Nordea Investment Management AB Acquires 1,157,405 Shares of Trane Technologies plc $TT

Key Points

• Nordea Investment Management AB increased its holdings in Trane Technologies plc by 89.1% during the second quarter, acquiring an additional 1,157,405 shares and bringing its total ownership to 2,455,734 shares valued at approximately $1.07 billion.
• Trane Technologies recently declared a quarterly dividend of $0.94 per share, with a payment date set for December 31st, representing an annualized yield of 0.9%.
• Analyst ratings for Trane Technologies show six "buy" ratings, nine "hold" ratings, and one "sell" rating, with an average price target of $464.29.

Nordea Investment Management AB grew its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 89.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,455,734 shares of the company's stock after buying an additional 1,157,405 shares during the period. Trane Technologies accounts for approximately 1.0% of Nordea Investment Management AB's holdings, making the stock its 14th biggest position. Nordea Investment Management AB owned 1.10% of Trane Technologies worth $1,066,845,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TT. NorthRock Partners LLC increased its position in shares of Trane Technologies by 1.2% during the 2nd quarter. NorthRock Partners LLC now owns 2,052 shares of the company's stock valued at $898,000 after purchasing an additional 24 shares during the last quarter. Csenge Advisory Group increased its holdings in Trane Technologies by 0.6% in the 1st quarter. Csenge Advisory Group now owns 3,944 shares of the company's stock worth $1,314,000 after acquiring an additional 25 shares in the last quarter. Confluence Wealth Services Inc. increased its holdings in Trane Technologies by 0.7% in the 2nd quarter. Confluence Wealth Services Inc. now owns 3,609 shares of the company's stock worth $1,579,000 after acquiring an additional 25 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its holdings in Trane Technologies by 23.4% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 137 shares of the company's stock worth $46,000 after acquiring an additional 26 shares in the last quarter. Finally, Fiera Capital Corp increased its holdings in Trane Technologies by 1.4% in the 1st quarter. Fiera Capital Corp now owns 1,930 shares of the company's stock worth $650,000 after acquiring an additional 27 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TT shares. UBS Group increased their target price on shares of Trane Technologies from $500.00 to $544.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Northcoast Research lowered shares of Trane Technologies from a "buy" rating to a "neutral" rating in a report on Friday, August 1st. Robert W. Baird lifted their price objective on shares of Trane Technologies from $396.00 to $450.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research note on Wednesday, October 8th. Finally, Citigroup cut their target price on shares of Trane Technologies from $499.00 to $494.00 and set a "buy" rating for the company in a research note on Wednesday, September 17th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $464.29.

Insider Transactions at Trane Technologies

In related news, CEO David S. Regnery sold 22,497 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $410.00, for a total transaction of $9,223,770.00. Following the sale, the chief executive officer owned 123,713 shares of the company's stock, valued at $50,722,330. This represents a 15.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by insiders.

Trane Technologies Price Performance

Trane Technologies stock opened at $416.05 on Friday. The company has a market cap of $92.58 billion, a price-to-earnings ratio of 32.99, a PEG ratio of 2.63 and a beta of 1.12. The firm's fifty day moving average is $417.87 and its 200 day moving average is $410.80. The company has a quick ratio of 0.76, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. Trane Technologies plc has a 52-week low of $298.15 and a 52-week high of $476.18.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $3.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.79 by $0.09. The company had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.77 billion. Trane Technologies had a net margin of 13.76% and a return on equity of 36.61%. Trane Technologies's revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.30 earnings per share. Trane Technologies has set its FY 2025 guidance at 13.050-13.050 EPS. Sell-side analysts forecast that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Friday, December 5th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $3.76 dividend on an annualized basis and a yield of 0.9%. Trane Technologies's dividend payout ratio is presently 29.82%.

About Trane Technologies

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.

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