Trane Technologies plc $TT Shares Acquired by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its stake in Trane Technologies by 23.4% in the fourth quarter, adding 172,300 shares and bringing its total holding to 909,057 shares worth about $353.8 million.
• Trane Technologies reported better-than-expected Q1 results, with earnings per share of $2.63 and revenue of $4.97 billion, both ahead of analyst estimates, while revenue rose 6% year over year.
• The company announced a quarterly dividend of $1.05 per share to be paid on September 30, and analysts currently view the stock as a Moderate Buy with an average target price of $509.12.

Arrowstreet Capital Limited Partnership boosted its holdings in shares of Trane Technologies plc (NYSE:TT - Free Report) by 23.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 909,057 shares of the company's stock after purchasing an additional 172,300 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.41% of Trane Technologies worth $353,805,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Aptus Capital Advisors LLC grew its stake in Trane Technologies by 169.8% during the 3rd quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock valued at $6,219,000 after acquiring an additional 9,276 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Trane Technologies by 2.9% in the 4th quarter. Nordea Investment Management AB now owns 2,586,506 shares of the company's stock valued at $1,010,419,000 after purchasing an additional 72,998 shares during the period. Farther Finance Advisors LLC increased its stake in Trane Technologies by 64.0% in the 4th quarter. Farther Finance Advisors LLC now owns 7,478 shares of the company's stock valued at $2,911,000 after buying an additional 2,917 shares during the period. Dara Capital US Inc. acquired a new position in Trane Technologies in the 4th quarter valued at approximately $966,000. Finally, Korea Investment CORP increased its stake in Trane Technologies by 17.5% in the 3rd quarter. Korea Investment CORP now owns 204,695 shares of the company's stock valued at $86,373,000 after buying an additional 30,558 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Trane Technologies Stock Performance

Shares of TT opened at $457.69 on Monday. The company's fifty day moving average is $463.44 and its 200-day moving average is $433.30. The company has a quick ratio of 0.77, a current ratio of 1.10 and a debt-to-equity ratio of 0.46. Trane Technologies plc has a 12 month low of $348.06 and a 12 month high of $503.47. The firm has a market cap of $101.17 billion, a price-to-earnings ratio of 35.40, a price-to-earnings-growth ratio of 2.11 and a beta of 1.20.

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

Trane Technologies Announces Dividend

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

Insider Buying and Selling at Trane Technologies

In related news, insider Donald E. Simmons sold 4,593 shares of the company's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $500.00, for a total transaction of $2,296,500.00. Following the completion of the sale, the insider directly owned 3,819 shares of the company's stock, valued at approximately $1,909,500. This represents a 54.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 company'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 sale, the chief financial officer directly owned 60,576 shares of the company's stock, valued at approximately $27,259,200. This represents a 12.46% decrease in their ownership of the stock. 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 currently owned by corporate insiders.

Wall Street Analyst Weigh In

TT has been the topic of several research reports. KeyCorp upped their price objective on shares of Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Barclays upped their price objective on shares of Trane Technologies from $507.00 to $585.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. BNP Paribas Exane initiated coverage on shares of Trane Technologies in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Finally, Royal Bank Of Canada upped 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 note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $509.12.

Trane Technologies 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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