Phoenix Financial Ltd. Boosts Holdings in Trane Technologies plc $TT

Key Points

• Phoenix Financial Ltd. dramatically increased its stake in Trane Technologies by 1,958.5% in the fourth quarter, ending with 291,665 shares worth about $113.5 million.
• Analysts remain broadly positive on TT, with several firms raising price targets; the stock currently carries a “Moderate Buy” consensus and an average target of $506.56.
• Trane Technologies beat earnings and revenue estimates in its latest quarterly report, and it also announced a $1.05 quarterly dividend payable June 30.

Phoenix Financial Ltd. grew its position in Trane Technologies plc (NYSE:TT - Free Report) by 1,958.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 291,665 shares of the company's stock after purchasing an additional 277,496 shares during the quarter. Trane Technologies comprises approximately 1.2% of Phoenix Financial Ltd.'s investment portfolio, making the stock its 23rd biggest holding. Phoenix Financial Ltd. owned about 0.13% of Trane Technologies worth $113,515,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Thrivent Financial for Lutherans grew its stake in Trane Technologies by 31.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 54,039 shares of the company's stock worth $21,071,000 after buying an additional 12,892 shares during the last quarter. Pinnacle Associates Ltd. raised its stake in Trane Technologies by 0.5% in the fourth quarter. Pinnacle Associates Ltd. now owns 12,008 shares of the company's stock valued at $4,673,000 after buying an additional 65 shares during the last quarter. Allworth Financial LP boosted its holdings in Trane Technologies by 301.7% in the fourth quarter. Allworth Financial LP now owns 18,467 shares of the company's stock worth $7,188,000 after acquiring an additional 13,870 shares in the last quarter. Freemont Management S.A. grew its stake in shares of Trane Technologies by 200.0% during the fourth quarter. Freemont Management S.A. now owns 1,800 shares of the company's stock worth $701,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Rayburn West Financial Services LLC acquired a new position in shares of Trane Technologies during the fourth quarter valued at about $623,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Donald E. Simmons sold 4,593 shares of the firm's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the sale, the insider directly owned 3,819 shares of the company's stock, valued at $1,909,500. This trade represents a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total value 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 represents a 12.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 53,654 shares of company stock worth $23,269,523 over the last ninety days. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TT shares. Citigroup increased their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Barclays upped their price target on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Royal Bank Of Canada raised their price target on shares of Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. KeyCorp boosted their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. upped their target price on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $506.56.

Trane Technologies Price Performance

Shares of NYSE TT opened at $481.43 on Friday. Trane Technologies plc has a 52 week low of $348.06 and a 52 week high of $503.47. The business's 50 day moving average price is $449.74 and its 200 day moving average price is $428.59. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. The firm has a market cap of $106.42 billion, a P/E ratio of 37.23, a P/E/G ratio of 2.17 and a beta of 1.25.

Trane Technologies (NYSE:TT - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.10. The company had revenue of $4.97 billion during the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. Trane Technologies's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $2.45 EPS. On average, sell-side analysts expect that Trane Technologies plc will post 14.87 earnings per share for the current year.

Trane Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Trane Technologies's payout ratio is 32.48%.

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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