc has a twelve month low of $348.06 and a twelve month high of $503.47. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $467.88 and a 200-day moving average price of $435.22.

Trane Technologies (NYSE:TT - Get Free Report) last issued its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) 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 firm had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. During the same period in the previous year, the firm posted $2.45 earnings per share. The business's revenue was up 6.0% compared to the same quarter last year. As a group, equities research analysts predict that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently declared 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 (DPR) is currently 32.48%.

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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