Janus Henderson Group PLC Decreases Stock Holdings in Trane Technologies plc $TT

Key Points

• Janus Henderson Group PLC cut its Trane Technologies stake by 4.1% in the fourth quarter, selling 71,764 shares and ending with 1,697,481 shares valued at about $660.7 million.
• Several other institutional investors were active in the stock, with Vanguard, State Street, Geode Capital, and others increasing holdings; overall, 82.97% of Trane Technologies is owned by hedge funds and other institutional investors.
• Analysts remain broadly positive on TT, with a Moderate Buy consensus and an average price target of $509.12, while the company also reported stronger-than-expected quarterly earnings and revenue and announced a quarterly dividend of $1.05 per share.

Janus Henderson Group PLC trimmed its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,697,481 shares of the company's stock after selling 71,764 shares during the period. Janus Henderson Group PLC owned approximately 0.77% of Trane Technologies worth $660,680,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Trane Technologies by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock valued at $7,791,909,000 after buying an additional 192,270 shares during the last quarter. State Street Corp increased its stake in shares of Trane Technologies by 0.6% in the fourth quarter. State Street Corp now owns 10,113,123 shares of the company's stock worth $3,936,034,000 after purchasing an additional 61,393 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Trane Technologies by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,071,072 shares of the company's stock worth $1,964,896,000 after purchasing an additional 14,179 shares in the last quarter. Norges Bank purchased a new stake in shares of Trane Technologies in the fourth quarter worth $1,163,124,000. Finally, Nordea Investment Management AB increased its stake in shares of Trane Technologies by 2.9% in the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after purchasing an additional 72,998 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TT. Evercore began coverage on shares of Trane Technologies in a research note on Monday, April 13th. They issued an "outperform" rating and a $535.00 price objective for the company. JPMorgan Chase & Co. increased their price objective 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. Royal Bank Of Canada increased their price objective 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. 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 report on Friday, May 1st. Finally, KeyCorp upped their target price on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $509.12.

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 shares were sold at an average price of $500.00, for a total value of $2,296,500.00. Following the sale, the insider owned 3,819 shares of the company's stock, valued at approximately $1,909,500. This represents a 54.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 on Wednesday, April 8th. The shares were 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 directly owned 60,576 shares in the company, valued at approximately $27,259,200. This represents a 12.46% decrease in their position. The SEC filing for this sale provides additional information. 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 0.6%

Shares of TT opened at $472.61 on Thursday. Trane Technologies plc has a twelve month low of $348.06 and a twelve month high of $503.47. The company has a market cap of $104.47 billion, a P/E ratio of 36.55, a P/E/G ratio of 2.19 and a beta of 1.20. 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 company's fifty day simple moving average is $466.16 and its 200-day simple moving average is $434.44.

Trane Technologies (NYSE:TT - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.81 billion. During the same quarter in the prior year, the firm posted $2.45 earnings per share. The business's revenue for the quarter was up 6.0% on a year-over-year basis. As a group, analysts expect that Trane Technologies plc will post 14.88 EPS for the current year.

Trane Technologies Announces Dividend

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

Trane Technologies Company Profile

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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