Fideuram Asset Management Ireland dac Buys Shares of 3,100 Trane Technologies plc $TT

Key Points

• Fideuram Asset Management Ireland dac initiated a new position in Trane Technologies during the fourth quarter, buying 3,100 shares valued at about $1.103 million.
• Trane Technologies posted better-than-expected quarterly results, with EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion versus $4.81 billion expected. Revenue rose 6% year over year.
• The company also announced a quarterly dividend of $1.05 per share, payable June 30, while analysts currently rate the stock Moderate Buy with an average price target of $506.56.

Fideuram Asset Management Ireland dac bought a new stake in Trane Technologies plc (NYSE:TT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,100 shares of the company's stock, valued at approximately $1,103,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Trane Technologies by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock valued at $7,791,909,000 after acquiring an additional 192,270 shares during the last quarter. JPMorgan Chase & Co. grew its position in Trane Technologies by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after acquiring an additional 1,433,563 shares during the last quarter. Geode Capital Management LLC grew its position in Trane Technologies by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company's stock valued at $1,964,896,000 after acquiring an additional 14,179 shares during the last quarter. Nordea Investment Management AB grew its position in Trane Technologies by 2.9% in the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock valued at $1,010,419,000 after acquiring an additional 72,998 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Trane Technologies by 9.2% in the third quarter. Bank of America Corp DE now owns 2,422,690 shares of the company's stock valued at $1,022,278,000 after acquiring an additional 203,766 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Performance

Shares of TT stock opened at $451.68 on Friday. The business's 50-day moving average price is $455.43 and its 200-day moving average price is $430.04. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $99.85 billion, a price-to-earnings ratio of 34.93, a PEG ratio of 2.08 and a beta of 1.25. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $503.47.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. The company had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The firm's quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.45 earnings per share. Equities research analysts forecast that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Trane Technologies's payout ratio is currently 32.48%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. KeyCorp lifted their price target on Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Oppenheimer lifted their price target on Trane Technologies from $460.00 to $468.00 and gave the company an "outperform" rating in a research note on Friday, January 30th. Royal Bank Of Canada lifted their price target on Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research note on Friday, May 1st. BNP Paribas Exane assumed coverage on Trane Technologies in a research note on Tuesday, April 14th. They set an "outperform" rating and a $550.00 price target on the stock. Finally, Wells Fargo & Company lifted their price target on Trane Technologies from $375.00 to $400.00 and gave the company an "underweight" rating in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Trane Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $506.56.

Insider Buying and Selling

In related news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction that occurred 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 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 Trane Technologies stock in a transaction that occurred on Thursday, April 30th. The stock was 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. 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. Insiders sold 53,654 shares of company stock valued at $23,269,523 in the last ninety days. Insiders own 0.14% of the company's stock.

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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