Sumitomo Mitsui Trust Group Inc. Has $206.19 Million Stake in Trane Technologies plc $TT

Key Points

• Sumitomo Mitsui Trust Group cut its stake in Trane Technologies by 7.7% to 529,782 shares, worth approximately $206.19 million, representing about 0.24% of the company.
• Trane beat Q4 estimates with $2.86 EPS (vs. $2.81 expected) and $5.14B revenue, announced a quarterly dividend of $1.05 ($4.20 annual, 0.9% yield), and carries a ~$103B market cap with a consensus rating of “Moderate Buy” and an average price target of $484.67.

Sumitomo Mitsui Trust Group Inc. decreased its position in Trane Technologies plc (NYSE:TT - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 529,782 shares of the company's stock after selling 44,371 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Trane Technologies worth $206,191,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of TT. Aptus Capital Advisors LLC increased its stake in Trane Technologies by 169.8% in the third quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock valued at $6,219,000 after purchasing an additional 9,276 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Trane Technologies during the third quarter worth about $6,571,000. Nordea Investment Management AB increased its position in shares of Trane Technologies by 2.4% during the third quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company's stock worth $1,051,049,000 after acquiring an additional 57,774 shares in the last quarter. Boston Common Asset Management LLC bought a new stake in shares of Trane Technologies during the third quarter worth about $9,546,000. Finally, Compass Wealth Management LLC increased its position in shares of Trane Technologies by 3,785.4% during the third quarter. Compass Wealth Management LLC now owns 27,198 shares of the company's stock worth $11,476,000 after acquiring an additional 26,498 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Trane Technologies Trading Down 0.0%

Shares of TT stock opened at $465.67 on Monday. Trane Technologies plc has a 52-week low of $318.08 and a 52-week high of $479.37. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The company has a 50-day simple moving average of $440.95 and a two-hundred day simple moving average of $419.73. The company has a market capitalization of $103.07 billion, a price-to-earnings ratio of 35.88, a PEG ratio of 2.45 and a beta of 1.21.

Trane Technologies (NYSE:TT - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.81 by $0.05. The business had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.61 EPS. Research analysts anticipate that Trane Technologies plc will post 12.83 EPS for the current fiscal year.

Trane Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be paid a $1.05 dividend. 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 presently 32.36%.

Analysts Set New Price Targets

Several research firms have recently commented on TT. JPMorgan Chase & Co. boosted their target price on shares of Trane Technologies from $434.00 to $460.00 and gave the stock a "neutral" rating in a research report on Friday, January 30th. Citigroup boosted their target price on shares of Trane Technologies from $513.00 to $525.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. KeyCorp raised shares of Trane Technologies from a "sector weight" rating to an "overweight" rating and set a $500.00 target price for the company in a research report on Monday, December 15th. Barclays boosted their target price on shares of Trane Technologies from $505.00 to $507.00 and gave the stock an "overweight" rating in a research report on Friday, January 30th. Finally, Melius Research raised shares of Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 target price for the company in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $484.67.

Insider Activity at Trane Technologies

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 635 shares of the business's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $422.70, for a total value of $268,414.50. Following the transaction, the chief accounting officer directly owned 7,100 shares in the company, valued at $3,001,170. The trade was a 8.21% 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. Also, CFO Christopher J. Kuehn sold 8,619 shares of the business's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $450.00, for a total transaction of $3,878,550.00. Following the completion of the transaction, the chief financial officer owned 60,576 shares in the company, valued at approximately $27,259,200. The trade was 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 57,997 shares of company stock valued at $25,107,014 in the last three months. Insiders own 0.14% of the company's stock.

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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