Trane Technologies plc $TT Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Trane Technologies by 4.8% to 476,938 shares (about 0.22% ownership) valued at roughly $189.8 million as of the latest 13F filing.
• Company insiders have been selling: CEO David S. Regnery sold 36,045 shares for about $15.24 million (a 27.1% reduction), the CAO sold 635 shares, and insiders disposed of 62,590 shares worth ~$27.4 million in the last 90 days.
• Trane beat estimates with Q1 results — EPS $2.63 vs. $2.53 expected and revenue $4.97B (up 6% year-over-year) — and announced a quarterly dividend of $1.05 (annualized $4.20, ~0.9% yield).

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Trane Technologies plc (NYSE:TT - Free Report) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 476,938 shares of the company's stock after buying an additional 21,817 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.22% of Trane Technologies worth $189,753,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Trane Technologies by 3.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 75,924 shares of the company's stock worth $29,550,000 after acquiring an additional 2,626 shares during the last quarter. Garner Asset Management Corp acquired a new position in Trane Technologies in the 4th quarter valued at $62,000. McIlrath & Eck LLC lifted its stake in shares of Trane Technologies by 120.0% during the 4th quarter. McIlrath & Eck LLC now owns 275 shares of the company's stock worth $107,000 after purchasing an additional 150 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Trane Technologies by 3.1% during the fourth quarter. QRG Capital Management Inc. now owns 55,314 shares of the company's stock worth $21,528,000 after purchasing an additional 1,669 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Trane Technologies by 12.0% during the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,199 shares of the company's stock worth $467,000 after purchasing an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Activity

In other Trane Technologies news, CAO Elizabeth A. Elwell sold 635 shares of the company'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 completion of the transaction, the chief accounting officer directly owned 7,100 shares of the company's stock, valued at $3,001,170. This represents a 8.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David S. Regnery sold 36,045 shares of the business's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the completion of the transaction, the chief executive officer owned 96,948 shares in the company, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,590 shares of company stock valued at $27,403,514 in the last 90 days. Company insiders own 0.14% of the company's stock.

Trane Technologies Stock Performance

Shares of NYSE:TT opened at $488.30 on Thursday. The business's 50-day simple moving average is $448.17 and its 200 day simple moving average is $426.32. The company has a market cap of $107.94 billion, a P/E ratio of 37.77, a PEG ratio of 2.20 and a beta of 1.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.10. Trane Technologies plc has a one year low of $348.06 and a one year high of $503.47.

Trane Technologies (NYSE:TT - Get Free Report) last released its quarterly earnings results 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. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The firm had revenue of $4.97 billion during the quarter, compared to analysts' expectations of $4.81 billion. During the same quarter in the prior year, the business earned $2.45 EPS. Trane Technologies's quarterly revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts forecast that Trane Technologies plc will post 14.87 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be paid a $1.05 dividend. The ex-dividend date is Friday, June 5th. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. Trane Technologies's dividend payout ratio is 32.48%.

Analyst Upgrades and Downgrades

TT has been the subject of several analyst reports. Melius Research upgraded Trane Technologies from a "hold" rating to a "buy" rating and set a $490.00 target price for the company in a research note on Wednesday, January 7th. Morgan Stanley lowered their price target on Trane Technologies from $550.00 to $535.00 and set an "overweight" rating for the company in a report on Tuesday, January 13th. Citigroup upped their price objective on shares of Trane Technologies from $525.00 to $570.00 and gave the company a "buy" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. raised 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. Finally, Royal Bank Of Canada boosted their target price on shares of Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Trane Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $505.56.

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.

Want to see what other hedge funds are holding TT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trane Technologies plc (NYSE:TT - Free Report).

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.