First Trust Advisors LP Grows Stock Holdings in Trane Technologies plc $TT

Key Points

• First Trust Advisors LP sharply increased its stake in Trane Technologies, boosting holdings by 536.6% in the first quarter to 532,138 shares valued at about $221.8 million.
• Trane Technologies reported better-than-expected quarterly results, posting EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion versus expectations of $4.81 billion.
• The company also announced a quarterly dividend of $1.05 per share, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $516.67.

First Trust Advisors LP lifted its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 536.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 532,138 shares of the company's stock after purchasing an additional 448,547 shares during the period. First Trust Advisors LP owned 0.24% of Trane Technologies worth $221,763,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Westpac Banking Corp grew its holdings in Trane Technologies by 41.4% in the 1st quarter. Westpac Banking Corp now owns 485 shares of the company's stock valued at $202,000 after buying an additional 142 shares in the last quarter. Rit Capital Partners PLC acquired a new stake in shares of Trane Technologies in the 1st quarter worth $21,715,000. ABN Amro Investment Solutions purchased a new position in shares of Trane Technologies during the 1st quarter worth $71,443,000. Oslo Pensjonsforsikring AS purchased a new position in Trane Technologies during the first quarter worth about $246,000. Finally, HORAN Wealth LLC lifted its holdings in Trane Technologies by 0.4% in the first quarter. HORAN Wealth LLC now owns 17,069 shares of the company's stock valued at $7,079,000 after acquiring an additional 61 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Stock Up 0.9%

Shares of TT opened at $474.20 on Thursday. The company's 50-day simple moving average is $469.85 and its 200-day simple moving average is $449.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $505.87. The stock has a market capitalization of $104.82 billion, a PE ratio of 36.67, a P/E/G ratio of 2.16 and a beta of 1.19.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.10. The firm had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The business's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.45 earnings per share. Analysts forecast that Trane Technologies plc will post 14.89 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TT. Evercore assumed coverage on shares of Trane Technologies in a research note on Monday, April 13th. They set an "outperform" rating and a $535.00 target price for the company. Citigroup upped their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Barclays increased their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. BNP Paribas Exane assumed coverage on shares of Trane Technologies in a report on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price for the company. Finally, KeyCorp boosted their target price on Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $516.67.

Insider Buying and Selling at Trane Technologies

In other news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction 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 sale, the insider directly owned 3,819 shares in the company, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.43% 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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