Envestnet Asset Management Inc. Increases Holdings in Trane Technologies plc (NYSE:TT)

Envestnet Asset Management Inc. lifted its position in Trane Technologies plc (NYSE:TT - Free Report) by 12.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,751 shares of the company's stock after acquiring an additional 36,490 shares during the period. Envestnet Asset Management Inc. owned approximately 0.15% of Trane Technologies worth $112,784,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Trane Technologies by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company's stock worth $7,104,658,000 after buying an additional 152,353 shares during the period. Geode Capital Management LLC grew its stake in shares of Trane Technologies by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company's stock worth $1,760,549,000 after acquiring an additional 136,349 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Trane Technologies by 4.1% during the 4th quarter. Ameriprise Financial Inc. now owns 3,343,390 shares of the company's stock worth $1,234,908,000 after acquiring an additional 130,867 shares in the last quarter. Norges Bank bought a new position in shares of Trane Technologies during the 4th quarter worth approximately $1,117,816,000. Finally, Northern Trust Corp grew its stake in shares of Trane Technologies by 20.1% during the 4th quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock worth $948,316,000 after acquiring an additional 429,953 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TT. HSBC raised shares of Trane Technologies from a "hold" rating to a "buy" rating and raised their price target for the stock from $405.00 to $415.00 in a research note on Friday, April 25th. JPMorgan Chase & Co. boosted their target price on shares of Trane Technologies from $334.00 to $400.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Royal Bank Of Canada boosted their price target on Trane Technologies from $363.00 to $408.00 and gave the company a "sector perform" rating in a research note on Thursday, May 1st. Hsbc Global Res raised Trane Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Wells Fargo & Company boosted their target price on Trane Technologies from $370.00 to $410.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Trane Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $434.00.

Insider Buying and Selling

In related news, insider Donald E. Simmons sold 3,571 shares of the stock in a transaction on 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 sale, the insider directly owned 3,593 shares of the company's stock, valued at approximately $1,365,340. This represents a 49.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.38% of the company's stock.

Trane Technologies Trading Up 0.4%

Shares of Trane Technologies stock traded up $1.73 on Friday, reaching $436.26. 392,833 shares of the company's stock were exchanged, compared to its average volume of 1,331,128. The company has a market capitalization of $97.29 billion, a P/E ratio of 36.30, a price-to-earnings-growth ratio of 2.82 and a beta of 1.15. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $438.95. The firm's 50-day moving average is $425.24 and its two-hundred day moving average is $380.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.74 and a current ratio of 1.09.

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 analysts' consensus estimates of $2.20 by $0.25. Trane Technologies had a return on equity of 36.10% and a net margin of 13.47%. The company had revenue of $4.69 billion for the quarter, compared to analysts' expectations of $4.46 billion. During the same period last year, the business earned $1.94 EPS. Trane Technologies's quarterly revenue was up 11.2% compared to the same quarter last year. Sell-side analysts predict that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Friday, September 5th. Trane Technologies's payout ratio is currently 31.28%.

About Trane Technologies

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.