Moore Capital Management LP Takes Position in Trane Technologies plc $TT

Key Points

• Moore Capital Management opened a new position in Trane Technologies, buying 102,053 shares valued at about $43.1 million in the third quarter.
• Trane posted an earnings beat (Q EPS $2.86 vs. $2.81 est.) with revenue up 5.6% year-over-year, and Wall Street holds a consensus “Moderate Buy” rating with an average price target of $484.67.
• The company raised its quarterly dividend to $1.05 (annualized $4.20, ~1.0% yield), while insiders sold about 49,378 shares (~$21.2 million) last quarter, leaving insider ownership at roughly 0.14%.

Moore Capital Management LP acquired a new position in Trane Technologies plc (NYSE:TT - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 102,053 shares of the company's stock, valued at approximately $43,062,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Trane Technologies by 60.0% during the fourth quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock worth $2,288,000 after buying an additional 2,323 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Trane Technologies by 22.4% in the second quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock valued at $728,000 after acquiring an additional 305 shares during the last quarter. Schnieders Capital Management LLC. bought a new position in Trane Technologies in the second quarter valued at approximately $227,000. Foundations Investment Advisors LLC grew its holdings in Trane Technologies by 1.3% during the 2nd quarter. Foundations Investment Advisors LLC now owns 6,593 shares of the company's stock worth $2,884,000 after acquiring an additional 84 shares during the period. Finally, Empower Advisory Group LLC raised its position in shares of Trane Technologies by 2.2% during the 2nd quarter. Empower Advisory Group LLC now owns 1,348 shares of the company's stock valued at $590,000 after acquiring an additional 29 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TT. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research note on Wednesday, January 21st. JPMorgan Chase & Co. upped their price objective on Trane Technologies from $434.00 to $460.00 and gave the company a "neutral" rating in a report on Friday, January 30th. Wells Fargo & Company increased their target price on Trane Technologies from $375.00 to $400.00 and gave the company an "underweight" rating in a research note on Friday, January 30th. Melius Research upgraded Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 target price on the stock in a report on Wednesday, January 7th. Finally, Royal Bank Of Canada boosted their target price on Trane Technologies from $469.00 to $470.00 and gave the stock a "sector perform" rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Trane Technologies has a consensus rating of "Moderate Buy" and an average price target of $484.67.

Trane Technologies Price Performance

NYSE TT opened at $421.48 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The stock has a market cap of $93.29 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.22 and a beta of 1.19. The business has a 50 day simple moving average of $426.89 and a 200 day simple moving average of $417.11. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $479.37.

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

Trane Technologies Increases Dividend

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

Insider Activity at Trane Technologies

In other news, CEO David S. Regnery sold 36,045 shares of the business's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the sale, the chief executive officer directly owned 96,948 shares in the company, valued at $40,978,950.12. The trade was a 27.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Donald E. Simmons sold 3,762 shares of the company's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.70, for a total value of $1,590,197.40. Following the transaction, the insider directly owned 3,819 shares of the company's stock, valued at $1,614,291.30. This represents a 49.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,378 shares of company stock valued at $21,228,464 in the last quarter. 0.14% of the stock is currently owned by company insiders.

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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