Skandinaviska Enskilda Banken AB publ Buys 94,761 Shares of Trane Technologies plc (NYSE:TT)

Key Points

• Skandinaviska Enskilda Banken AB publ has increased its stake in Trane Technologies plc by 60.3%, owning 251,814 shares valued at approximately $84.84 million.
• Several analysts have raised their price targets for Trane Technologies, with a consensus target price of $441.40 and a recommendation of "Moderate Buy."
• Trane Technologies recently declared a quarterly dividend of $0.94, which indicates an annualized dividend of $3.76 and a yield of 0.81%.

Skandinaviska Enskilda Banken AB publ lifted its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 60.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 251,814 shares of the company's stock after acquiring an additional 94,761 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.11% of Trane Technologies worth $84,841,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TT. CWA Asset Management Group LLC grew its stake in shares of Trane Technologies by 19.2% in the first quarter. CWA Asset Management Group LLC now owns 1,135 shares of the company's stock worth $382,000 after purchasing an additional 183 shares during the last quarter. Ethic Inc. grew its stake in shares of Trane Technologies by 150.1% in the fourth quarter. Ethic Inc. now owns 24,883 shares of the company's stock worth $9,190,000 after purchasing an additional 14,932 shares during the last quarter. Proficio Capital Partners LLC grew its stake in shares of Trane Technologies by 28.3% in the fourth quarter. Proficio Capital Partners LLC now owns 685 shares of the company's stock worth $253,000 after purchasing an additional 151 shares during the last quarter. Brighton Jones LLC increased its position in Trane Technologies by 60.0% during the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock valued at $2,288,000 after purchasing an additional 2,323 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in Trane Technologies by 495.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,252 shares of the company's stock valued at $1,433,000 after purchasing an additional 3,538 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Trane Technologies Stock Up 0.1%

TT stock traded up $0.38 during midday trading on Monday, hitting $472.45. The company's stock had a trading volume of 1,209,807 shares, compared to its average volume of 1,475,559. The company has a market cap of $105.37 billion, a PE ratio of 39.31, a P/E/G ratio of 3.07 and a beta of 1.15. Trane Technologies plc has a 12 month low of $298.15 and a 12 month high of $476.19. The company has a current ratio of 1.09, a quick ratio of 0.74 and a debt-to-equity ratio of 0.52. The firm's 50-day moving average is $433.17 and its 200-day moving average is $386.23.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.25. The firm had revenue of $4.69 billion for the quarter, compared to analysts' expectations of $4.46 billion. Trane Technologies had a return on equity of 36.10% and a net margin of 13.47%. The company's revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.94 EPS. On average, equities research analysts forecast that Trane Technologies plc will post 12.83 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 5th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date is Friday, September 5th. Trane Technologies's payout ratio is 31.28%.

Insider Buying and Selling

In other Trane Technologies news, insider Donald E. Simmons sold 3,571 shares of the firm's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $380.00, for a total transaction of $1,356,980.00. Following the sale, the insider directly owned 3,593 shares of the company's stock, valued at $1,365,340. This trade represents a 49.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Hsbc Global Res raised Trane Technologies from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. HSBC raised Trane Technologies from a "hold" rating to a "buy" rating and lifted their price objective for the company from $405.00 to $415.00 in a research report on Friday, April 25th. The Goldman Sachs Group lifted their price objective on Trane Technologies from $416.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Barclays lifted their price objective on Trane Technologies from $476.00 to $480.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Finally, Citigroup boosted their price target on Trane Technologies from $445.00 to $502.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Trane Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $441.40.

About Trane Technologies

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.