OLD National Bancorp IN Sells 2,319 Shares of Trane Technologies plc $TT

Key Points

• OLD National Bancorp IN trimmed its stake in Trane Technologies by 11.2% in Q4, selling 2,319 shares and now holding 18,302 shares valued at about $7.12 million.
• Wall Street sentiment is broadly positive with a consensus rating of Moderate Buy and an average price target of $492.94, while recent analyst actions include Evercore's $535 and BNP Paribas' $550 targets.
• Trane beat Q4 estimates with EPS of $2.86 and $5.14 billion in revenue, announced a quarterly dividend of $1.05 (annualized $4.20, ~0.9% yield), and the stock carries a market cap near $107.6 billion trading close to its 52‑week high.

OLD National Bancorp IN trimmed its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 11.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,302 shares of the company's stock after selling 2,319 shares during the period. OLD National Bancorp IN's holdings in Trane Technologies were worth $7,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. OneAscent Wealth Management LLC raised its position in shares of Trane Technologies by 1.5% in the third quarter. OneAscent Wealth Management LLC now owns 1,627 shares of the company's stock valued at $686,000 after buying an additional 24 shares in the last quarter. Bridgewater Advisors Inc. raised its position in shares of Trane Technologies by 3.7% in the third quarter. Bridgewater Advisors Inc. now owns 670 shares of the company's stock valued at $285,000 after buying an additional 24 shares in the last quarter. West Family Investments Inc. raised its position in shares of Trane Technologies by 2.3% in the third quarter. West Family Investments Inc. now owns 1,072 shares of the company's stock valued at $452,000 after buying an additional 24 shares in the last quarter. Cresset Asset Management LLC raised its position in shares of Trane Technologies by 0.3% in the third quarter. Cresset Asset Management LLC now owns 7,012 shares of the company's stock valued at $2,959,000 after buying an additional 24 shares in the last quarter. Finally, Busey Bank raised its position in shares of Trane Technologies by 3.0% in the third quarter. Busey Bank now owns 871 shares of the company's stock valued at $368,000 after buying an additional 25 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TT has been the subject of a number of analyst reports. Oppenheimer lifted their price target on shares of Trane Technologies from $460.00 to $468.00 and gave the company an "outperform" rating in a research report on Friday, January 30th. Evercore initiated coverage on shares of Trane Technologies in a research report on Monday, April 13th. They issued an "outperform" rating and a $535.00 price target for the company. Wells Fargo & Company lifted their price target on shares of Trane Technologies from $375.00 to $400.00 and gave the company an "underweight" rating in a research report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Trane Technologies in a research note on Monday. Finally, BNP Paribas Exane assumed coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $492.94.

Trane Technologies Stock Performance

Shares of NYSE:TT opened at $486.01 on Friday. The company's 50 day simple moving average is $445.28 and its 200 day simple moving average is $423.13. The stock has a market capitalization of $107.57 billion, a price-to-earnings ratio of 37.44, a price-to-earnings-growth ratio of 2.51 and a beta of 1.21. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 0.92. Trane Technologies plc has a 1 year low of $334.37 and a 1 year high of $490.15.

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. The business had revenue of $5.14 billion for the quarter, compared to analysts' expectations of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $2.61 earnings per share. As a group, research analysts predict that Trane Technologies plc will post 14.76 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Trane Technologies's dividend payout ratio (DPR) is 32.36%.

Insider Activity

In other news, insider Donald E. Simmons sold 3,762 shares of the company's 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 completion of the transaction, the insider directly owned 3,819 shares in the company, valued at approximately $1,614,291.30. This represents a 49.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the chief accounting officer owned 7,100 shares of the company's stock, valued at $3,001,170. This trade represents a 8.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 57,997 shares of company stock valued at $25,107,014. 0.14% of the stock is owned by insiders.

Trane Technologies 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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