Trane Technologies plc $TT Shares Sold by Securian Asset Management Inc.

Key Points

• Securian Asset Management cut its Trane Technologies stake by 44% in the fourth quarter, leaving it with 6,030 shares valued at about $2.35 million.
• Trane Technologies reported strong quarterly results, with EPS of $2.63 beating estimates and revenue of $4.97 billion topping forecasts; revenue rose 6% year over year.
• Analysts remain constructive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $505.56, while the company also declared a quarterly dividend of $1.05 per share.

Securian Asset Management Inc. decreased its position in Trane Technologies plc (NYSE:TT - Free Report) by 44.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,030 shares of the company's stock after selling 4,742 shares during the period. Securian Asset Management Inc.'s holdings in Trane Technologies were worth $2,347,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Trane Technologies by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 20,020,321 shares of the company's stock valued at $7,791,909,000 after purchasing an additional 192,270 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Trane Technologies by 10.2% in the third quarter. JPMorgan Chase & Co. now owns 15,525,010 shares of the company's stock valued at $6,550,975,000 after purchasing an additional 1,433,563 shares during the last quarter. Nordea Investment Management AB grew its holdings in Trane Technologies by 2.9% in the fourth 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 last quarter. Bank of America Corp DE grew its holdings in Trane Technologies by 9.2% in the third quarter. Bank of America Corp DE now owns 2,422,690 shares of the company's stock valued at $1,022,278,000 after purchasing an additional 203,766 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Trane Technologies by 2.4% in the third quarter. Legal & General Group Plc now owns 1,880,221 shares of the company's stock valued at $793,378,000 after purchasing an additional 44,243 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

TT has been the topic of several research reports. BNP Paribas Exane initiated coverage on Trane Technologies in a report on Tuesday, April 14th. They issued an "outperform" rating and a $550.00 target price on the stock. KeyCorp upped their target price on Trane Technologies from $525.00 to $555.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Oppenheimer upped their target price on Trane Technologies from $460.00 to $468.00 and gave the company an "outperform" rating in a report on Friday, January 30th. Morgan Stanley lowered their target price on Trane Technologies from $550.00 to $535.00 and set an "overweight" rating on the stock in a report on Tuesday, January 13th. Finally, Royal Bank Of Canada upped their price objective on Trane Technologies from $440.00 to $501.00 and gave the company a "sector perform" rating in a research 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 given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $505.56.

Trane Technologies Stock Up 2.2%

Shares of NYSE:TT opened at $476.26 on Tuesday. 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 52-week low of $348.06 and a 52-week high of $503.47. The stock's fifty day simple moving average is $448.82 and its 200-day simple moving average is $427.40. The company has a market capitalization of $105.28 billion, a P/E ratio of 36.83, a P/E/G ratio of 2.15 and a beta of 1.25.

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 (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.10. Trane Technologies had a return on equity of 35.55% and a net margin of 13.41%.The business had revenue of $4.97 billion for the quarter, compared to the consensus estimate of $4.81 billion. During the same period in the prior year, the business earned $2.45 earnings per share. The business's revenue was up 6.0% on a year-over-year basis. As a group, equities research analysts forecast that Trane Technologies plc will post 14.87 earnings per share for the current fiscal year.

Trane Technologies Announces Dividend

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

Insiders Place Their Bets

In related news, CEO David S. Regnery sold 36,045 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $422.69, for a total transaction of $15,235,861.05. Following the transaction, the chief executive officer directly owned 96,948 shares in the company, valued at approximately $40,978,950.12. This represents a 27.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Donald E. Simmons sold 4,593 shares of the stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $500.00, for a total value of $2,296,500.00. Following the transaction, the insider owned 3,819 shares in the company, valued at $1,909,500. This trade represents a 54.60% 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. Over the last three months, insiders have sold 53,654 shares of company stock valued at $23,269,523. 0.14% of the stock is owned by corporate insiders.

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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