State Street Corp Grows Position in Trane Technologies plc $TT

Key Points

• State Street Corp increased its stake in Trane Technologies by 0.6% in the fourth quarter, ending with 10.1 million shares valued at about $3.94 billion. The firm now owns roughly 4.57% of the company.
• Trane Technologies beat earnings and revenue estimates in its latest quarterly report, posting adjusted EPS of $2.63 versus the expected $2.53 and revenue of $4.97 billion versus $4.81 billion forecast. Revenue rose 6.0% year over year.
• Analysts remain broadly positive on the stock, with several raising price targets and the consensus rating sitting at “Moderate Buy.” The average price target is $509.12, above the recent trading price near $457.69.

State Street Corp boosted its stake in shares of Trane Technologies plc (NYSE:TT - Free Report) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,113,123 shares of the company's stock after purchasing an additional 61,393 shares during the period. State Street Corp owned about 4.57% of Trane Technologies worth $3,936,034,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tucker Asset Management LLC purchased a new position in Trane Technologies during the fourth quarter valued at approximately $25,000. JPL Wealth Management LLC bought a new position in shares of Trane Technologies in the third quarter worth approximately $32,000. Hilton Head Capital Partners LLC bought a new position in shares of Trane Technologies in the fourth quarter worth approximately $32,000. Creative Financial Designs Inc. ADV boosted its position in shares of Trane Technologies by 119.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 90 shares of the company's stock worth $35,000 after purchasing an additional 49 shares during the period. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of Trane Technologies in the third quarter worth approximately $42,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of the business's stock in a transaction on Thursday, April 30th. The shares were 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 approximately $1,909,500. The trade was a 54.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through 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 the business's stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total transaction 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup lifted 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. KeyCorp lifted their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Sanford C. Bernstein assumed coverage on shares of Trane Technologies in a research report on Tuesday. They set an "outperform" rating and a $550.00 price objective on the stock. Royal Bank Of Canada lifted their price objective on shares of Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research report on Friday, May 1st. Finally, Evercore assumed coverage on shares of Trane Technologies in a research report on Monday, April 13th. They set an "outperform" rating and a $535.00 price objective on the stock. Two analysts have 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $509.12.

Trane Technologies Trading Down 0.5%

Trane Technologies stock opened at $457.69 on Friday. The stock has a market cap of $101.17 billion, a P/E ratio of 35.40, a PEG ratio of 2.12 and a beta of 1.20. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.10 and a quick ratio of 0.77. Trane Technologies plc has a 1 year low of $348.06 and a 1 year high of $503.47. The firm's 50 day moving average price is $463.44 and its 200-day moving average price is $433.14.

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 for the quarter, topping the consensus estimate of $2.53 by $0.10. Trane Technologies had a net margin of 13.41% and a return on equity of 35.55%. The company had revenue of $4.97 billion for the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter in the previous year, the business posted $2.45 earnings per share. Trane Technologies's quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts predict that Trane Technologies plc will post 14.88 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.