OLD National Bancorp IN Raises Position in Trane Technologies plc $TT

Key Points

• OLD National Bancorp IN increased its stake in Trane Technologies by 12.6% in the first quarter, ending with 20,617 shares valued at about $8.59 million.
• Trane Technologies beat quarterly expectations, reporting EPS of $2.63 versus the $2.53 consensus and revenue of $4.97 billion, up 6% year over year.
• Analysts remain mostly bullish on TT, with several firms raising price targets; the stock currently carries a consensus rating of “Moderate Buy” and an average target price of $509.12.

OLD National Bancorp IN grew its stake in Trane Technologies plc (NYSE:TT - Free Report) by 12.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,617 shares of the company's stock after purchasing an additional 2,315 shares during the period. OLD National Bancorp IN's holdings in Trane Technologies were worth $8,592,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of TT. Tucker Asset Management LLC purchased a new stake in Trane Technologies during the 4th quarter valued at $25,000. JPL Wealth Management LLC purchased a new position in Trane Technologies during the third quarter worth $32,000. Hilton Head Capital Partners LLC bought a new position in Trane Technologies during the fourth quarter valued at $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Trane Technologies in the fourth quarter valued at $34,000. Finally, Creative Financial Designs Inc. ADV raised its stake in shares of Trane Technologies by 119.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company's stock valued at $35,000 after acquiring an additional 49 shares during the period. Institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Down 5.0%

Shares of NYSE TT opened at $478.08 on Friday. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $505.87. The stock's fifty day simple moving average is $469.89 and its two-hundred day simple moving average is $437.98. The stock has a market capitalization of $105.68 billion, a PE ratio of 36.97, a price-to-earnings-growth ratio of 2.32 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.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The firm had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same period in the prior year, the business posted $2.45 EPS. The firm's quarterly revenue 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 fiscal year.

Trane Technologies Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently commented on TT. KeyCorp lifted their price target on shares of Trane Technologies from $525.00 to $555.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. Evercore started coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective for the company. Citigroup upped their target price on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, Barclays raised 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. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $509.12.

Insider Transactions at Trane Technologies

In other news, insider Donald E. Simmons sold 4,593 shares of Trane Technologies stock in a transaction that occurred 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 transaction, the insider owned 3,819 shares of the company's stock, valued at $1,909,500. The trade was a 54.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 business's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the transaction, the chief financial officer owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.43% of the stock is currently owned by company insiders.

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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