Virtu Financial LLC Buys New Stake in Trane Technologies plc $TT

Key Points

• Virtu Financial LLC initiated a new position in Trane Technologies during the fourth quarter, buying 3,616 shares valued at about $1.4 million.
• Trane Technologies reported better-than-expected quarterly results, with EPS of $2.63 versus estimates of $2.53 and revenue of $4.97 billion versus expectations of $4.81 billion.
• Analysts remain generally positive on the stock: the average rating is “Moderate Buy” with an average price target of about $509.12, while the company also declared a quarterly dividend of $1.05 per share.

Virtu Financial LLC purchased a new position in shares of Trane Technologies plc (NYSE:TT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,616 shares of the company's stock, valued at approximately $1,407,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Trane Technologies by 60.0% during the 4th quarter. Brighton Jones LLC now owns 6,194 shares of the company's stock worth $2,288,000 after acquiring an additional 2,323 shares in the last quarter. Sivia Capital Partners LLC increased its stake in shares of Trane Technologies by 22.4% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,665 shares of the company's stock valued at $728,000 after purchasing an additional 305 shares in the last quarter. Schnieders Capital Management LLC. acquired a new position in Trane Technologies in the 2nd quarter worth about $227,000. Nebula Research & Development LLC raised its holdings in Trane Technologies by 178.0% in the 2nd quarter. Nebula Research & Development LLC now owns 2,371 shares of the company's stock worth $1,037,000 after purchasing an additional 1,518 shares during the period. Finally, Treasurer of the State of North Carolina boosted its position in Trane Technologies by 0.5% during the second quarter. Treasurer of the State of North Carolina now owns 104,140 shares of the company's stock worth $45,552,000 after purchasing an additional 497 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other Trane Technologies news, insider Donald E. Simmons sold 4,593 shares of the firm's stock in a transaction on 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 approximately $1,909,500. This trade represents a 54.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies 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 in the company, valued at approximately $27,259,200. This trade represents a 12.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company's stock.

Wall Street Analysts Forecast Growth

TT has been the topic of several research analyst reports. Evercore initiated coverage on Trane Technologies in a report on Monday, April 13th. They issued an "outperform" rating and a $535.00 price objective on the stock. Royal Bank Of Canada upped their target price on Trane Technologies from $440.00 to $501.00 and gave the stock a "sector perform" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. increased their target price on Trane Technologies from $460.00 to $476.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. KeyCorp lifted their price target 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. Finally, Citigroup boosted their price target on shares of Trane Technologies from $525.00 to $570.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $509.12.

Trane Technologies Trading Up 0.1%

TT stock opened at $483.88 on Friday. Trane Technologies plc has a 12-month low of $348.06 and a 12-month high of $503.47. The business's 50-day moving average is $467.88 and its 200 day moving average is $435.22. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The stock has a market cap of $106.96 billion, a price-to-earnings ratio of 37.42, a PEG ratio of 2.23 and a beta of 1.20.

Trane Technologies (NYSE:TT - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $2.63 EPS for the quarter, beating 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 return on equity of 35.55% and a net margin of 13.41%.The business's revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.45 earnings per share. On average, sell-side analysts anticipate that Trane Technologies plc will post 14.88 EPS for the current fiscal year.

Trane Technologies Dividend Announcement

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 paid a $1.05 dividend. This represents a $4.20 annualized dividend and a 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%.

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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