KLP Kapitalforvaltning AS Grows Stock Position in Trane Technologies plc (NYSE:TT)

KLP Kapitalforvaltning AS lifted its position in Trane Technologies plc (NYSE:TT - Free Report) by 0.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,183 shares of the company's stock after purchasing an additional 1,000 shares during the quarter. KLP Kapitalforvaltning AS owned 0.05% of Trane Technologies worth $38,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of TT. Vanguard Group Inc. grew its position in Trane Technologies by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 19,235,570 shares of the company's stock worth $7,104,658,000 after acquiring an additional 152,353 shares during the last quarter. Geode Capital Management LLC lifted its position in Trane Technologies by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 4,775,263 shares of the company's stock worth $1,760,549,000 after buying an additional 136,349 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Trane Technologies by 4.1% in the fourth quarter. Ameriprise Financial Inc. now owns 3,343,390 shares of the company's stock valued at $1,234,908,000 after acquiring an additional 130,867 shares during the last quarter. Norges Bank bought a new position in shares of Trane Technologies in the 4th quarter valued at about $1,117,816,000. Finally, Northern Trust Corp raised its stake in Trane Technologies by 20.1% in the fourth quarter. Northern Trust Corp now owns 2,567,527 shares of the company's stock valued at $948,316,000 after buying an additional 429,953 shares during the period. Institutional investors own 82.97% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group increased their price objective on Trane Technologies from $470.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Hsbc Global Res raised shares of Trane Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. HSBC raised Trane Technologies from a "hold" rating to a "buy" rating and upped their target price for the stock from $405.00 to $415.00 in a report on Friday, April 25th. Robert W. Baird lifted their price target on shares of Trane Technologies from $396.00 to $450.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays lifted their price objective on Trane Technologies from $476.00 to $480.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Trane Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $441.40.

Trane Technologies Stock Performance

Shares of NYSE:TT traded up $9.83 during midday trading on Friday, reaching $471.56. 571,917 shares of the company traded hands, compared to its average volume of 1,472,796. The firm's fifty day moving average price is $432.30 and its two-hundred day moving average price is $385.60. Trane Technologies plc has a 12 month low of $298.15 and a 12 month high of $471.76. The firm has a market capitalization of $105.17 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 2.99 and a beta of 1.15. The company has a quick ratio of 0.74, a current ratio of 1.09 and a debt-to-equity ratio of 0.52.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.25. Trane Technologies had a net margin of 13.47% and a return on equity of 36.10%. The company had revenue of $4.69 billion for the quarter, compared to analysts' expectations of $4.46 billion. During the same period in the prior year, the business earned $1.94 earnings per share. Trane Technologies's revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities analysts expect that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 5th will be given a $0.94 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.76 annualized dividend and a yield of 0.80%. Trane Technologies's dividend payout ratio (DPR) is presently 31.28%.

Insider Buying and Selling

In related news, insider Donald E. Simmons sold 3,571 shares of the firm's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the transaction, the insider directly owned 3,593 shares of the company's stock, valued at approximately $1,365,340. This trade represents a 49.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.38% of the stock is currently owned by corporate insiders.

Trane Technologies Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.