Franklin Resources Inc. Purchases 318,458 Shares of Trane Technologies plc $TT

Key Points

• Franklin Resources increased its Trane Technologies stake by 17.5% in the fourth quarter, buying 318,458 additional shares and bringing its holdings to 2.14 million shares worth about $831 million.
• Trane Technologies reported strong quarterly results, posting EPS of $2.63 versus expectations of $2.53 and revenue of $4.97 billion, up 6% year over year.
• The company also declared a quarterly dividend of $1.05 per share, while analysts remain generally positive with a Moderate Buy consensus and an average price target of $506.56.

Franklin Resources Inc. lifted its position in Trane Technologies plc (NYSE:TT - Free Report) by 17.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,135,250 shares of the company's stock after buying an additional 318,458 shares during the period. Franklin Resources Inc. owned about 0.96% of Trane Technologies worth $831,042,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in TT. Brighton Jones LLC increased its position in shares of Trane Technologies by 60.0% in the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock valued at $2,288,000 after buying an additional 2,323 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in Trane Technologies by 22.4% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock worth $728,000 after purchasing an additional 305 shares during the period. Schnieders Capital Management LLC. acquired a new position in Trane Technologies in the 2nd quarter worth $227,000. Nebula Research & Development LLC boosted its stake in Trane Technologies by 178.0% in the 2nd quarter. Nebula Research & Development LLC now owns 2,371 shares of the company's stock worth $1,037,000 after purchasing an additional 1,518 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in Trane Technologies by 0.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 104,140 shares of the company's stock worth $45,552,000 after purchasing an additional 497 shares during the period. Institutional investors own 82.97% of the company's stock.

Insider Transactions at Trane Technologies

In other news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the transaction, the insider directly owned 3,819 shares in the company, valued at $1,909,500. This represents a 54.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 dated Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This represents 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. Corporate insiders own 0.43% of the company's stock.

Trane Technologies Trading Down 0.1%

Trane Technologies stock opened at $456.51 on Monday. The firm has a 50-day moving average of $458.85 and a 200-day moving average of $431.46. Trane Technologies plc has a one year low of $348.06 and a one year high of $503.47. 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 $100.91 billion, a price-to-earnings ratio of 35.31, a P/E/G ratio of 2.10 and a beta of 1.20.

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. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company 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 business posted $2.45 EPS. The company's quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts expect that Trane Technologies plc will post 14.88 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TT shares. Barclays upped their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Evercore started coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an "outperform" rating and a $535.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. BNP Paribas Exane started coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price for the company. Finally, Royal Bank Of Canada upped their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $506.56.

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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