Legal & General Group Plc Boosts Holdings in Trane Technologies plc $TT

Key Points

• Legal & General Group Plc increased its stake in Trane Technologies by 2.4% to 1,880,221 shares—about 0.85% of the company, valued at roughly $793.4 million at quarter-end.
• Insider selling has been notable: Donald E. Simmons sold 3,762 shares and CAO Elizabeth Elwell sold 635 shares on March 6, and insiders have sold 49,378 shares worth about $21.23 million over the last 90 days (insiders now own 0.14%).
• Trane beat the quarter (EPS $2.86 vs. $2.81; revenue $5.14B vs. $5.09B) and raised its quarterly dividend to $1.05 (annualized $4.20; ex-dividend Mar 6; yield ~1.0%).

Legal & General Group Plc increased its position in Trane Technologies plc (NYSE:TT - Free Report) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,880,221 shares of the company's stock after purchasing an additional 44,243 shares during the period. Legal & General Group Plc owned approximately 0.85% of Trane Technologies worth $793,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TT. Icon Advisers Inc. Co. purchased a new position in Trane Technologies in the 2nd quarter worth approximately $26,000. Financial Consulate Inc. purchased a new position in shares of Trane Technologies in the third quarter worth $25,000. United Community Bank lifted 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 valued at $32,000 after purchasing an additional 43 shares in the last quarter. Halbert Hargrove Global Advisors LLC boosted its position in shares of Trane Technologies by 34.2% during the third quarter. Halbert Hargrove Global Advisors LLC now owns 102 shares of the company's stock valued at $43,000 after buying an additional 26 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in Trane Technologies by 58.2% in the 3rd quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock worth $45,000 after buying an additional 39 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Activity

In related news, insider Donald E. Simmons sold 3,762 shares of Trane Technologies stock in a transaction on Friday, March 6th. The shares were sold at an average price of $422.70, for a total transaction of $1,590,197.40. Following the transaction, the insider owned 3,819 shares in the company, valued at approximately $1,614,291.30. The trade was a 49.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Elizabeth A. Elwell sold 635 shares of the company's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $422.70, for a total transaction of $268,414.50. Following the completion of the transaction, the chief accounting officer directly owned 7,100 shares of the company's stock, valued at $3,001,170. This represents a 8.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,378 shares of company stock valued at $21,228,464 over the last 90 days. Company insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TT. Bank of America raised shares of Trane Technologies from a "neutral" rating to a "buy" rating and raised their price target for the company from $490.00 to $550.00 in a report on Thursday, November 13th. Oppenheimer lifted their target price on shares of Trane Technologies from $460.00 to $468.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a report on Wednesday, January 21st. JPMorgan Chase & Co. raised their price target on Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. Finally, KeyCorp raised Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 price objective for the company in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $484.67.

Trane Technologies Stock Up 1.1%

NYSE TT opened at $427.89 on Tuesday. Trane Technologies plc has a 52 week low of $298.15 and a 52 week high of $479.37. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $94.70 billion, a P/E ratio of 32.97, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19. The stock's 50-day moving average price is $423.43 and its 200-day moving average price is $417.02.

Trane Technologies (NYSE:TT - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.81 by $0.05. Trane Technologies had a return on equity of 36.34% and a net margin of 13.69%.The company had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. During the same period in the previous year, the company posted $2.61 EPS. The firm's revenue was up 5.6% on a year-over-year basis. On average, equities research analysts predict that Trane Technologies plc will post 12.83 earnings per share for the current year.

Trane Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Trane Technologies's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Friday, March 6th. Trane Technologies's dividend payout ratio is currently 32.36%.

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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