Provident Investment Management Inc. Raises Stake in Trane Technologies plc $TT

Key Points

• Provident Investment Management increased its Trane Technologies stake by 3.8% in Q4, bringing its holdings to 66,488 shares valued at about $25.9 million.
• Trane Technologies reported strong quarterly results, with EPS of $2.63 beating estimates and revenue of $4.97 billion topping expectations; revenue also rose 6% year over year.
• The company announced a quarterly dividend of $1.05 per share, while analysts currently rate the stock a Moderate Buy with an average price target of $505.56.

Provident Investment Management Inc. raised its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 66,488 shares of the company's stock after acquiring an additional 2,444 shares during the quarter. Trane Technologies makes up 2.4% of Provident Investment Management Inc.'s investment portfolio, making the stock its 20th biggest holding. Provident Investment Management Inc.'s holdings in Trane Technologies were worth $25,877,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. United Community Bank grew its stake in Trane Technologies by 134.4% during the 3rd quarter. United Community Bank now owns 75 shares of the company's stock worth $32,000 after buying an additional 43 shares during the last quarter. JPL Wealth Management LLC acquired a new position in Trane Technologies in the 3rd quarter valued at $32,000. KERR FINANCIAL PLANNING Corp purchased a new position in Trane Technologies during the third quarter worth about $42,000. Hantz Financial Services Inc. lifted its holdings in shares of Trane Technologies by 58.2% in the 3rd quarter. Hantz Financial Services Inc. now owns 106 shares of the company's stock valued at $45,000 after buying an additional 39 shares during the period. Finally, Key Financial Inc boosted its position in shares of Trane Technologies by 833.3% during the 3rd quarter. Key Financial Inc now owns 112 shares of the company's stock worth $48,000 after purchasing an additional 100 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TT has been the topic of a number of research analyst reports. Oppenheimer boosted their target price on Trane Technologies from $460.00 to $468.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. Evercore assumed coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research report on Friday, January 30th. Finally, Morgan Stanley cut their price target on shares of Trane Technologies from $550.00 to $535.00 and set an "overweight" rating on the stock in a report on Tuesday, January 13th. One equities 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, Trane Technologies has an average rating of "Moderate Buy" and an average target price of $505.56.

Trane Technologies Stock Up 2.2%

Shares of NYSE:TT opened at $476.26 on Tuesday. 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 company's fifty day moving average is $448.82 and its two-hundred day moving average is $427.40. Trane Technologies plc has a 1-year low of $348.06 and a 1-year high of $503.47. The stock has a market capitalization of $105.28 billion, a price-to-earnings ratio of 36.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.25.

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

Trane Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, June 5th. Trane Technologies's payout ratio is 32.48%.

Insider Activity at Trane Technologies

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction on 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 completion of the transaction, the insider directly owned 3,819 shares of the company's stock, valued at approximately $1,909,500. This trade represents a 54.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David S. Regnery sold 36,045 shares of the firm's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.69, for a total value of $15,235,861.05. Following the transaction, the chief executive officer directly owned 96,948 shares of the company's stock, valued at $40,978,950.12. This represents a 27.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 53,654 shares of company stock worth $23,269,523. 0.14% of the stock is 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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