Progressive Investment Management Corp Has $7.37 Million Stake in Trane Technologies plc $TT

Key Points

• Progressive Investment Management increased its Trane Technologies stake by 39.7% in the fourth quarter, ending with 18,945 shares worth about $7.37 million.
• Trane Technologies reported better-than-expected quarterly results, with EPS of $2.63 versus $2.53 expected and revenue of $4.97 billion versus $4.81 billion estimated. Revenue rose 6% year over year.
• The company announced a quarterly dividend of $1.05 per share, payable Sept. 30, representing an annualized dividend of $4.20 and a yield of about 0.9%.

Progressive Investment Management Corp raised its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 39.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,945 shares of the company's stock after acquiring an additional 5,381 shares during the period. Trane Technologies comprises about 1.8% of Progressive Investment Management Corp's investment portfolio, making the stock its 21st largest holding. Progressive Investment Management Corp's holdings in Trane Technologies were worth $7,373,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Aptus Capital Advisors LLC boosted its position in shares of Trane Technologies by 169.8% during the third quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock worth $6,219,000 after buying an additional 9,276 shares during the period. Nordea Investment Management AB boosted its position in shares of Trane Technologies by 2.9% during the fourth quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock worth $1,010,419,000 after buying an additional 72,998 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Trane Technologies by 64.0% during the fourth quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company's stock worth $2,911,000 after buying an additional 2,917 shares during the period. Dara Capital US Inc. acquired a new position in shares of Trane Technologies during the fourth quarter worth about $966,000. Finally, Korea Investment CORP boosted its position in shares of Trane Technologies by 17.5% during the third quarter. Korea Investment CORP now owns 204,695 shares of the company's stock worth $86,373,000 after buying an additional 30,558 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Trane Technologies Stock Performance

TT opened at $457.69 on Monday. Trane Technologies plc has a 52-week low of $348.06 and a 52-week high of $503.47. The firm has a market capitalization of $101.17 billion, a PE ratio of 35.40, a PEG ratio of 2.11 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. The business's 50-day simple moving average is $463.44 and its 200 day simple moving average is $433.30.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.10. The business had revenue of $4.97 billion for the quarter, compared to analyst estimates of $4.81 billion. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.Trane Technologies's revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.45 earnings per share. As a group, sell-side analysts expect that Trane Technologies plc will post 14.88 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TT. Royal Bank Of Canada upped their target price on Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. Citigroup upped their target price on Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a report on Friday, May 1st. BNP Paribas Exane began coverage on Trane Technologies in a report on Tuesday, April 14th. They set an "outperform" rating and a $550.00 target price on the stock. Evercore began coverage on Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on Trane Technologies from $460.00 to $476.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Trane Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $509.12.

Insider Activity at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the sale, the insider owned 3,819 shares in the company, valued at $1,909,500. This represents a 54.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 company's 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 completion of the sale, the chief financial officer owned 60,576 shares in the company, valued at $27,259,200. This 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 owned by corporate 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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