Goldman Sachs Group Inc. Boosts Stock Holdings in Trane Technologies plc $TT

Key Points

• Goldman Sachs increased its stake in Trane Technologies by 4.4% in the fourth quarter, buying an additional 72,135 shares and bringing its total holding to 1.7 million shares worth about $661 million.
• Trane Technologies beat Q1 earnings expectations, reporting $2.63 EPS versus $2.53 expected and revenue of $4.97 billion versus $4.81 billion estimated. Revenue rose 6% year over year, and analysts now expect full-year EPS of 14.88.
• The company announced a quarterly dividend of $1.05 per share, payable June 30, for an annualized yield of about 0.9%. Meanwhile, Wall Street remains broadly positive, with a consensus rating of “Moderate Buy” and an average target price of $506.56.

Goldman Sachs Group Inc. raised its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 4.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,698,166 shares of the company's stock after buying an additional 72,135 shares during the period. Goldman Sachs Group Inc. owned about 0.77% of Trane Technologies worth $660,926,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tucker Asset Management LLC purchased a new stake in Trane Technologies during the fourth quarter valued at about $25,000. United Community Bank boosted its holdings in shares of Trane Technologies by 134.4% during the third quarter. United Community Bank now owns 75 shares of the company's stock worth $32,000 after purchasing an additional 43 shares during the period. JPL Wealth Management LLC purchased a new stake in shares of Trane Technologies during the third quarter worth about $32,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of Trane Technologies by 119.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company's stock worth $35,000 after purchasing an additional 49 shares during the period. Finally, KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Trane Technologies during the third quarter worth about $42,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Stock Performance

Shares of TT opened at $465.72 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. Trane Technologies plc has a one year low of $348.06 and a one year high of $503.47. The company has a 50-day simple moving average of $457.72 and a two-hundred day simple moving average of $430.83. The firm has a market capitalization of $102.95 billion, a PE ratio of 36.02, a price-to-earnings-growth ratio of 2.11 and a beta of 1.20.

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

Trane Technologies Announces Dividend

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

Insider Activity at Trane Technologies

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 635 shares of the firm's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the completion of the sale, the chief accounting officer directly owned 7,100 shares in the company, valued at $3,001,170. This trade represents a 8.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Christopher J. Kuehn sold 8,619 shares of the firm's 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 completion of the sale, the chief financial officer owned 60,576 shares of the company's stock, valued at $27,259,200. This trade represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 53,654 shares of company stock valued at $23,269,523. 0.43% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TT shares. JPMorgan Chase & Co. increased their target price on shares of Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Barclays increased their target price on shares of Trane Technologies from $507.00 to $585.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Evercore started coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 target price for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a report on Monday, April 20th. Finally, BNP Paribas Exane started coverage on shares of Trane Technologies in a report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Trane Technologies has an average rating of "Moderate Buy" and a consensus target price 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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